Appraisal Questions and Answers

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email: info@AppraisalsCertifiedGeneral.com
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When should I expect my appraisal report

Turn times for commercial appraisal assignments vary depending on their complexity. Most commercial appraisal reports are completed in less than a week. Also, keep in mind that we are always willing to make schedule adjustments to meet reasonable deadlines. Remember, we are here for you so give us a call to discuss your specific commercial or residential appraisal needs.

Fee schedule

Because no two appraisal assignments are ever the same, we review appraisal request(s) and quote our clients the most competitive fees possible. We value your business and look forward to a long working relationship with all our clients. To submit an appraisal review/quote, please go to - ORDER APPRAISAL

Commercial appraisal report formats

Self-Contained Report

A complete appraisal report containing a high degree of detail and all the necessary information to comply with the reporting requirements set forth under Standards Rule 2.2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP), in contrast to the Summary Report format.

Summary Report

Today, the Summary report format is by far the most widely used of all the available commercial appraisal report formats. As the report name implies, the summary report 'summarizes' all conclusions with a limited amount of explanations. Additionally, the report may contain external material references found in company files which are normally included in self-contained reports. From a legal standpoint, it can be depended upon by most readers, and for estate related purposes, the summary report format blends itself as the most applicable in this area.

Restricted-Use Report

A restricted-use appraisal report contains minimal detail and is created and intended only for specified clients and may not be depended or relied upon by any other party. This report format is the most reasonably priced and can be personalized at the client's request to meet their needs. If you simply need to know what the property is worth and there is no need to share the report with anyone else, consider this report format.

Types of appraisal reports

Complete

The Complete report is most often ordered by lenders while reviewing financing options for client and also used in an estate as well as tax appeals or disputes.

Limited-Use

The Limited-Use report is suitable in special circumstances, for example, in situations where we cannot perform a complete appraisal by possibly not being able to inspect the subject property, also in speculative or future valuations and other circumstances.

Approach to value used & defined

Each of the three methods must be clearly mentioned and discussed as to its applicability in this particular appraisal situation
  • Market Data Comparison Approach
  • Cost Approach
  • Income Approach

Type of valuation used & defined

  • Retail Replacement Cost
  • Retail value
  • Marketable Cash Valuation
  • Liquidation value
  • Salvage value
  • Replacement Cost New

Relevant dates

  • Date of on-site inspection
  • Effective/valuation date of the appraisal (assigned or specific)
  • Date appraisal report issued
  • Date of Death
  • Date of Donation
  • Date of Separation
  • Dates of Research
  • Revised Date

Why do I need an appraisal

  • A business owner wanting to refinance and obtain a lower more competitive interest rate of an existing loan
  • The property owner may also need to do a 'cash-out refinance' to make property improvements, consolidate loans to further lower monthly debt and improve cash-flow
  • A commercial property or business owner may need to refinance an existing loan that may be coming due, obtain a longer term, etc.
  • A commercial property owner wants to grow and expand his business and needs to add space to the existing building
  • Any business owner needing to know the value of a commercial property in order to made a purchase decision
  • Lending institutions requiring an appraisal as well as a thorough title search before allowing any funding to take place
  • Once a commercial appraisal is completed, it is valid for up to twelve months

Commercial Properties Site Inspections

As with the ordering of a commercial appraisal report, the needs for a property site inspection vary. Commercial property site inspections can a requested by a lending institution, real estate investment group or an individual business owner. Any interested party can engage a commercial real estate appraiser to perform site inspection functions.

A commercial real estate appraiser can be hired to analyze commercial properties for a variety of purposes, making detailed observations and comments of the subject's general conditions is one of the many services they can provide, some of these are but not limited to:

  • Physical verifications that tenants are in place and open for business
  • Noting if the economic direction of an adjoining neighborhood and marketplace remain viable, prospering
  • Writing a concise, insightful and comprehensive report for the review of the client
  • Loss Draft
  • Confirmation of Repair
  • Disaster Issues (hurricane, flood, fire, earthquake, etc.)