Columbus Appraiser, Residential Appraisal and Commercial Appraisal

Columbus Evaluations

Evaluation Appraisals

Atlas Valuation, LLC specializes in Evaluation assignments for Lenders and Financial Institutions. An Evaluation is a Limited Scope Appraisal that still produces credible assignment results and has numerous benefits to institutions that regularly need a valuation service. Atlas Valuation, LLC regularly completes Evaluations for lending institutions that require a market value opinion that meets the following criteria:

  • Loan Amount or Renewal Amount Likely Under $500,000 (Only for Federally Regulated Transactions).
  • Credible Assignment Results can be Produced Utilizing One of the Three Approaches to Market Value.
  • Non-Complex Property.

The benefits of an Evaluation are a low appraisal fee and credible assignment results with limited analysis. This allows for lender and financial institutions to not only free-up time, which is our most valuable human resource, but also allows for a loan renewal and/or new loan to follow and comply with FDIC at minimal costs to your client.

The Evaluation assignment is a newer product that has caused some controversy in recent years; mainly associated with appraiser compliance. Ultimately, the States and Appraisal Boards have no jurisdiction forbidding appraisers on completing any Valuation Assignment that complies with USPAP. Atlas Valuation, LLC has always performed Evaluations as LIMITED SCOPE appraisals and are still reported as either a Restricted or Narrative Appraisal. All Evaluations ARE APPRAISALS and COMPLY with USPAP. Ultimately it is the appraiser’s responsibility to comply with USPAP to complete an Evaluation. Atlas Valuation, LLC has developed the following Test of Reasonableness to determine if an Evaluation can be completed:

  • Is the Appraiser competent in the valuation of the subject property aka the Competency Provision of USPAP?
  • Can the Appraiser produce RELIABLE ASSIGNMENT RESULTS with a Limited Scope Appraisal?
  • Will the Appraiser detail all steps within the Scope of Work that were not completed that could limit the reliability of the value estimate?

The previous Test of Reasonableness is completed and detailed within every Evaluation Assignment. If the appraisers cannot complete the Evaluation due to failing one of the Tests of Reasonableness, the assignment will and should be declined, and a full scope appraisal will be recommended. Atlas Valuation, LLC specializes in Evaluations and provides this service for most major financial institutions currently. Contact us anytime for an example or a quote today!