Because of changing industry regulations, full appraisals generally aren’t required for buying, selling or renovating properties, including commercial. Evaluations are similar but can be completed in days instead of weeks and at a fraction of the cost, even with an onsite inspection.
Banks and Credit Unions may utilize evaluations as an alternative to appraisals for specific low-risk transactions. Below are general examples of when an evaluation might be appropriate.
Banks: Residential transactions less than $400,000. Commercial transactions less than $500,000.
Credit Unions: Residential transactions less than $400,000. Commercial transactions less than $1,000,000.
Our team members gather available online data and images for the property. We also handle all aspects of an onsite inspection when they’re needed. Inspections can vary from no photo to a full exterior and interior inspection. We can help you determine the best option for your needs. Then we review all relevant data and images, and apply evaluation experience to determine a final value of the property.
While lenders and financial institutions are our most common customer, anyone can order an evaluation, including individuals who want an accurate value of their home or business property. Just order an evaluation report online or contact us.
Online reports, or automated valuation models (AVMs), can be a good starting point to understand the value of your property, but they aren’t always accurate. Evaluations meet industry regulations and you may need one to buy or refinance a home. They can be done within five business days and at less than half of the price of a full appraisal.
Evalifi can do evaluations of residential properties, including duplexes and quadplexes. We also conduct evaluations of most commercial properties, including agricultural and vacant land.
Our report is comprehensive and includes all requirements like photos, descriptions of the neighborhood and comparable sales information as well as economic and local market conditions that affect the estimate. They make it easy to understand the reasons behind the market value of the property by detailing the analysis, assumptions and conclusions.
Evalifi can deliver residential and commercial evaluations within five business days.
Not all evaluations require an onsite inspection, but most require at least an exterior photo. We also offer full exterior as well as interior inspections. Our team can help you choose the best one if you’re not sure. If onsite inspections are needed, we handle all aspects and make it easy and efficient for everyone involved.
Market value is what someone would pay for the property if it sold today. Assessed value is used to calculate property taxes.
Yes, our evaluations adhere to industry standards and comply with the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) and Interagency Guidelines regulations.
All our evaluation products are competitively priced and a fraction of the cost of a full appraisal. The costs associated vary based on the size/complexity of the property, the scope of work including if onsite inspections are needed, the type of report and other factors. Contact our team or start an order to see pricing.
We maintain the highest security protocols and standards to protect your confidentiality and data privacy. Any information shared with us will only be used for purposes of providing property evaluation services to you. We do not share customer information without consent.