5 Important Facts About Commercial Real Estate Appraisals

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Information about 5 Important Facts About Commercial Real Estate Appraisals
Entertainment

Published on July 12, 2016

Author: etnvaluation

Source: authorstream.com

slide 1: 5 Important Facts About Commercial Real Estate Appraisals slide 2: Appraisals carried out for residential properties vary greatly from those carried out for commercial real estate and there are a few points it can be handy to be aware of before you seek out a valuation company: 1. The appraisal process may take days even weeks to complete: Inspecting the property may be the first step in the appraisal process but there are many other important aspects of an appraisal that will need to be researched and analyzed before a report can be compiled. Demographics zoning records and public ownership to name but a few will all have to be taken into account meaning that for a thorough and well conducted appraisal by a reputable company it may take weeks to finalize. slide 3: 2. The ‘Uniform Standards of Professional Appraisal Practice’ must be adhered to: There are many things that this strict code of ethics ensures that appraisers stick to one of which is to give an honest and unbiased opinion to their clients. If it is discovered that they are not following the code of ethics then they may be subject to disciplinary action from the relevant state and their certificate to practice may be revoked. slide 4: 3. Appraisers can give clients one of three different types of reports: The cheapest type of report given during an appraisal is a restricted use report it is also the shortest type but is only to be used by the client and not by any other outside parties. The size of the property being valued and the depth of the appraisal will affect the fee but you could realistically be looking at a cost of around 2000 to 2500. Coming in at a cost of more than 3000 a summary report makes a summary of all of the data and analysis and the report can be used by any relevant persons. Thirdly there is a self-contained report which is not often used but which contains every detail of the data and analysis. Informing your appraiser of how exactly you wish to use your report will help them advise you as to which type will be best for you. slide 5: 4. The appraiser must be informed of who will be wanting to access the report: Whoever you mean to share the appraisal report with must be identified and named by the appraiser so that their details can be recorded in the report it is then only those named individuals who will have access to it. Examples of others who you may wish to share the report with are the seller your lender or your local property tax appeal board. slide 6: 5. Be clear about what your interest in the property may be: If you’re only interested in the value of a particular property then this is known as fee simple interest but if you’re more interested in the value of a property from a landlord’s perspective when there are tenants involved this is known as a leased fee interest. You may also want to know what a lease may be worth to a tenant in which case you would want a leasehold interest. slide 7: East Tennessee Valuation Inc. is a commercial real estate valuation and consulting firm based in Knoxville Tennessee. Our services include appraisals appraisal reviews consulting evaluations and expert witness litigation support. If you are looking for commercial real estate valuation in Knoxville visit us. Our commercial real estate consultants in Knoxville have the knowledge experience technology and the skills to help you make an informed decision.

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