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Commercial Real Estate Appraisal- What to Know In the current world, small business owners have a lot to understand when it comes to commercial property. 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 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 appraisers study the public ownership and zoning records, demographic and lifestyle information, and gather comparable sales, replacement costs, and rentals. They then make an analysis of this information about the value of the property. To summarize their inspections; they write a report on their conclusions.
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Avoid Misrepresenting 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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Don’t Withhold 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. You might not know why the appraiser is asking for something but it is best that you 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 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 buying a property; your intended users are the seller, the lender and the property tax appeal board. These parties will be identified in the appraisal report, and they are the only ones allowed to use the report.