As a number of you are aware there has been an ongoing problem in home lending due to a significant number of homeowners finding themselves under water.  As the real estate market has declined so has home equity.  As appraisers this sometimes has made our lives difficult as well because we become the messenger of the bad news to the lenders and homeowners. 

We know appraisals can be an expensive product for many in this economy and the last thing everybody wants is a product that hinders or destroys the lending process.  The problem encountered is that everyone including the appraiser doesn't have a value opinion until the process of an appraisal is nearly complete.  Further, there is no relationship between the lenders and appraisers anymore as an appraiser is selected at random for an assignment. We have come up with what we hope is a less painful answer.

We have begun offering desktop valuations to borrowers and homeowners.  This is a much cheaper up front alternative to an appraisal as it only costs $50 and the process is quick and simple.  If you are a homeowner and want an equity check then visit our home page and click on "order desktop valuation" and we'll return it to you within 24 hours.  If you are a lender then have the borrower in question visit our home page and click on "order desktop valuation" and we'll return it to the borrower within 24 hours.  I hope this new product is an assist to everyone in the lending process. 

Cheers!

Mike Thompson
DEC Appraisal Services