| The appraiser that you hire for your | | | | property. |
| commercial investments before you buy can | | | | |
| have a great impact on the amount of money | | | | A very widely used and accepted type of |
| you spend and your chances of getting funding | | | | appraiser is one that is certified by the |
| from a lender. Most lenders will not accept | | | | American Institute of Real Estate Appraisers. |
| just any appraiser. If you get an appraisal | | | | They are members, making them M.A.I. |
| with an appraiser that a lender does not | | | | designated. Most lenders will require that |
| accept, you have just wasted your time and | | | | you use only an MAI appraiser. These MAI |
| money, and you are no closer to getting the | | | | appraisers have gone through intense study, |
| property you want. | | | | years of practice, and have had to perform |
| | | | under tight supervision while appraising many |
| In the world of commercial real estate, not | | | | different properties. |
| all appraisers are considered equal. It takes | | | | |
| a certain expertise and knowledge to | | | | Most MAI appraisers will not conspire with a |
| correctly appraise commercial property, and | | | | borrower because there is too much to lose |
| not just anybody is qualified. There are two | | | | and too much invested in their practice. For |
| types of appraisers, a fee appraiser and a | | | | this reason, most lenders will accept MAI |
| staff appraiser. A fee appraiser is generally | | | | appraisals regardless of whether or not they |
| available to the public for hire, and a staff | | | | know the appraiser personally. For the most |
| appraiser works for a specific lender or | | | | part, lenders will have trusted appraisers |
| lending firm. | | | | that they work with all the time, and will |
| | | | require that you use only their appraisers. |
| Let's look at what makes a qualified | | | | Be sure to get clarification on this issue |
| appraiser and how they can help you purchase | | | | before you hire an You can trust MAI |
| the property you want with as little hassle | | | | appraisers to perform an accurate evaluation |
| as possible. | | | | of your prospect property. With this |
| | | | appraisal, you will be able to get the proper |
| It is common practice for a lender to appoint | | | | amount of money loaned on the property and |
| the appraiser that is to appraise the | | | | not come out short. |
| property in question. This practice is in | | | | |
| place because there are dishonest buyers who | | | | It is always a good idea to research your |
| work with certain appraisers that will | | | | appraiser and view some of the work that he |
| inflate the property's true value. This, in | | | | or she has done in the past. The appraiser |
| turn, allows the buyer to borrow more money | | | | and the appraisals should be of the utmost |
| than what a lender would normally allow, thus | | | | professional quality because so much is |
| increasing the lender's risk. | | | | riding on their appraisal. Even if it costs |
| | | | you more money, always use an MAI appraiser |
| Inflating a property's true market value is | | | | to avoid problems with the lender and |
| surprisingly easy because appraisals are | | | | unnecessary expenditures. |
| simply guesstimates of a property's true | | | | |
| market value. They are interpretations based | | | | MAI appraisers are crucial to your commercial |
| on the surrounding property and selected | | | | real estate investing endeavors, and can |
| criteria. An appraisal can be "fixed" | | | | carry quite an impact on the money that can |
| according to a person's interest. That is why | | | | be loaned to you. To get the money you expect |
| the two parties must not have any prior | | | | from a lender, use a MAI appraiser every |
| dealings or common interest in the subject | | | | time! |