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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 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. Below is a list of things you need to know about 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 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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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. 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 Withhold 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 have no interest in unduly expanding their work files but certain information may be relevant to their work so the more you can give the more quicker, they can complete their assignment. The Client is the Party to Order the Appraisal If the appraisal is for financing, the lender is the client. 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 those you intend to Offer the Appraisal Results 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 people are established in the appraisal report and are the only ones authorized to use the report.