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Real Estate Appraisal News and Trends

Real estate appraisal information continually undergoes changes that you must keep up with to compete. As the landscape surrounding property appraisals continues to evolve and new regulatory rules are put in force regularly, you have to keep up with the most current information to be able to make the best business decisions.

Training for Real Estate Appraisal

Real estate appraisal providers are always looking for qualified candidates who have completed the various levels of training required to become a Certified Licensed Appraiser. After taking the basic instruction to become a trainee, you must spend time under the tutelage of a licensed appraiser while you continue with your education.

Real estate appraisal - Wikipedia, the free encyclopedia

Real estate appraisal, property valuation or land valuation is the process of valuing real property. The value usually sought is the property's market value.

Home Buying - Facts About Residential Real Estate Appraisals

Facts About Residential Real Estate Appraisals Appraisals are an Important Part of Your Home Buying Transaction A real estate appraisal helps to establish a ...

California Bureau of Real Estate Appraisers

California, Government, Real Estate, Appraisal, Appraiser, USPAP, real property valuation.

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Appraisal of Real Estate, 13th Edition | Appraisal Institute

The 13th edition of The Appraisal of Real Estate offers answers to your questions and guidance on how to meet the challenges facing valuation professionals.

HowStuffWorks "How Home Appraisals Work"

A real estate appraisal is simply that -- the expert opinion of a certified, state- licensed professional who determines the value of a piece of property. If your ...

Appraisers and Assessors of Real Estate - Bureau of Labor Statistics

Appraisers and assessors of real estate estimate the value of real property—land and the buildings on that land— before it is sold, mortgaged, taxed, insured, ...

Zillow: Real Estate, Apartments, Mortgage & Home Values in the US

Fast, free, thorough home search on America's most popular web portal, covering real estate, apartments, mortgages, school data, and home improvement ...

How to avoid a low home appraisal - Bankrate.com

A low home appraisal can kill the sale of a home. Here are tips to help ... real estate ... Low appraisals can kill deals reached by buyers and sellers. New rules  ...

Kansas Real Estate Appraisal Board - Kansas.gov

The Kansas Real Estate Appraisal Board regulates real estate appraisers licenses, provides access to appraisers' education resources and informs appraisers ...

Real Estate Appraiser - NYS Division of Licensing Services

A "State certified real estate appraiser" means a person who develops and communicates real estate appraisal and who holds a current, valid certificate issued ...

Real Estate Appraisal Business Guide: Understanding the Value of Your Commercial Property


If you are an investor considering buying a commercial real estate, you must know as much about a piece of property as you possibly can. One essential piece of information you must know is the value of the property. You can get this information by having an appraisal conducted on the property. A commercial real estate appraisal is typically performed by a trained expert who will look at several factors to determine how much a commercial property is worth.

 

Investors use appraisals to determine if the property is worth the purchase price. An appraisal is also necessary for insurance purposes as well as for property taxes. Typically, a commercial property insurer will want the value of the property confirmed before issuing a policy. Banks issuing loans will also generally want to know how much the property is worth.

 

Benefits

Appraisals work best in situations where an investor is purchasing a property for potential resale or rental income. Knowing the value of the property can help an investor determine how much to invest in renovations if he or she is planning to flip the property. If he or she wants to use it for rental income, knowing the property’s worth can make determining rental rates easier.

 

Appraisals Save Money

The person selling the commercial property is most likely trying to get as much money as possible for it. This may involve asking more than the property’s worth. Knowing the true value of a piece of real estate can prevent you from overpaying on the property itself as well as on the interest you will be charged on the bank loan. Additionally, your property taxes are based on the value of the property. Therefore, it helps to ensure this number is accurate.

 

Get the True Resale Value

If you are the one reselling the property, having an appraisal ensures that you get what the property is worth. According to Bloomberg, properties increased 6.3% in May of 2011. Property values change over time. If there have been significant developments in the community since you purchased the property, it may be worth much more than what you have paid. Having this information puts you in a better negotiating position.

 

Identify Areas That Require Maintenance

An appraiser does a full inspection of the property as part of the process of determining its worth. He or she can identify areas of the building that require attention. As a buyer, you may need to invest money into making these repairs once you own the property. However, you can use this information as a bargaining chip for reducing the overall price.

 

Insurance Purposes

Almost all insurance companies will want to know the value of the property they are insuring. Additionally, having your commercial property appraised can help settle insurance claims, should something happens to the building.

 

Pitfalls

 

Cost

Appraisals add an additional cost to the purchase of the property. This needs to be factored in as part of the total price of the investment.

 

Possibility of Low Valuation

Although the real estate market tends to be stable, there are times when values fluctuate. The appraiser looks at the values of surrounding buildings as well as the community as a whole when considering how much to appraise for your commercial property. If there are factors that negatively affect property values in the area, this can result in low valuation. This, in turn, can hurt your chances of getting a good price if you are selling.

 

Appraiser Mistakes

Appraisers sometimes make mistakes that can lead to financial consequences for you. This includes forgetting to include some parts of a building in the total square footage as well as overestimating the value of surrounding properties. These types of mistakes can make it more difficult to get a loan for the full amount you need to purchase or cause you to overpay for the property.

 

Pricing

The cost of a commercial real estate appraisal will vary from region to region and between companies. Some appraisers will also charge according to how much work is done. For example, they may charge one price for a basic report but charge another for a report that includes pictures, zoning research, and other services.

 

An appraisal for a commercial property can range from $500 to over $3,500 depending on the type of property appraised and the report ordered. Since an appraiser can end up saving you money by appraising the property at the right price, the cost is oftentimes justified.

 

Investing in an appraisal for your commercial real estate property can save you time and money. If you are a buyer looking for a piece of property to invest in, you can put yourself in a better position to negotiate if you know the true value of a piece of property. Additionally, it will also make it easier to price rental space as well as help ensure you are not paying more taxes than you actually owe.