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What to Know About 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. That is doubled for the notion of getting an appraisal for commercial real estate process that differs in a bit from residential properties appraisal. Below is a list of things you need to know about 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 clients take this to be the whole process, but 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. 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 Appraisers are professional skeptics who will strive to prove any statements you make 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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Present any Information as Required You will probably be asked to give things like a property tax bill, the property drawings, 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 need certain information, and hence the more you provide, the quicker they can complete the task. 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 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 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 parties will be identified in the appraisal report, and they are the only ones allowed to use the report.