Desktop Appraisals (Bifurcated, Hybrid) and Evaluations
NO DOUBT ABOUT IT, DESKTOP APPRAISALS ARE HERE TO STAY
Recently released by Fannie Mae, after March 19, 2022, loan casefiles meeting certain requirements will receive the option to obtain a desktop appraisal reported on Uniform Residential Appraisal Report (Desktop) (Fannie Mae Form 1004 Desktop).
As the world changes, so do processes and methods used in many businesses including the appraisal profession. While alternative appraisal services like bifurcated, hybrid, and desktop appraisals and evaluations aren't new, they are becoming more popular. Many appraisers are uncertain about the general requirements of each service, how appraisal standards might apply, and how these services might create liability. You'll gain more clarity about the different services being requested which will help you to decide if these services are for you. It will review the expectations of alternative appraisal services, potential uses, appraisal standard implications, scope of work, and liability concerns as it applies to residential and commercial assignments. And it will review evaluation formats and the business opportunities for them.
Check out this