What is a "desktop appraisal"?

A "desktop appraisal" is characterized by being conducted without the need for a physical visit to the property. Instead, the appraiser utilizes data and resources available online to assess the property's value. This allows them to generate a valuation by analyzing market trends, comparable sales, and other relevant information from various databases. The desktop appraisal is particularly useful in situations where speed and efficiency are prioritized over an on-site inspection, such as in refinancing scenarios or when the market conditions are stable and straightforward.

The other options do not accurately define what a desktop appraisal is. Appraisals done only for commercial properties reflect a misunderstanding of the broad application of this appraisal method, as desktop appraisals can be applied to both residential and commercial properties. Traditional appraisal methods requiring full inspections are more comprehensive and involve visiting the property, which contrasts with the essence of a desktop appraisal. Lastly, while automated valuation models (AVMs) are related to quick estimates, they are distinct from desktop appraisals, as AVMs primarily rely on algorithms to assess property values, whereas desktop appraisals involve professional judgment on gathered information.