Frequently Asked Questions
At Eval, we know evaluations inside and out. And we want you to know about them too.
Here are some questions we get asked a lot. If you have additional questions, give us a call.
Similar to an appraisal, an evaluation determines a property’s value based on comparables from the market. Evaluations comply with the 2010 Interagency Appraisal and Evaluation Guidelines. Since evaluations don’t need to be completed by licensed or certified appraisers, they tend to be more affordable and have a faster turnaround time than appraisals.
Banks and credit unions can use evaluations in place of appraisals for certain low-risk transactions.There are three specific types of transactions for which evaluations can be used,each having different criteria.
- New commercial real estate transactions less than $500,000 ($1,000,000 for credit unions) and new residential real estate transactions less than $400,000
- Commercial loans below $1,000,000 where the source of repayment is not dependent on the sale of, or rental income derived from real estate.
- Renewals with no material changes in market conditions, property conditions OR loan terms that “threaten the adequacy of the institution’s real estate collateral protection.”
Eval works in all 50 states, in both rural and metropolitan areas. With each new market, we task our team with sourcing data we need to gain the competency we require. Give us a call and point out where you need us, so we can prioritize your market next.
Our reports are turned in 5 business days. There’s no automated analysis and no filler. Reports are done by on-staff analysts. Every report is reviewed and validated by an on-staff appraiser so you can bank on that report.
The cost of a standard evaluation report starts at $275. Our 5-6 page eval comes with one approach to value developed on an as-is basis, a 5-business day turn-time, and an exterior-only inspection (client, borrower, or 3rd party provided). For additional fees, we also provide second approaches, as-complete values, interior inspections, and even faster rush orders.
Evaluations can be used for a wide range of commercial, agricultural, and residential real estate if the properties meet the criteria for low-risk transactions.
