Although a Pennsylvania real estate appraisal of a commercial property would be more common in larger metropolitan areas such as Pittsburgh, Home Appraisals, Inc. does offer them throughout the state. There are three basic kinds of commercial real estate appraisals, and the first (and least expensive) one is called a “restricted use” appraisal. The term “restricted use” means than the appraisal report itself can only be used by the client who requested it. If you just want to know what a property is worth, and thus aren’t getting the appraisal for someone else, then this is your best option. What’s more, the report itself can be customized according to your requirements.
A “Summary” appraisal is the second kind of commercial real estate appraisal we can offer you in Pennsylvania, and its name describes it well. While it does go into more detail than the report we just described, it is not as extensive as the report which we’re going to talk about next. Another difference, though, is that it can be relied on for other purposes, like obtaining financing or a refinance. It can also be used in estate transactions. It just doesn’t contain all the supporting data you’ll find in the next report, but it will provide the same results in an abbreviated format.
A third commercial real estate appraisal Home Appraisals, Inc. can offer you is called a “Self-Contained” appraisal. This type of report will contain all of the supporting data used by the appraiser in rendering his or her findings. This type of appraisal is typically only used in transactions involving extremely valuable commercial properties. Shopping malls and high rise office buildings would be typical examples of properties for which you would need a self-contained appraisal. This is true regardless of your purpose for obtaining the report.
Categorised in: Appraisal Tutorials & Info
This post was written by Joseph Castaneda