Two Major Types of Commercial Appraisals
1. Restricted-Use Appraisal – This report is the least expensive type of commercial appraisal. The 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 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 the restricted-use appraisal.
2. Self-Contained Appraisal – Self-contained appraisal reports are reports containing a high degree of detail and necessary information that 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. This type of report contains all the supporting data and analysis the appraiser used to determine the value of the commercial real estate. These types of appraisals are usually done on high value commercial real estate properties. If you are using the commercial real estate appraisal to obtain financing for the purchase or refinance of a commercial property, then a self-contained appraisal is most likely the report for you.
Never in the history of real estate has commercial valuation taken a more pivotal role than in today’s business climate. An unbiased, true, and well-supported opinion of value can mean the difference between reaching a critical goal — securing a loan, closing a sale, reporting to investors, choosing the best asset — or failing to achieve it altogether.
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