Appraisal Matters

This post makes me wonder about the whole “Dummies” Series that I have used to learn new things all the time.  I can’t believe they put this in writing!  Below is the post from a wonderful blog called the Soapbox.  The direct link is: http://soapbox.millersamuel.com/?p=398
Eileen
Commercial Grade is a post by John Cicero, MAI who provides [...]

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We use MRIS, a large regional multiple listing service. Here are our rules for using the system; they also apply to other MLS systems:

Consider the source - brokers don’t always report a property type correctly. For instance, is a converted home residential or commercial? Is an industrial condominium that is used/converted to [...]

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So many people in real estate think there is only one cap rate. Did you know there are at least 3 real cap rates and a bunch of "estimated" cap rates? Let’s count the real ones.

Using the seller’s last year income (like what assessors use) and current year sale price
Using the seller’s proforma [...]

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In this market, it is getting pretty tough out there for people. On the commercial side, many loans have balloon payments and the owners NEED their values to keep rising. Right now values are at best flat. Over and over I see owner occupied real estate investors who banked on their values [...]

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