Appraisals can help you through the Process of Buying and Selling Real Estate jjandw

When buying, if property is listed, the appraisal tells you if the listing price is within reason.

If not listed, the appraisal enables you to make a market-value-based offer. 

Commercial Banks: Keep in mind that banks such as TD Bank, Chase & others will not allow you to use your appraisal.  Banks maintain a list of "approved appraisers".  Banks order the appraisal and are the appraiser's "client'  even though you pay for the appraisal.  The bank owns the appraisal report and has no obligation to give you a copy but typically will if asked.

USPAP: Appraisers are bound by the rules of "USPAP" or the Uniform Standards of Professional Appraisal Practice.  A section of USPAP concerns Confidentiality.  Because of this, the appraiser is not allowed to discuss the appraisal with you, the property owner, since the bank is the "client" as defined by USPAP.

When selling, an appraisal helps to protect you from Selling too low or Listing too high.

Brokerage: If using a brokerage firm to sell your property, the appraisal removes the valuation work that the broker normally does & tells the listing broker that you're willing to sell at a realistic market-supported value.  By contrast, brokers are often asked to simply "List high & wait on offers" when an appraisal based valuation has not been ordered.

An appraisal results in a reduced workload for the listing broker and allow you to negotiate a lower listing fee due to less work & a likely shorter marketing period.  

Instruct your listing agent to send the Appraisal by PDF to interested buyers.  Because the appraisal is full of pertinent information, the time spent by the listing agent answering questions from phone calls and emails is greatly reduced.

Buyers will appreciate the reduced time spent they must spend on due diligence. Answers to questions like "what uses are allowed" in the subject's zoning district would be included in the Highest & Best Use section of the appraisal.

In the appraisal of income properties such as retail centers, multi-tenant office buildings, etc, contract rents should be compared to market rents. Lease expiration dates must be shown.  Lower-than-market contract rents have a negative affect on value and must be acccounted for in the valuation.

The website for Central Florida Appraisal Consultants (CFAC) is https://www.cfappraisal.com/







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