An on-site appraisal is performed with the benefit of the appraiser physically inspecting the assets. This allows the appraiser the ability to collect data and take pictures personally. We have experience in knowing where to look for stamped model and serial number information when the manufactures plate is missing or has been removed.
This inspection provides confirmation that:
- Assets are present in the location stated
- Specific information regarding the assets, such as year, make, model, serial number, rebuild, retrofit history, original cost information, and any other information that is important by the appraiser or to the client is complete and accurate.
- Assets are properly maintained and/or in good working condition
- Assets are being used in the appropriate manner as per the original design
Most asset based loans require an on-site appraisal. In some instances, the lender will require an update yearly. In this case, most lenders will except a desktop appraisal which can be conducted at a reduced fee.
On-site appraisals give the best view of the asset at the time the appraisal has been conducted. This allows the appraiser the best opportunity to find market comparable research that best mirror the subject asset.