Commercial Real Estate Appraisal- What to Know In the current world we are in, there are many issues to do with commercial real estate that small business owners must digest. That is doubled for the notion of getting an appraisal for commercial real estate process that differs in a bit from residential properties appraisal. Below is a list of things you need to know about commercial real estate appraisals. Inspection is not Everything in the Appraisal Process The size and complexity of the property under appraisal determines the time taken to investigate it. Some clients take this to be the whole process, but it is just the beginning. The property appraisers research on public ownership and zoning records, research lifestyle and demographic data and comparable file sales, replacement costs, and rentals. They then make an analysis of this information about the value of the property. They finalize the inspection process by making a report on their findings.
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Avoid Misrepresenting Facts Appraisers are professional skeptics, and they will seek to verify anything you say from other sources. They can even ask questions that they already have answers to just to test the credibility of the people showing the property. They are always thinking about ways in which they can defend their opinion if they are ever brought before a court even in assignments which litigation appears unlikely. If you misrepresent any detail, they will disregard anything else that you will say.
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Don’t Keep some Information You will probably be asked to give things like a property tax bill, the property drawings, income statements and other things. You might not know why the appraiser is asking for something but it is best that you provide whatever you can. Appraisers require certain information to fully complete their assignment hence the more you can provide the faster they can complete the assignment. The Client is the Party that Asks for Appraisal If the appraisal is for financing, the lender is the client. Appraisers have the obligation to maintain client confidentiality, so in case you are the borrower or any other party, the appraiser cannot release the report or any other confidential information to you. If you order an appraisal as part of assets tax appeal and you fear that the appraised value is more than the assessed value, you can bet that the appraiser will not hand over the results to the property tax board without your permission. Identify the Intended User Ensure that the appraiser knows who you want to use the report. If you want to buy a property that might mean you intend to share the appraisal with the seller, the lender, and possibly your local property tax appeal board. These parties are identified in the report and are the only people allowed to use the report.