National residential and commercial real estate services company LRES is now offering commercial evaluations through its recent acquisition of InsideValuation.
According to LRES, these evaluation products contain thorough data and analysis to procure accurate and timely valuations for commercial properties. These evaluations incorporate various approaches to determine value, including comparable sales analysis and an optional income approach.
Evaluations are more cost-effective than traditional commercial appraisals, the company asserts, as they reduce valuation costs by up to 75%. In addition, they can also 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 a lender to forgo a full appraisal, says LRES.
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.
LRES’ InsideValuation team reduces compliance risk through its thorough evaluation quality control process, and all evaluations are fully compliant with the Interagency Appraisal and Evaluation Guidelines and the Office of Comptroller of the Currency requirements, the company notes.
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