What is a Boston condo desktop appraisal?
The name pretty much gives it away. A desktop appraisal is an appraisal that is done at a desk, avoiding any social contact with the owner.“Desktop Appraisals” are popular for refinancing Boston condos during this health crisis.
A “desk or desktop appraisal” is when the bank uses varying computer programs to determine the value of a Boston real estate residential property and when an in-person appraisal is waived. Some examples of computer programs that can be used are; MLS, Public Records, and Google Maps are the main three that come to mind, but there are plenty more out there.
Only a licensed or certified appraiser can perform a desktop appraisal and there’s no interior inspection, no exterior inspection, and no measuring.
Can I trust a real estate dektop appraisal?
As stated,only a licensed or certified appraiser can perform a desktop appraisal; they are licensed professionals working under strict federal and state requirements. In Massachussetts, real estate appraisers must have college-level education, complete pre-licensing courses, acquire industry experience, and pass the appraiser exam.
Boston real estate and the bottom line
As you can see, desktop appraisals is a viable option to find out what your Boston condo is worth, while still maintaining “social-distancing.”
While they are not ever going to stand up to a full appraisal, desktop appraisals are here to stay.
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