Commercial property appraisal is a procedure that involves a trained appraiser who looks at different details about a certain property and then determines what its market value might be as indicated by its different features and the place where it is located, with the final report being handed to the party that ordered the appraisal. Real estate property valuation can happen in many circumstances and it can be done by different people who are obligated under the law of your country to be able to order for the process to be done even if the property belongs to you. One situation where a third party can order for the appraisal of your property is when you have a loan that you failed to pay and the loaner is looking to get his money back where he can establish the value of your property through his appraiser and then you can work out a way where you can sell it and pay him or him can take it and give you back some money in case it is expensive. Secondly, a commercial property valuation can also be done on your land or home by a customer who is interested in purchasing it from you and he can order that an appraiser does the process and presents and appraisal report to him before he finalizes the purchase. However, when these third parties do an appraisal of your property, you can request for a report of the findings which you can be given, but under no circumstances will the person doing the valuation give you the report because he works for the person who ordered the appraisal only.
There are steps that are followed by the appraiser when you hire him to come and establish the price of your property. The first step they go through is to look at the property at face level where a few things can be identified and they include the size and demography information about it before looking into other factors such as value of properties that are identical to the one you are offering. After that, the appraiser will come to you and ask for additional information about the property including the tax history and income information which will help him to determine how much money the property is likely to cost.
Finally, the individual will prepare a detailed report that will show you how much your property is valued at and how that money was arrived at. An appraisal can consist of the value of the property in the past where it is a retrospective value or it can be done to indicate the value in future where it can be identified as the prospective value of the property.