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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 doubles when it comes to understanding the process of commercial real estate appraisal that differs a little from the residential properties appraisals. This the article offers you with a list of some things that you should know regarding commercial real estate appraisals. Inspection is not Everything in the 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 take this to be the whole process, but 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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Don’t Misrepresent Facts You can be sure that appraisers being professional skeptics will seek to verify anything that you tell them 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 Withhold 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. 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 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. 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 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.