Understanding Desktop (Bifurcated or Hybrid) Appraisals

Summary

This article discusses the parameters of valuation services that do not require a personal physical inspection of the subject property by the state-credentialed real estate appraiser selected for the valuation assignment. The market uses a number of terms for such valuation services with a narrow scope of work; depending on the client, the term used may be bifurcated, hybrid, or desktop valuation. Although the process of each of these alternative services may be slightly different, essentially in such services the property data collection and the valuation analysis, if any, are separate. The purpose of this article is to equip appraisers with the knowledge necessary to meet the demand for such valuation services in the current market. The discussion will cover important considerations, including the appropriate scope of work, state laws, regulations, standards, and governmental agency guidelines that apply to these types of valuations.