In the ever-evolving world of real estate, it's crucial for buyers and sellers to stay informed about the various appraisal processes and their implications. One innovative approach that has gained significant traction is desktop appraisals. In this blog post, we'll delve into the topic of desktop appraisals and their importance in the timing of the home buying process. Join us as we uncover the insights shared by industry experts Mike Love from Great Move Realty and Mike Storekel of Hamilton Appraisal Services in their latest video, "What is a desktop appraisal and when is it used?"

Desktop appraisals have emerged as a game-changer in the appraisal landscape, particularly during the COVID-19 pandemic. Unlike traditional appraisals that involve physical visits to the property, desktop appraisals rely on public information, county audits, past MLS data, and homeowner details to determine accurate appraisal amounts. This method allows for a quicker turnaround time and eliminates the need for an appraiser to physically inspect the property.

One of the key advantages of desktop appraisals is the speed at which they can be conducted. While traditional appraisals may take several weeks to complete, desktop appraisals typically require only a fraction of that time. This efficiency is especially beneficial for scenarios such as home equity lines of credit, refinancing, and private appraisals, where a timely valuation is crucial.

During a desktop appraisal, the appraiser analyzes a wealth of data to arrive at an accurate appraisal amount. This data includes public information, county audits, past MLS data, and homeowner details. By leveraging these resources, appraisers can provide a comprehensive evaluation without physically visiting the property. This approach not only saves time but also minimizes disruptions for homeowners and buyers.

Timing plays a crucial role in the home buying process, and desktop appraisals offer an opportunity for buyers and sellers to expedite the appraisal phase. Initiating the loan process as soon as the offer is accepted allows for an early appraisal order, which in turn can help streamline the transaction timeline. By understanding the significance of timing and being proactive, buyers can gain a competitive edge and sellers can ensure a smoother selling process.

In conclusion, desktop appraisals have revolutionized the appraisal process by leveraging technology and extensive data analysis. They offer a faster and more efficient alternative to traditional appraisals, with applications ranging from home equity lines of credit to refinancing and private appraisals. By staying informed about the timing and benefits of desktop appraisals, buyers and sellers can navigate the home buying process with confidence.

To dive deeper into this topic, we invite you to watch the insightful video discussion between Mike Love and Mike Storekel on our website. Gain valuable insights from their expertise and take your understanding of desktop appraisals to the next level.

Remember, in the fast-paced world of real estate, mastering the timing of appraisals can make all the difference!