Here at NavCap, we are committed to making our lending process as simple as possible. And that means minimizing any pain points along the way.
Many of you are probably already aware that the lead time on appraisals has gone up significantly. With rates still low and lots of folks either on the move or looking to refinance, demand for appraisals is high. That has meant long turnaround times for appraisals—sometimes up to six weeks.
Since time is money when it comes to real estate investing, we are doing everything we can to expedite closings for our borrowers. That means we have pivoted to using hybrid appraisals when we can.
What are hybrid appraisals, you may ask?
In a traditional inspection, a single appraiser will do a physical inspection of the property AND pull comps and pricing data online. In a hybrid appraisal, the appraiser farms out the field inspection to a third-party (a second appraiser, real estate agent or other authorized person) and relies on their observations to complete the appraisal. By outsourcing the fieldwork, appraisers can focus on analyzing the local market and comparable sales instead of juggling homeowner appointments and driving to assigned homes.
What are the advantages of hybrid appraisals?
Well, the obvious benefit is time savings. We have found that, by using hybrid appraisals, we can shave several weeks off the appraisal turnaround time for our clients. That means that we are able to close your loan sooner rather than later.
Are hybrid appraisals available on all NavCap’s loan products?
Unfortunately, the answer to this question is ‘no’. There are some loan scenarios that still require a traditional appraisal. But, regardless, we work hard to get the money into your hands as quickly as possible.
Are you in need of a facilitated appraisal or just want to know more about our loan offerings? Either way, we’d love to hear from you. Reach out today at 888.444.3160 or email info@gonavcap.com.