Commercial Real Estate Appraisal In the current world, small business owners have a lot to understand when it comes to commercial property. This is more so when it comes to obtaining commercial real estate appraisal a process that can differ a little from appraisals done for residential properties. This the article offers you with a list of some things that you should know regarding commercial real estate appraisals. The Inspection is only a Small Part of the Entire Appraisal Process The size and complexity of the property under appraisal determines the time taken to investigate it. Some customers perceive this to be the entire process, but the truth is that 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. Next, they analyze this information as it relates to the value of the property. The the final step here is writing a report on their findings.
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Don’t Misrepresent Facts You can be sure that appraisers being professional skeptics will seek to verify anything that you tell them from other sources. They will ask you questions that they already know the answer just to test your credibility level. 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 anything, the appraiser will discount the credibility of anything else that you 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. The the reason for the reviewer asking for some details may be unknown to you, but it is best that you give them whatever you can. Appraisers need certain information, and hence the more you provide, the quicker they can complete the task. The Client is the Party to Order the Appraisal If the reason for the appraisal is financing; the client becomes the lender. It is the responsibility of the appraiser to ensure that all client information is maintained confidential and not release it to any other party. If you have placed an order for property tax appeal and are afraid that the appraised value might be more than the assessed property value, you can be sure that they will not submit the results to the property tax board without your confirmation. Identify the Intended User Make sure that your appraiser knows who you want to use the reports. If you are seeking to buy a property; this might mean that you want to share the appraisal with the seller, your 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.