Revolutionary Platform Reduces Residential Transaction Execution Times and Significantly Reduces CRE Expenses
FAIRHOPE, Ala., June 20, 2022 /PRNewswire/ — Action Assessment Partners (EVP), a provider of real estate value services, valuation tools and property value data for the real estate industry, announced the launch of to live ina unique platform that allows lenders to generate their own compliant estimate of the value of residential and commercial real estate (CRE) properties.
Because the demand for home appraisals far exceeds the supply of appraisers, many lenders are experiencing delays in closing real estate transactions. Using the regulatory waiver of the internal evaluation bankInhabet removes these hurdles by using data and a valuation platform to allow lenders to come up with their own valuation estimates in a controlled environment.
“When appraisal management companies emerged after the financial crisis, I saw an opportunity to transform appraisals for appraisers, banks, credit unions and portfolio lenders with a product that didn’t require not an appraiser’s inspection,” said EVP Founder, CEO and Principal Drew Watson. “Today, with the unveiling of the Inhabet platform, we have enabled a lender’s trained staff to self-assess value.”
The Inhabet platform is self-contained and includes the comparable sales data, app-based inspection platform, and rating platform. No third-party login is required for Inhabet and there is no software to install. Instead, users with basic knowledge of real estate transactions are guided through a multi-step process that leverages big data to simulate the valuation process. After collecting property data, such as its age, square footage, interior condition, and surrounding neighborhood characteristics, Inhabet helps lenders select and appraise comparable properties.
Following refinements to comparable adjustments, Inhabet’s reconciliation process completes the conforming value estimate. If a lender finds that they are unable to complete an assessment themselves, they can forward the assessment to EVP for completion in one click.
While much of EVP’s business is in residential valuations, including automated valuation models (AVMs) and hybrid models, Inhabet also enables CRE valuations, allowing banks to standardize data so that they can be more easily analysed. Given the high cost of CRE valuations, CRE investors stand to benefit greatly from the platform, especially since the commercial real estate industry previously had no standardized data.
Watson noted that while there are other real estate valuation data providers, Inhabet is the only one in that it is a valuation system with multiple data sources and the only platform. form that allows a lender’s staff to prepare appraisal reports themselves, using a consistent process and set of standards across their entire product line.
“We got to a point where we couldn’t handle all the orders that were coming our way,” said the EVP and COO chairman. Todd Rasmussen. “So we developed Inhabet to allow lenders to use our data and processes to create a value estimate themselves. Compared to getting an appraised value or a hybrid valuation from an appraiser, it there is no faster and more cost-effective assessment solution than Habet.”
Learn more about Habet at habit.com/evaluate/.
About Equity Valuation Partners
Founded in 2009 by a former CPA and active appraiser Drew WatsonAction Evaluation Partners (VPE) provides a range of valuation services to banks, credit unions and other residential and commercial real estate players. EVP also merges technology and big data with human intelligence to facilitate more accurate, compliant and cost-effective appraiser-prepared appraisals for real estate transactions of all sizes. The company is based in Fairhope, Alabama. For more information, visit www.yourvp.com.
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SOURCE Equity Assessment Partners