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Commercial Real Estate Appraisal In the current world, small business owners have a lot to understand when it comes to commercial property. 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. Here are some things that every small business owner must know concerning commercial real estate appraisals. Expect more than Inspection 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 think that this is the whole process and fail to understand that it is just the beginning. The property appraisers research on public ownership and zoning records, research lifestyle and demographic data and comparable file 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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Never try to Misrepresent Facts Appraisers are professional skeptics who will strive to prove any statements you make 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 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 any detail, they will disregard anything else that you will say.
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Don’t Keep some Information You will probably be asked to give things like a property tax bill, the property drawings, 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 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. The appraisers have the obligation to maintain client confidentiality and cannot release the appraisal report or any other confidential information to another 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. Identify those you intend to Offer the Appraisal Results Make it clear to the appraiser who you intend 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 are identified in the report and are the only people allowed to use the report.