What is a desktop appraisal?

A desktop appraisal is a property valuation that is completed at the appraiser's desk, using third party data such as tax records or information listed on the multiple listing service (MLS), instead of an interior/exterior inspection of the property. Importantly, a desktop appraisal should not be confused with a hybrid appraisal.

How do appraisers complete a desktop appraisal?

Lender submits appraisal to the Uniform Collateral Data Portal® and delivers the loan through Loan Delivery. Choose “DesktopAppraisal” as the appraisal method type in loan delivery data. 1 What Fannie Mae form will appraisers use to complete a desktop appraisal? Appraisers must use Fannie Mae Form 1004 (Desktop) to complete desktop appraisals.

Should I get a desktop appraisal?

If you’re looking to cut down on costs and turnaround time, a desktop appraisal is an easy choice — but there are limits to these advantages. Unfortunately, not every property or transaction is eligible for a desktop appraisal.