Lending Appraisals
Desktop Appraisals and Hybrid Appraisals have grown in use since COVID forced the lending industry to modify their procedures.
A Desktop Appraisal is an appraisal report without an onsite inspection. Hybrid Appraisals are Desktop Appraisals on properties under a Sales Contract with the appraiser using either Listing photos and information, agent-provided photos and information, or a virtual walkthrough inspection of the home. Desktop and Hybrid appraisals have their lender-based forms.
Desktop and Hybrid Appraisals are often more convenient for all parties. Desktop Appraisal use is typically limited to homes with low loan-to-value ratios, and Hybrid Appraisals are only used on purchases. We provide Desktop and Hybrid Appraisals to Appraisal Management Companies (AMC) for lending work.
Remember that these new appraisals are currently not an option for a second home, investment property loans, cash-out refinancing, construction or renovation loans, multi-unit properties, some condos, co-ops, or manufactured homes. Suppose the appraiser needs adequate information to complete a desktop appraisal based on the property data collected by a home inspector, public records, the homeowner, or other online tools. In that case, a full appraisal will need to be completed.
Aside from an estimated rent, your rental report will also include:
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Suggestions on how you advertise your rental unit
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Report current rental market trends in your area
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Best recommended improvements for your rental property