Helpful tips before ordering an appraisal

Due to the fact the scope of work can change for any given appraisal assignment, it is important to have a good understanding of how the report will be utilized as well as have a good understanding of the subject property with respect to characteristics that can affect value. The following is a brief check-list of what to know before ordering an appraisal.

1) Purpose of the appraisal report. What is the intended use?

2) What type of property? Residential- Single-family or multi-unit? Commercial-retail/office? Industrial? Special purpose such as a school, church, recreation facility? Owner occupied or leased. If leased is the property single-tenant or multi-tenant. What is the lease structure (Full service, Modified Gross, Triple Net? The term of the lease.

3) Location of the property to include address as well as Assessor’s Parcel Number.

4) The effective date of value. Is the value opinion to be current as of inspection of is it retrospective?

5) Who will be the intended users of the appraisal report? These can be by name of individual or type (CPA, Attorney, Broker.)

Knowing the answers to these questions will greatly assist the appraiser to develop a scope of work and provide the most competitive fee.

If you have any questions please call.