Do you have an appraisal question you want to ask, but feel like you’re the only one with it? For the New Year we caught up with our Senior Managing Director, Laird Goldsborough, on frequently asked questions he received in 2015, and the answers he gives. Check out the list below to see if your question is answered. 1. How much does a standard commercial report cost? Answer: It depends. What the report will be used for, interest appraised, property type, etc. all come into play. 2. Can you send me a copy of the report (prepared for a bank, for example)? Answer: We can, but only if you are our client or if we get permission from our client - per regulations (USPAP). Client = person who engaged us. If you are the property owner, but did not engage us we must have permission to send you a report copy even though it’s your property. 3. Can you get the appraisal completed in two weeks? Answer: Mostly likely no. The appraisal process is threefold: gather, analyze, report. To go through all three steps and arrive at a reliable value the average time it takes for a report is three weeks, but often longer. 4. Can you just tell me what the value is? I don’t need much in writing - maybe a page ... Answer: No, per regulations (USPAP). As stated in the question above, to come to a reliable value you must go through the appraisal process of gathering data, analyzing the data and reporting the findings. Depending on your needs, a restricted appraisal may work for you. It is a shorter report. The appraiser does the same amount of data gathering and analysis, but much of the information is retained in the appraiser’s work file instead of written into the report. 5. Can I just get an update (of a report written five years ago)? Answer: No. The market changes, and with it real estate values change as well. Click here to learn more about the Uniform Standards of Professional Appraisal Practice (USPAP).
0 Comments
Garrett Connolly, Real Estate Analyst, has been with Valbridge Property Advisors | Shaner Appraisals, Inc. for over a year. He earned his bachelor's degree from the University of Missouri and is a practicing affiliate of the Appraisal Institute.
We looked back through our Valbridge Advisor newsletter archives to find the most popular CRE articles of 2015. Take a look below to see the most prevalent in order: 1. 2015 and 2007: A Sense of Déjà Vu 2. Which Generation is Really Driving the MF Market? 3. Developers May Backfill Dead Metcalf Shopping Centers 4. Why the Apartment Cycle is Good for Five More Years 5. Kansas City's Office Market: A Look at the Latest Stats 6. Is Multi-family Rent Growth Hitting a Slowdown? 7. Time to Worry About Speculative Construction? Not Yet, Experts Say 8. Renner Commerce Center Sells for $13.15 Million 9. Walgreens in Shawnee Mission Sells for $7 Million 10. Land South of Kansas City Purchased to Prevent Future Development |
|