Frequently Asked Questions About Appraisals

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Desktop Appraisal for Your Home:  What is it?

A Desktop Appraisal is a summary appraisal report with a very limited scope of work.

Desktop home appraisals are cost effective tools for homeowners to evaluate their homes worth without the expense of having an appraiser prepare a lengthy appraisal report. With this type of valuation product the appraiser utilizes public records, local Multi List Services and sometimes, prior appraisal assignments to ascertain the relevant characteristics of the subject to be appraised.

The sales comparison approach is utilized to determine the subject’s market value. When using the sales comparison approach, the appraiser chooses the three most similar and competitive sales and reconciles the information to a value conclusion.

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Appraisals after Home Improvements: What if County Records are Wrong?

County Records are typically a reliable source for determining the gross living area (GLA) of a home.

There may be instances, however, where the home owner has had a home appraisal done in the past and knows for sure that it is listed inaccurately in the county records. In these instances we can consider sources such as an old sketch done previously by a home appraiser, we can refer to the original blue print as more reliable sources for GLA.

The questionnaire provided on this Alternative Appraisals site is a critical component in determining any upgrades, additions, or improvements that may have an impact on the appraiser’s opinion of value.

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How Accurate is a Desktop Appraisal for My Home Appraisal?

Without the benefit of a physical inspection of the Real Property, the appraiser relies on validity of the county records and confirmation of the improvements with home owner.

Several assumptions have to be made.  The main assumption in preparing a desktop home appraisal is that the data being utilized is accurate. Assuming data sources utilized by the appraiser in the desktop analysis are accurate, this type of appraisal can be just as reliable as full appraisal.

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Why Do I need a Desktop Home Appraisal? (Refinance Decision, PMI, Pre-Sale, Litigation)

Fees for a full appraisal can be up $750 and we predict could go higher as more mortgage regulation unfolds.

When most consumers apply for a loan, list their home for sale, or apply for Private Mortgage Insurance (PMI) removal, the home appraisal is normally the last step in this type of process. This fee for the appraisal is typically collected from you, by the lender, prior to the home appraiser being hired.

At Alternative Appraisals, we feel the appraisal is the most important piece of the puzzle and it should be addressed first. The desktop home appraisal provides a current market value which can determine the feasibility of a loan or listing price.

SPECIAL ATTENTION: Wouldn’t you prefer to pay $89 now and KNOW the current market value of your property vs. going through a long process with a lender and paying for a full appraisal only to find out your property won’t appraise at the anticipated value needed?

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Can I Use the Desktop Home Appraisal to Appeal My Real Estate Assessment?

Every county is different, but an appraisal signed by a “Certified Appraiser” will usually be sufficient for the county assessor.

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Can the Home Appraisal be Used to Help Me Determine a Listing Price for My Home?

Absolutely YES!

The type of value being provided by the desktop home appraisal is Current Market Value which is the most probable price a home will sell for under typical market conditions. Utilizing the appraisal to determine a list price can give you more confidence in your list price. As sellers look for ways to maximize gains, “For-Sale-By-Owner or FSBO’s” are becoming more popular. Plus, you’ll have a current home appraisal to show a prospective buyer.

Now that’s a sales tool!

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How is Alternative Appraisals’ Product Different from Popular Web Based Home Valuations?

First of all, we live in Arkansas. We understand property values in Arkansas better than out of state appraisal services.

Secondly, unlike automated appraisal software programs, we are certified residential appraisers with a keen knowledge of this Arkansas market.

Lastly, certified appraisers are required to maintain a high level of knowledge in the valuation process through mandatory continuing education so they are up to date with current appraisal requirements. Most free web-based services are computer driven without the ability to distinguish between a reliable (comparable) sale and a non-comparable sale. These Automated systems do not follow the typical appraisal process of valuation and consequently the end result is compromised.

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Can Lenders Use the Desktop Appraisal from Alternative Appraisals to Loan Money or Refinance My Existing Mortgage?

No. The certified home appraisal from Alternative Appraisals is a reference point for you. Alternative Appraisals’ home appraisal is to assist you in making decisions about whether or not to sell, refinancing or help you to determine the selling price or buying price of a home.

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What if I want a Home Appraiser to View the Interior or Measure the Exterior of My Home?

The $89 appraisal is credited toward the price of a full home appraisal.

If we have performed a desktop appraisal for you and now you feel a full home appraisal is warranted, then we can upgrade the assignment.

The $89 fee for a desktop will be deducted from the total fee of a full appraisal. If you live in a historic neighborhood or in a neighborhood with an abundance of custom built homes, then a full walk-in appraisal may be more appropriate.

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Is the Alternative Appraisal product the same as a “Comp Check” home appraisal?

No. This certified home appraisal is a restricted use appraisal intended to give you the market value of your home by a certified residential appraiser.

Comp Checks are unofficial estimates of value provided by anyone with access to the local MLS and generally recognized as unreliable due to a lack of appropriate analysis of the subject property and the market area.