If you want to get a commercial real estate
appraisal done, as you want to
establish a lease value, here are three things that you should now.
- The inspection is just the part of the appraisal process
It totally depends on the
size and complexity of the property to inspect it and the whole process might
take less than an hour to several hours. Many clients think it as the only process;
however, it is just the beginning. Appraisers research zoning records and
public ownership investigate lifestyle and demographic information, then
compile comparable sales, rentals and replacement costs. After this, they
analyze this information which is related to the property. At last, they write
a report on their findings.
- Never misrepresent the facts
Appraisers will verify
everything that you tell them from other sources. They are professional
skeptics. They may even ask the questions that they already know the answer
just to test the credibility of the person showing them the property. They are
always thinking about how they are going to defend their opinions if ever
brought to court. Therefore, make sure to never misrepresent anything otherwise
the appraiser will discount the credibility of anything else that you say.
- The Client Is the Party That Orders the Appraisal
The lender is the client
when the appraisal is for financing. Appraisers are committed to maintaining
the confidentiality of their clients, so if you are the borrower or any other
party, the appraiser will never release the appraisal report or any other
confidential information to you. If you are afraid that the appraised value
might be higher than the assessed value when you order an appraisal as part of
a property tax appeal, you can be sure because the appraiser won’t release the
results to the property’s tax board without your permission.
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