What Is Not A Real Estate Appraisal

I recently a piece of commercial property is a good woman who had unfortunately just lost her husband in Orlando owned by the real estate appraisal. Her adult son flew in from out of town to settle her estate. Son is a commercial real estate appraiser, and he hired me for a job.

He was confident that the property was worth approximately $ 750,000 is a certain popular free online web service that you likely have heard of (hint: it rhymes with willow and begins with a Z!) based on It is notorious for being a free service that I have to assess what "quick and dirty" is the trusted source for real estate values ​​phones. When I met with him, his hand had documentation for the Web-derived pre-determined price, and the overly confident that I will be onboard. I went back to my office and away the legal description of the property ran my deed plotter software.

It turned out that the property much less land area than the said property was the free assessment service. Even after further investigation, it turned out that free online service value and assessing the same unit found in the records of land area used county property appraiser. I did search and the subject property sale, which closed within the last few months had three similar sales found within two miles. These sales reflected a relatively tight range, and to the dismay of the owner and his son, about 35% of the value to be $ 750,000 below the price they had hoped.

Reality Check Number 1 - Evaluate county property appraiser estimated the market value can be a really poor indicator

And

Reality check No. 2 - Free online appraisal services valued at an estimated market value is actually a poor indicator

I assess the value of the free online service is never used, because quite frankly, I can not imagine that there is much research goes into these cost estimates.As always, a special property assessment is individualized and usually in an ever changing market data is derived from the sale or rental.

For this reason alone, commercial appraisers estimate market value in each assessment to consider all of the necessary detailed analysis should be abandoned.

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