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How to Know if the Commercial Appraisal is Accurate?

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If you decide to get the commercial appraisals in Riverside county for your commercial property, then the first thing you will do is find the right appraiser. Once you make your commercial property ready for the evaluation, the later part will depend on the appraiser. His or her role will be to generate a credible estimate of market value, which has to be reliable and accurate.
But as an owner of the property, how will you know that you have received an accurate appraisal. Unless you are an appraiser or a real estate agent, it is impossible to calculate the accuracy.
So here in this blog post, we will discuss a few essential things that you must look for carefully.
1- Credentials, character, and ethics of the appraisers:
First things first, make sure that your appraiser has at least five years of experience in simple commercial appraisals and more than ten years for complicated appraisal cases. If your appraiser has the experience, then you can be sure that he or she has worked under a MAI or MAI equivalent appraiser. Furthermore, ensure that the appraiser has geographical competency.
2- Check for hypothetical or extraordinary assumptions used in the appraisal:
These assumptions can either be related to value upon completion or vacant land or a building. Your appraisal will clearly display this information, ensure to take notes carefully on the assumptions.
3- Inspect the subject property identification and property description:
Besides street address, your appraisal will also exhibit information like the type of building, quality of construction, date of construction, square foot area, total rooms, rents, etc. Make sure to double-check them.
4- Inspect the highest and best use:
Avoid accepting the evaluation that gets totally based on "as is," rather, make sure it is appraised based on its highest and best use. Thus, it will give the property its highest return or value.
Bottom line
We hope our article was insightful. However, since commercial appraisals in Riverside county are a matter of legal interests, it is always better to seek guidance from appraisal experts like United Appraisals Group. They will offer you appropriate advice and other qualified counseling as per your circumstances.

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