In the world of commercial real estate, not all appraisers are considered equal. It takes a certain expertise and knowledge to correctly appraise commercial property, and not just anybody is qualified. There are two types of appraisers, a fee appraiser and a staff appraiser. A fee appraiser is generally available to the public for hire, and a staff appraiser works for a specific lender or lending firm.
The appraiser that you hire for your commercial investments before you buy can have a great impact on the amount of money you spend and your chances of getting funding from a lender. Most lenders will not accept just any appraiser. So, if you get an appraisal with an appraiser that a lender does not accept, you have just wasted your time and money, and you are no closer to getting the property you want.
Lets look at what makes a qualified appraiser, and who it is you want to hire to evaluate your potential investment.
It is common practice for a lender to appoint the appraiser that is to appraise the property in question. This practice is in place because there are dishonest buyers who work with certain appraisers that will inflate the propertys true value....
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