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What to Know About Commercial Real Estate Appraisal Small business owners have a lot to take in when it comes to the subject of commercial real estate . This is more so when it comes to obtaining commercial real estate appraisal a process that can differ a little from appraisals done for residential properties. This the article offers you with a list of some things that you should know regarding commercial real estate appraisals. Expect more than Inspection in the Appraisal Process Depending on the size and the complexity of the property being appraised, it can take less than an hour to several hours to fully inspect the property. 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. The the final step here is writing a report on their findings.
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Don’t Misrepresent Facts Appraisers are professional skeptics, and they will seek to verify anything you say from other sources. They will ask you questions that they already know the answer just to test your credibility level. 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 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 have no interest in unduly expanding their work files but certain information may be relevant to their work so the more you can give the more quicker, they can complete their assignment. The Client is the Party that Asks for Appraisal If the reason for the appraisal is financing; the client becomes the lender. It is the responsibility of the appraiser to ensure that all client information is maintained confidential and not release it to any other party. 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. Intended User of Appraisal Reports 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 people are established in the appraisal report and are the only ones authorized to use the report.