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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. This doubles when it comes to understanding the process of commercial real estate appraisal that differs a little from the residential properties appraisals. Here are some things that every small business owner must know concerning commercial real estate appraisals. Inspection is not Everything in the 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 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 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. Appraisers are always thinking of ways to which they will depend their opinion if they are ever summoned to a court even in assignments that don’t show any likelihood of litigation. 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. You might not know why the appraiser is asking for something but it is best that you provide 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 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 ask for an appraisal for property tax appeal and you are afraid that the appraised value might end up being higher than the assessed value you can rest assured that the appraiser will not release the results to 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.