Understanding Your Real Estate Valuation Options
When you think of a real estate appraisal, what words come to mind? “Time consuming” and “expensive” are likely toward the top of the list for many.
Appraisals can take a long time — 3+ weeks in many cases. This isn’t ideal in many situations where time is often of the essence, such as during a legal dispute or when selling a property.
And it seems that the problem is only worsening. Current appraisers are nearing retirement and there are fewer new professionals coming into the industry, increasing turnaround time and expenses in the process.
Thankfully, there are other options. Akrivis offers evaluations and hybrid appraisals that are faster and more cost-effective than traditional appraisals.
Skyler Valk, Business Development Representative at Akrivis, recently talked about these alternative options during a webinar. Check it out!
Real Estate Evaluations: A Cost-Effective and Quick Way to Assess Market Value
Rather than going through the traditional appraisal process, real estate evaluations are an efficient and cost-effective method to determine the market value of your property.
Follows Appraisal Approach
The approach used for evaluations mirrors that of a full appraisal. You’ll get a reliable, accurate market value based on key data points.
“We’re looking at comparable sales that are very close to the subject, that have recently sold, and they’re also very much like the subject property,” said Skyler Valk, Business Development Representative at Akrivis.
Compliant
Our real estate evaluations align with important regulations, ensuring it meets standards and expectations set forth by industry leaders, including:
- Federal Institutions Reform, Recovery, and Enforcement Act (FIRREA)
- The Home Mortgage Disclosure Act (HMDA)
- The Interagency Appraisal and Evaluation Guidelines (IAG).
- Federal Deposit Insurance Corporation (FDIC)
- National Credit Union Administration (NCUA)
- Office of the Comptroller of the Currency (OCC)
This attention to compliance makes these evaluations a great option for almost anyone involved in real estate.
“These products can be used across the spectrum for legal issues, trust and estate issues, lending, and just for personal reasons,” Skyler said.
Cost-Effective
Compared to full appraisals, real estate evaluations are a more budget-friendly option.
“They are very commonly 50% of the cost, both in residential, commercial, and farm-ag spaces,” Skyler noted.
Fast Turnaround Time
In many cases, waiting weeks for an appraisal isn’t an option. Our real estate evaluations offer a fast turnaround time of five business days. In many cases, it’s even sooner.
When to Consider a Real Estate Evaluation
A real estate evaluation is an ideal choice in scenarios where you need a straightforward, cost-effective property valuation.
Skyler noted that with the housing market right now, a big reason customers are looking for evaluations is when refinancing their home or commercial property.
“[Interest rates are] already close to 5.5% which is down from 6.5% earlier this year,” he said. “We haven’t seen rates like this in close to two years now so there are a lot of homeowners that are looking to take advantage of refinancing.”
Other common situations include:
- Divorce
- Trust
- Lending
- Property taxes
- Death in the family
- Eminent Domain
- Immigration
- Refinancing
- Commercial Notes
Hybrid Appraisals: The Best of Both Worlds
A hybrid appraisal offers efficiency and depth. They are particularly well-suited for real estate situations that require thorough analysis but still prioritize cost and speed.
USPAP Compliant
All hybrid appraisals adhere to the Uniform Standards of Professional Appraisal Practice (USPAP) guidelines, the key regulatory framework governing appraisals here in the United States
Follows Appraisal Approach
Like traditional appraisals, hybrid appraisals use comparable sales data and the income approach to assess a property’s value. This ensures a thorough, data-driven evaluation.
Shorter Turnaround Time
Much like evaluations, one of the biggest advantages of hybrid appraisals is the faster turnaround time. They are quicker to complete than full appraisals, saving valuable time when decisions need to be made quickly. Again, we offer hybrid appraisals in five business days or less.
Approved Appraisers
All hybrid appraisals are completed and signed by a certified in-house appraiser. These appraisers conduct the walkthrough and complete the appraisal to ensure accuracy and efficiency. All our appraisers are full time on our staff to ensure consistency from report to report.
Cost-Effective
Also like evaluations, hybrid appraisals are nearly 50% less expensive than traditional appraisals. This lower cost, combined with their detailed analysis, makes them a budget-friendly option.
Compliant
Just like real estate evaluations, hybrid appraisals meet the standards of the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA).
Interior and Exterior Options
Depending on your specific needs, hybrid appraisals offer flexibility in how thorough the property is assessed. You can choose either an interior-only or exterior-only inspection, providing further cost savings and efficiency.
When to Consider a Hybrid Appraisal
Hybrid appraisals are the right choice for more complex property evaluations where additional detail and regulatory compliance are needed. They’re a great option for:
- Refinancing
- High-risk loans
- Commercial notes
- Transactions over $500,000
Simplify the Appraisal Process with Akrivis
If you need to understand the fair market value of your real estate, we’re here to help.
Akrivis works with individuals, legal entities, fiduciaries, and lenders across the United States. We’re proud to support customers with fast, efficient, and accurate property evaluations and hybrid appraisals in five business days or less.
With a focus on customer satisfaction and same-day responses times, we’ll do everything we can to guide you through the process. Plus, unlike other appraisal and valuation services, we don’t lock you into a contract.
“We believe in our experience and our people and our service,” Skyler said. “You can leave if you want to, but, based on our experience, our customers come here to stay.”
We’re more than happy to share a sample of our evaluations and appraisals with you. Ready to get started?
Akrivis offers an array of products at a reasonable price. Their turn time for delivering completed reports is fantastic and they are always quick to answer questions. Everyone I have interacted with has been very friendly and helpful. — Rachel R. | Security Financial Bank