Commercial Real Estate Appraisal In the current world we are in, there are many issues to do with commercial real estate that small business owners must digest. 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. Here are some things that every small business owner must know concerning commercial real estate appraisals. The Inspection is only a Small Part of the Entire Appraisal Process Depending on the complexity and size of the property to be appraised, it might take a few minutes to several hours to inspect the property. Some clients think that this is the whole process and fail to understand that it is just the beginning. The appraisers study the public ownership and zoning records, demographic and lifestyle information, and gather comparable sales, replacement costs, and rentals. They then analyze this information about the property’s values. They finalize the inspection process by making a report on their findings.
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Avoid Misrepresenting 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 happen to misrepresent any detail; the appraiser will discount the credibility of anything else that you say.
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Present any Information as Required Most likely, you will be requested if you can submit a set of drawings for the property, property tax bill, 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 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 the purpose of financing the client is 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 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 Make sure that your appraiser knows who you want to use the reports. If you are buying a property; your intended users are the seller, the lender and the property tax appeal board. These parties will be identified in the appraisal report, and they are the only ones allowed to use the report.