A desktop appraisal is a property valuation completed at the appraiser’s desk without a physical inspection of the subject property but instead only using property data from assessor tax records and listings & sales data on the multiple listing service (MLS).
A full appraisal on the other hand requires the in-person inspection of the subject property and hence the costs associated with it are higher than a desktop appraisal. Bifurcated appraisals try to reduce the time and cost of such full appraisals by separating the activities into separate work streams. Please see Bifurcated Appraisals using Profet.ai for more information.
When it comes to the research, selection of comparables, and derivation of subject’s value from the comparable sales or listings, desktop appraisals are very similar to a full appraisal. It is important for an appraiser or an AMC to determine the applicability and acceptability of a type of appraisal by the requestor which may in-turn depend on the business purpose of the appraisal and condition of the property among other factors. For example, a lender request, divorce or a tax appeal might require a full appraisal while a desktop appraisal is sufficient for private use such as an investment or after-repair-value determination.
Profet.ai for Desktop Appraisals is a no brainer
Profet.ai seamlessly blends MLS Listing Data with Public Records Data to allow the appraiser to complete all their research on the property being appraised, search for comparable listings and sales, manually adjust values or use the built-in regression recommendations to assist with value adjustments.
Using Profet.ai for MLS Listing research is particularly helpful when a neighborhood is covered by multiple MLSs and the appraiser needs to find comparables in more than one MLS. Since Profet downloads and maintains a local database of all MLS listings and keeps it in sync with the MLSs at a 15-minute interval, a member of more than one MLS can search across MLSs, counties and even state lines. You can draw polygons or choose a radius anywhere in the country and initiate a comparable search – what we call One Search™
We automatically associate public record data to each subject or comparable listing or sale and highlight any differences between them to make it easy for you to choose and use the best quality data.
In addition, One Search includes an automatic comparable scoring mechanism that minimizes the number of required searches, open browser windows or computer monitors and thereby saves you time and effort in completing a desktop appraisal.
If you are dealing with high volumes of desktop appraisals, Profet.ai automates many more steps in your appraisal report generation:
- 1004MC Inventory Analysis is automatically added to all desktop appraisals using the neighborhood and comparable definition you use for the search.
- Flood Data and Maps and Plat Maps can be auto-generated and attached to the report.
- In certain markets, Building Sketches can also be included.
When complete, you can use the Reconciliation and Certification section within Profet,ai to digitally sign, print, and deliver the report to your client. Or you can also export to MISMO XML, Ala Mode XML or any other custom formats to integrate into an AMC platform. Profet.ai is also integrated with ACI Report and SFREP’s Appraise-It Pro appraisal software.