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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. 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. Inspection is not Everything 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. 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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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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Don’t Keep some Information 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 that Asks for 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 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. Intended User of Appraisal Reports Ensure that the appraiser knows who you want to use the report. If you are buying a property; your intended users are the seller, the lender and the property tax appeal board. These parties are identified in the report and are the only people allowed to use the report.