A hybrid appraisal is a type of traditional appraisal, which appraisers perform typically in a shorter form. Usually, such an appraiser never visits the house. It’s a shorter appraisal similar to the desktop appraisal, valued by the appraiser who is certified/ licensed. Usually, it involves only exterior inspection of the home and a third party conducts the interior inspection. The third party could be anyone like an appraiser or a real estate agent. The hybrid appraisal is used to lower fees by reducing the turn-times as cheap and fast doesn’t feel reliable.
It requires only 30 to 60 minutes for the appraiser to complete the valuation process via hybrid appraisal. Third-party is involved in the outcome of the valuation process and report, which may be alarming for you as an appraiser. Another person’s involvement and reliance on their data can concern you because of the inaccuracy issue. Therefore, there is a high level of liability and risk involved in the hybrid appraisal.
There are several companies that offer hybrid appraisal just by performing the exterior inspection themselves and letting the third-party handle the interior inspection on which the buyer and seller will depend. The companies offer a variety of hybrid products, certifications, conditions and assumptions, and forms, including in the third-party valuation. Hybrid appraisals might involve only exterior valuation or interior valuation. All these aspects heighten the level of liability and risk. The appraiser is responsible for all the factor that receives a value. Therefore, appraisers are constantly asked to improve forms and products in accordance with the regulations to introduce changes that enhance the credibility of the valuation and data.
The aging demographic in our field can take advantage if these improvements are made in the forms and products for lending purposes. Real estate appraisers can access the benefit of the possible solutions even in the ‘golden years', as due to age they may have mobility or health issues which is why it is not possible for them to conduct the interior inspection themselves. In hybrid appraisals, other certified appraisers can help them as a third party and physically visit the sites for interior inspection. Thus, experienced appraisers have a chance to work even in old again. Obviously, this alternative to the credible appraiser is not a viable option for some people and they will still prefer an appraiser who can do both interior and exterior inspection by their selves. Appraisers need to constantly improve by adapting changes; thus perform appraisal valuation as per the market and satisfy the buyers and sellers. A hybrid appraisal may lead to any direction but the appraisal business has to change and adapt to achieve the appropriate value of the properties in the market.
At Aipraiser we are committed to providing credible appraisals to our clients via reliable appraisal assignments. We continue to achieve the appropriate market value of the property via our certified and experienced appraisers. We continue to improve according to regulations and adapt to changes in products, forms, conditions, and certificates. Thus, striving to provide excellence in the appraisal field with a team of competent appraisers.
Start your subscription to the most powerful and practical appraisal platform We are always prepared to help commercial and residential real estate appraisers communicate bids, open assignments for appraisal orders from beginning to end. Just one click away.GET STARTED