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WHY DO I NEED AN APPRAISAL?
Appraisals offer comprehensive advice on frequently asked questions related to the value of an asset, providing impartial and honest estimates of values.
WHAT IS AN APPRAISAL (APPRASING POLICIES):
Generally speaking, all real estate appraisals are based on data obtained from the market, but the professional should have all the necessary information in an orderly manner, utilizing techniques and procedures developed through years of experience.
The assessment includes a general and detailed description of the property appraised, the conditions in which said property is under, as well as the availability and value expressed in monetary terms.
As defined, in a way, a commercial appraisal is a reliable estimate or trustworthy and sustainable opinion on the value of a property. It is the most important part of any real estate transaction. In such transactions a number of parts are involved; The Seller, who wants to know the value of his or her property, and consequently determines a sales price that is appropriate and is on his or her best interests; The Buyer, who needs to have an accurate and reliable estimation that the seller has set a fair price on the property; The Real Estate Agent, who wants to obtain the maximum commission on the sale, and The Credit Institution that wants to have an accurate appraisal in order to decide on the financial arrangements that have to be made when granting a loan.
In this sense, any professional should always have all the basic elements involved in an appraisal, not allowing that any activity, individual, or any other circumstance, influences in the appraisal of a real estate property, over or under appraising the value of the asset.
In the field of appraisals with respect to other objectives, the instrument that determines the value of both commercial and non-commercial property is also used for legal proceedings, tax purposes, insurance, assignment of property values, surveys, judgments, etc.
An appraisal can be regarded as a technique that combines research, previous experience and good judgment; therefore, every Appraiser must act as an impartial party, and his or her fees and/or compensation for the value or estimate given, should not be subject to the amounts to be handled in any negotiation. The veracity or merit of any appraisal of a commercial or non-commercial property, depend on the experience, skill, and good judgment of the professional performing the appraisal.