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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 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. Expect more than Inspection in the 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 appraiser will research public ownership and zoning records, investigate the lifestyle and demographic information, and compile comparable 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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Never try to Misrepresent Facts Appraisers are professional skeptics who will strive to prove any statements you make from other sources. They will ask you questions that they already know the answer just to test your credibility level. 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 happen to misrepresent any detail; the appraiser will discount the credibility of anything else that you say.
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Don’t Keep some Information Probably, you will be asked if you can provide a set of the property drawings, a property tax bill, income statements, and other relevant things. You might not have an idea why the appraiser is asking for something, but it is wise to provide 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. It is the Client that Orders the Appraisal If the appraisal is for the purpose of financing the client is the lender. Appraisers have the obligation to maintain client confidentiality, so in case you are the borrower or any other party, the appraiser cannot release the report or any other confidential information to you. 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 Ensure that the appraiser knows who you want to use the report. 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 will be identified in the appraisal report, and they are the only ones allowed to use the report.