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What to Know About Commercial Real Estate Appraisal Small business owners have a lot to take in when it comes to the subject of commercial real estate . This doubles when it comes to understanding the process of commercial real estate appraisal that differs a little from the residential properties appraisals. Below is a list of things you need to know about commercial real estate appraisals. Expect more than Inspection 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 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 analyze this information about the property’s values. The the final step here is writing a report on their findings.
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Never try to Misrepresent Facts Appraisers are professional skeptics, and they will seek to verify anything you say from other sources. An the appraiser can ask you a question they already have an answer to just to prove your credibility. They are always thinking of ways to defend their opinion if they are ever brought before a court even in cases that don’t show any likelihood of litigation. If you misrepresent any detail, they will disregard anything else that you will 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 to Order the Appraisal If the reason for the appraisal is financing; the client becomes the lender. The appraisers have the obligation to maintain client confidentiality and cannot release the appraisal report or any other confidential information to another 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 it clear to the appraiser who you intend 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 people are established in the appraisal report and are the only ones authorized to use the report.