Desktop appraisal
An appraisal done without the appraiser visiting the property, using public records, MLS data, and photos or floor plans. Only some loans allow it.
Also called: hybrid appraisal, remote appraisal
Related terms
A licensed appraiser's professional opinion of what a home is worth. Lenders require one to make sure the home supports the loan amount.
When a lender agrees to skip the appraisal, usually because automated data supports the value. It is different from a buyer waiving the appraisal contingency.
Software that estimates a home's value from public records and recent sales. Online estimates come from AVMs and can be far off, especially for unusual or updated homes.
A value estimate from a real estate agent or broker, often for a lender on a short sale or foreclosure. It is cheaper than an appraisal but less formal.