An appraisal can be ordered for any number of reasons. An owner may want to refinance a loan to expand an existing operation. A Phoenix, AZ lender might require an appraisal before approving financing. A potential purchaser might want to see an appraisal in order to decide how much to offer the seller. The kind of commercial appraisals Phoenix appraisers generate depends on what an individual or company wants to know about the property in question.
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.
It is important for an appraiser to know what a client's interest in a property is before he or she makes an assessment. If the interest is simply in the real estate, then the client will receive a fee simple appraisal. A client who in interested in the worth if property is leased will need a leased fee interest appraisal. A leasehold interest appraisal is done to find out what a lease is worth to a renter.
In order for an appraisal to accurately reflect the current value of a piece of property in the marketplace, an appraiser needs information from the client. Knowing the purpose of the appraisal is important. It is also valuable to know from the beginning what the client's interest is so the correct report can be generated.
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.
It is important for an appraiser to know what a client's interest in a property is before he or she makes an assessment. If the interest is simply in the real estate, then the client will receive a fee simple appraisal. A client who in interested in the worth if property is leased will need a leased fee interest appraisal. A leasehold interest appraisal is done to find out what a lease is worth to a renter.
In order for an appraisal to accurately reflect the current value of a piece of property in the marketplace, an appraiser needs information from the client. Knowing the purpose of the appraisal is important. It is also valuable to know from the beginning what the client's interest is so the correct report can be generated.
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