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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. Here are some things that every small business owner must know concerning 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 think that this is the whole process and fail to understand 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 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, and they will seek to verify anything you say 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. They are always thinking about ways in which they can defend their opinion if they are ever brought before a court even in assignments which litigation appears unlikely. 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. You might not have an idea why the appraiser is asking for something, but it is wise to provide whatever you can. Appraisers need certain information, and hence the more you provide, the quicker they can complete the task. The Client is the Party to Order the Appraisal If the reason for the appraisal is financing; the client becomes 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 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.