It’s a type of appraisal performed by a professional other than the appraiser, who inspects the property briefly to verify its condition and features. The information is then sent to a licensed appraiser. The appraiser then combines this information with data from various sources to produce a final appraisal report. The report will typically include information on the property’s location, comparable sales data, and other relevant data that can affect its value.
Hybrid appraisals are often used in situations where a full, traditional appraisal is not necessary or cost-effective. They are also used to provide a more accurate and comprehensive assessment of a property’s value than a purely automated valuation model (AVM) can provide.
Hybrid appraisals have become increasingly common in recent years as technological advances have made gathering and analyzing large amounts of data easier. As a result, they are often used in situations such as mortgage refinancing, home equity loans, and property tax assessments.
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