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jsmith21
123 Posts |
 Posted - 02/15/2008 : 1:48:09 PM
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Hey everybody,
Does anybody have a commercial appraiser in Southern CA who can look into some comps for me and possibly do an appraisal for me? My work email is down right now if you can get back to me at itsmejasonsmith@yahoo.com i would appreciate it.
Thanks.
Jason Smith |
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ricter
79 Posts |
Posted - 02/15/2008 : 2:10:34 PM
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Jason
I dont order appraisals for commercial loans if you do you run into the risk that the lender you will be using will not accept it and have you order a new one that depending on your project could cost your client LOTS of money. commercial comps are not like SFR comps you just cant put a number on it. |
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ComLender
1266 Posts |
Posted - 02/16/2008 : 08:53:47 AM
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I agree with Rick, can we make a sticky on this subject? I've seen this inquiry almost 10 times on here this week. On commercial deals the lender is going to need to be the one to order the appraisal roughly 99.99% of the time. If you don't even know a commercial appraiser to call, how do you think you'll know what type of report the bank will want - along with which appraiser qualifications they'll require.
Not trying to sound harsh, but if you order an appraisal now you will probably cost your borrower several thousand dollars of wasted money. Do some research online, look through loopnet, and figure reasonable appreciation from the last appraisal or purchase price. Then start talking with good commercial lenders who can walk you through the process.
Feel free to contact me if you have any questions, I hope this is helpful. |
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GWallace
302 Posts |
Posted - 02/16/2008 : 11:38:19 AM
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To All,
My suggestion is to use this for both residential and commercial appraisers.
http://www.appraisalinstitute.org/default.asp
Always, always get the blessing of the Underwriter/Lender when ordering a commercial appraisal. Additionally, these are going to be the people (i.e., commercial appaisers) you need a Market Study from. |
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monarchdad
1811 Posts |
Posted - 02/16/2008 : 12:01:58 PM
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| You're kidding, you mean I can't get my appraiser to just comp out a donut shop? There's a muffler shop and a beer bar that just sold right accross the street. |
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johnhoefer
429 Posts |
Posted - 02/16/2008 : 8:56:31 PM
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jsmith, they are right, the underwriter has to order it or you will pay twice.
If you need a good appraisal shop with several MAI's, go to www.appraisalpacific.com. We specialize in small commercial and SBA O/O properties. |
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jakeboeger
37 Posts |
Posted - 02/16/2008 : 11:19:35 PM
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Wow! The underwriter has to order the appraisal?
Sounds like the residential side should follow suit. |
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Shawn76
20 Posts |
Posted - 02/17/2008 : 12:12:02 AM
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| First step is to make sure your appraiser, or appraisal firm is approved by the lender, underwriter. It is not just comping it out with couple of last few sales. For Los Angeles, or Ventura, one of your options is to call me (818)985-5100. Good Luck |
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