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Commercial Appraisals Phoenix Appraisers Generate Are Tailored To Their Clients' Needs

By Henry Kelly

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.

Some owners are tempted to oversell their property to get a higher valuation, but experts advise them not to do it. Appraisers will verify all information using at least one other source, so this kind of tactic will backfire on the owner. Withholding documents they think may hurt a valuation is also a bad idea.

All appraisers have to abide by a strict code of ethics. They work for the client who is paying them for the appraisal. If the lender orders the information, the appraiser will not give confidential information to another party unless permission is given.

Appraisers will generate one of three types of reports for their clients. Most people request the simplest and least expensive restricted use report. These reports are for the client's eyes only. Summary reports include more data and are available for all the intended users. Rarely do clients ask for the third kind of report which is self contained, extremely detailed, and quite expensive.

When reading an appraisal it is very important to check the date of valuation. Depending on the client's needs, an appraiser can create a report that values a piece of property as of the time of inspection, value based on a date in the future or the past. An assessment that was made prior to a positive or negative event that impacts the real estate is not accurate and should not be used for valuation purposes.

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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