Hybrid or bifurcated appraisals are a new trend in the real estate industry, but many people don’t yet know what they are or how to tell if getting one is the right option for them. When getting an appraisal, it’s essential to understand all your options, so you can choose the one that best fits your needs.
What is it?
Bifurcated or hybrid appraisals are processes wherein an appraiser looks at pictures and information about a property collected by another party and assesses the value using that information. The main difference between a hybrid and a traditional appraisal is that the appraiser does not need to visit or walk around the property. It’s similar to a desktop appraisal, but the data is provided to the appraiser by a third party.
Should you get one?
There are many factors to consider when deciding what kind of appraisal to get. Due to the demand for qualified appraisers, getting a traditional appraisal can be more time consuming, and it will almost certainly be more expensive. They can also be beneficial for the appraiser, as they can spend more time utilizing their analytical skills instead of doing the legwork of taking pictures. However, hybrid appraisals are mostly used for the exterior of the house, and while they can be as thorough as a traditional one, in areas where property information is sparse, it may be hard for the appraiser to complete the assessment accurately. It’s also important to consider the expertise of the third party completing the on-site work; they may not know how to interact with the interested parties neutrally, or they may miss signs that an appraiser would notice. A hybrid appraisal may be an ideal option if you need to get the work done quickly or if you are working with a budget.
Hybrid appraisals are an essential option to consider, considering their relative convenience and affordability; it’s no wonder they are becoming more popular in the Real Estate industry. However, it’s always important to review all of your options and pick whichever one best meets your needs. Hybrid appraisals may not be for everyone, but they are an exciting step in making the industry more flexible and efficient.