Commercial property appraisal can be complex and difficult or smooth and easy – it all depends on the property to be appraised and the efficiency of the appraiser. The consideration of commercial appraisal software reviews is a must for any appraiser to provide quality appraisals for their clients. Here are some of the major process phases and aspects involved:
- Inspection – many property owners think that this is the most important phase and it is important, indeed, but it is also the shortest in terms of duration, it usually does not take longer than a few hours. Your appraiser will walk around the building and the entire property, they will check levels of equipment and various other aspects;
- Background documentation – your appraiser will perform a lot of research about your property as well. He or she will consult zoning records, ownership records and lots of other documents to establish the value of your property;
- Confidentiality – property appraisers have a very strict code of ethics that they must observe, confidentiality being among the most important aspects. If the appraisal is to be included into a financing file, the client is the lender and you as the entity applying for a loan cannot have access to the appraisal results. If it is for some sort of tax-related issue and the client is the owner of the property, the final report can be issued only with the client’s approval.
Original Post on: What to Expect from Your Commercial Property Appraisal
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