So what is the date of valuation when it comes to commercial appraisals? Basically, appraisers can appraise a property based on the date of inspection, on a past date (a retrospective appraisal), or on a future date (a prospective appraisal).
Low appraisals can happen anywhere, for any reason. Some of those are inflated prices resulting from multiple offers; fallout from an abundance of foreclosures in the neighborhood, especially if no other comparables exist; overpricing by the seller; and declining market values when there are few buyers and a large inventory.
If you are trying to refinance your home, it’s recommended that you complete any major repairs first. Significant issues like structural damage or roof problems can really drive your home value down.
Are you having trouble dividing the estate of a loved one because of their business’s real estate holdings? Remember, ordering a commercial appraisal will help you put a firm dollar figure on the properties you may be liquidating.
It’s important to remember that a variety of factors can go into determining the true appraised value of your property. Everything from the quality of local schools to the number of foreclosures in the area can contribute to the final value.
When it comes to commercial real estate appraisals, there are various types of valuation reports that can be put together, including self-contained, summary, and restricted use. The type or report you’ll need will most likely depend on the context for which the appraisal is being utilized.