Appraisers have all kinds of clients who need property assessed for a variety of reasons. A Phoenix, AZ financial institution might require one before lending funds to purchase a piece of real estate. Prospective buyers often want a current fair market value for a building they are interested in. A business owner who intends to expand company facilities can order an appraisal to get the whole structure refinanced. The types of commercial appraisals Phoenix appraisers generate depends on the intended use and the interests of the parties concerned.
Inspecting the property is just the first step in the appraiser's job. Some people assume that once that is done a report should be generated within a day or so. In fact, a good appraiser takes a lot of other information into consideration when doing an evaluation. It may takes weeks to find appropriate comparable sales to gauge values. Rent rolls and vacancy data can be critical when it comes of assessing the real value of a piece of real estate.
It is important for the property owner to be as honest and forthcoming as possible with an appraiser. Everything the owner says will have to be verified through other sources, so it hurts the credibility of the individual to misrepresent the facts. An appraiser needs verification of income, tax forms, plats, and other data in order to write a complete appraisal report.
An appraiser is obligated only to the person who is paying for the appraisal. Giving confidential information to another party is a violation of their code of ethics, and they will not do it unless the client gives permission.
Appraisal reports take three basic forms. The first, and most requested, is the restricted use report. It includes basic information that can be viewed only by the client. Summary reports are more detailed and more expensive. Rarely are self contained reports requested. The appraiser includes all the information drawn about a property in one of these reports and charges more for it than the other two.
The date a piece of real estate was valued can be very important. An appraisal that was done before something negative impacted the property, such as a fire, will not accurately represent the value of the real estate in its current condition. An appraiser can value the property at the time of inspection, from a previous time or a future time.
Clients have different uses for appraisals and as such, an appraiser needs to know what the client's interest is. A fee simple appraisal results when the client is only interested in the physical property. A leased fee appraisal reflects the net worth when the property is leased. Leasehold interest appraisals evaluate what a tenant would be willing to pay to lease the property.
In order to accurately assess a piece of real estate, an appraiser needs to know certain things. He or she must know the client's interest in the property and what type of report is to be generated. What the client is going to use the appraisal for is also important for accurate valuation.
Inspecting the property is just the first step in the appraiser's job. Some people assume that once that is done a report should be generated within a day or so. In fact, a good appraiser takes a lot of other information into consideration when doing an evaluation. It may takes weeks to find appropriate comparable sales to gauge values. Rent rolls and vacancy data can be critical when it comes of assessing the real value of a piece of real estate.
It is important for the property owner to be as honest and forthcoming as possible with an appraiser. Everything the owner says will have to be verified through other sources, so it hurts the credibility of the individual to misrepresent the facts. An appraiser needs verification of income, tax forms, plats, and other data in order to write a complete appraisal report.
An appraiser is obligated only to the person who is paying for the appraisal. Giving confidential information to another party is a violation of their code of ethics, and they will not do it unless the client gives permission.
Appraisal reports take three basic forms. The first, and most requested, is the restricted use report. It includes basic information that can be viewed only by the client. Summary reports are more detailed and more expensive. Rarely are self contained reports requested. The appraiser includes all the information drawn about a property in one of these reports and charges more for it than the other two.
The date a piece of real estate was valued can be very important. An appraisal that was done before something negative impacted the property, such as a fire, will not accurately represent the value of the real estate in its current condition. An appraiser can value the property at the time of inspection, from a previous time or a future time.
Clients have different uses for appraisals and as such, an appraiser needs to know what the client's interest is. A fee simple appraisal results when the client is only interested in the physical property. A leased fee appraisal reflects the net worth when the property is leased. Leasehold interest appraisals evaluate what a tenant would be willing to pay to lease the property.
In order to accurately assess a piece of real estate, an appraiser needs to know certain things. He or she must know the client's interest in the property and what type of report is to be generated. What the client is going to use the appraisal for is also important for accurate valuation.
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