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How desktop appraisals went from temporary to permanent in our market.
Say bye-bye to standard appraisals. The Federal Housing Finance Agency announced last October that it would be transitioning to allow desktop appraisals. Desktop appraisals are appraisals that don’t require a physical inspection. There’s no measuring, photos, or physical evaluation of the property. The same property analysis occurs in the appraisal report, but the data comes from third-party sources.
Desktop appraisals became very popular during the first wave of COVID-19. Homeowners were afraid to let people into their houses, and homebuyers were afraid to go in them. As a result, the GSEs (Fannie Mae and Freddie Mac) started to allow desktop appraisals. With all that data stored up and proof that they work, these will now become a standard allowed by FHFA.
If you have any questions or want to learn more about these new rules, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.