1. Licenses and designations are important
Commercial real estate appraisers can be General Certified by their respective states, and hold the MAI designation from the Appraisal Institute, which signifies the highest achievement in real estate appraisal. 2. Experience with the local market Identify appraisers who are specialists in the subject property type, and are deeply familiar with the surrounding market. 3. The market’s view of the firm There is a reason that certain appraisal firms have been in business for many years. A reputation for integrity, quality, and reliability are important and the market they serve recognizes that. 4. Your goals for the appraisal process What appraisal problem are you trying to solve? Is there a potential purchase or loan? Are you interested in appealing your taxes? Is there an IRS question (estate planning, inheritance)? 5. The difference between a restricted report and an appraisal report There are two types of reports that you can order from a professional real property appraiser. A restricted appraisal is typically used for internal purposes (e.g. making sure you are not paying too much or leaving money on the table), and it assumes the user of the appraisal is very familiar with the property. An appraisal report is a more detailed document often used by lenders, attorneys, CPAs, etc., and includes more information than a restricted appraisal. Both appraisal types should give you the same answer (value conclusion), but the level of reporting detail changes.
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