LRES, a national residential and commercial real estate services company providing valuations, REO asset management, HOA and technology solutions for the mortgage and real estate industry, now offers commercial evaluations through its recent acquisition of InsideValuation.
Performed and reviewed by its strong network of more than 25,000 field agents, these evaluation products contain thorough data and analysis to procure accurate and timely valuations for commercial properties. These evaluations incorporate several approaches to determine value, including comparable sales analysis and an optional income approach.
Evaluations are more cost effective than traditional commercial appraisals, reducing valuation costs by up to 75 percent. They also reduce turn time by as much as 50 percent or more, with standard 10 business day turn time or optional 5 business day rush option. These valuation products can often be used in situations that do not call for a full appraisal, and there are a number of cases covered in the interagency guidelines that allow the lender to forgo a full appraisal.
Commercial evaluation reports address construction quality, site utility, current zoning, assessment information, highest and best use, projected use and external obsolescence. The reports also analyze local market trends, including vacancy rates and the subject’s neighborhood. Land-only evaluations are also available. All evaluation reports include a site inspection performed by an experienced field agent along with current subject photos obtained at the time of inspection.
All evaluations are fully compliant with the Interagency Appraisal and Evaluation Guidelines (IAG) and the Office of Comptroller of the Currency (OCC) requirements. LRES’ InsideValuation team reduces compliance risk through its thorough evaluation quality control process, as evidenced by its less than 2 percent kick-back rate.
LRES’ commercial evaluations are offered through a different portal developed by its technology team in Reno, Nevada.
“Our commercial evaluations live up to the high standards we place on our residential valuations, and our diversified offering provides even more options for our valued customers,” said Roger Beane, founder and CEO of LRES.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.