When can an evaluation be used in lieu of an appraisal?
Regulations allow regulated institutions (banks) to use an evaluation instead of an appraisal for transactions with a loan amount of $500,000 or less, business loans $1 million or less, or transactions involving an existing extension of credit at the lending institution (with no loan limit). Limits are based on transaction value, not property value. An evaluation can be done by a person who is not a certified appraiser (see the guidelines).
Our ExpertEval is a restricted appraisal, performed by a state certified general appraiser, so it can be used in more situations than a standard evaluation.
How much does an Expert Eval Cost?
Most ExpertEvals can be done for a quarter to a third of the cost of a traditional narrative appraisals. Contact us for info on options and pricing. We’re happy to help you figure out if an ExpertEval or appraisal is a good fit for your situation.
What does the report look like?
Most ExpertEvals are two pages highlighting all the critical information for the appraisal. Additional information can be contained in appendices, along with the certifications and contractual details.
How will I know when my report is complete?
Once a report is completed, you’ll receive an email notification with a link to view the report.
How long does it take to complete a report?
Most reports are completed in 10 business days or less.
What types of properties can be done on an ExpertEval?
An ExpertEval can be used on a greater variety of property types with greater levels of complexity and using additional valuation approaches, as compared to a standard evaluation. If you have a question about a specific property and what type of evaluation would be appropriate, call us at 772.475.8128, or click below to send us a message.
Or click below to view recent projects - to see our typical ExpertEval property types.