Parrish & Associates, Inc.
A commercial real estate appraisal involves estimating the value of a commercial property like office and factory buildings, workshops, constructed spaces for commercial use, before they are bought, sold, taxed, mortgaged, developed or insured. It’s a largely accepted real estate maxim that the appraised value of a property lags behind its commercial sale price. However, it’s actually the size of the gap between the market value and the appraised value that could have a real impact if the seller wants correct evaluation of an offer or the buyer wants to apply for a loan. What is the amount of variation between the sale price and appraised value, or what should a commercial property investor keep in mind while assessing appraisals to determine property performance? A commercial real estate appraisal seeks to answer these questions. While estimating the value of a commercial property, real estate appraisal firms take note of its unique characteristics, like whether it’s in an industrial area or a standalone building, proximity to commuting channels like highways, railway stations and airports, and similar issues. They also consider the foundation of the building, the roof and whether the building has undergone any renovation. Besides photographing the outside of the property, the real estate appraisal company is also likely to photograph the interiors and also the offices of the senior officials. After visiting the property, the appraiser would estimate its value by factoring in comparable sales in the same area, location, lease records, previous appraisals and possible value appreciation of the commercial property.
You have found a dream home. The asking price is $350,000, which has already been approved by your lender. But is your home really worth that amount? This is the question which is at the heart of home appraisal. The real value or worth of the property would determine how much your lender is willing to give you for buying that property. Here at Parrish & Associates, Inc, we have extensive experience in appraising homes in the Middle Tennessee area. An appraisal is the most important thing to be done before you get your financing. It’s the expert opinion of a licensed or certified professional who determines the value of the property. Simply put, is your home really worth $350,000 or is $275,000 a more realistic price? Besides, a home appraisal protects your lender from getting stuck with a property which is worth much less than they lent to the buyer. It protects you, the buyer, from paying more for a home simply because you loved it at first sight. A home appraisal takes the emotional experience of buying a house and reduces it to a no-nonsense evaluation of a property.
Our Real Estate Consulting practice helps companies make better real estate decisions. Through our extensive and diverse valuation and consulting experience, we have developed a thorough understanding of the interplay among asset valuation, capital markets and today’s changing real estate marketplace issues. The Real Estate Consulting team covers the full spectrum of real estate valuation services, ranging from evaluating large and diverse portfolios to performing single property analyses as well as the identification and valuation of tangible and intangible real estate related assets.
• Lease Abstraction
• Lease Audit
• Real Estate Due Diligence
• Real Estate Highest and Best Use Studies
• Real Estate Impact Studies
• Real Estate Market Studies
• Real Estate Securitization
The need for real estate appraisals has become increasingly common in litigation proceedings. Considering today’s legal climate, to win settlements or court decisions involves a need for highly skilled professionals. Parrish & Associates, Inc.’s staff has tremendous experience in litigation support and expert witness services. Clients who have used our expert testimony services include government agencies, tax entities, financial institutions, legal and accounting firms and many other businesses. Some examples of issues we have experience with include:
Parrish & Associates, Inc. is committed to remaining unbiased in performing our services. But we can consult with you and advise you about the relative strength of an appraisal presented by opposing parties. We can also perform additional research and analysis to support or discredit assumptions or conclusions. With our experience and proven track record we are ready to take on any type of appraisal assignment and our appraisal values stand up under the most severe scrutiny.