The ValueSafe appraisal program offers the best appraisal program in the industry for both the mortgage company and the borrower.The Valuesafe appraisal program was designed to be a cost effective low risk way of obtaining an accurate estimation of market value for a property without paying for a full appraisal. Everyone knows a full appraisal is the most accurate way to determine the market value of a property. However, due to its hefty price borrowers are not always able to pay for a full appraisal upfront and sometimes are turned off by having to pay $400 - $500 hoping the value comes in at a high enough value to facilitate a loan.
The ValueSafe Solution:
Instead of ordering a full appraisal, you order something called a “desktop appraisal” or “limited appraisal”. The price of a desktop appraisal is much less than a full appraisal and typically cost’s $100 - $150. Once ordered we will assign it to one of our local qualified appraiser to perform the analysis on the property using the local MLS data sources just like they would with a full appraisal. The report is done from the appraiser’s office and can typically be done in 1-3 days. Upon receipt it will be reviewed by one of our staff and sent to you for your review.
If the value is sufficient to support a loan and a full appraisal should be ordered the money paid for the desktop appraisal will get applied to the full appraisal and the total cost will be the same as a regular appraisal. If the value is not high enough to support a loan than the borrower has only spent $100 - $150 instead of $450 and everyone can dismiss the possibility refinancing on good terms.
Benefits:
‐ Enables borrowers to get an accurate idea of the value at a lower cost.
‐ Saves you time as you don’t have to wait 1 week to know if the value is close.
‐ Enables an easier close on the borrowers as $400 - $500 is sometimes a turnoff.
‐ The report alone adds value, because it does paint an accurate picture of the market area for the homeowner.
‐ Forgoes the “value isn’t high enough” conversation after paying for a full appraisal.
Requirements:
‐ The desktop appraisal fee must be paid up front and not at closing.
‐ The full appraisal must be ordered within 30 days of the desktop appraisal or the money for the desktop will not be applied to the full appraisal as the comparables would have become old.
‐ There must be public information available on the property via MLS or other similar sources.
‐ The property cannot have a value estimated over estimated over 1 million, be waterfront, on more than 5 acres or consider complex.
‐ The subject cannot be in less than average condition.
‐ Some properties will require a full appraisal regardless.
‐ Other than that it’s a sweet deal.
