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Gaut Appraisal Blog

Commercial Property Appraisal - Limited Report - Amarillo TX
November 21st, 2013 12:12 AM

There is more than one type of commercial property appraisal - the full narrative (self-contained) appraisal report and the Limited Commercial / Industrial / land Appraisal and Summary Report are the most common.

commercial real estate appraiser - amarillo txLimited Commercial/Industrial/land Appraisal and Summary Report

This type of report has a variety of applications, including but not limited to gift tax, bail bonds, buyouts, financial or estate planning, inclusion into any divorce settlements, or, put simply, to establish fair market value for potential sellers. Regardless of the application, this is the report which will likely take the appraiser the least amount of time to complete.

Depending on the property’s size, the appraiser may even just do a drive by exterior inspection of the building. The type of inspection your appraiser ultimately conducts is largely dependent on how much interior access is desired or even possible. It’s very possible that the appraiser may only need to do an exterior inspection of the building because an interior inspection may not even be required. Regardless, inspections for a report of this type will generally take no longer than an hour.

The limited commercial/industrial/land appraisal and summary report does have some detail, but it’s important to note that the detail you receive from this sort of report is considerably less than that which you’d receive from the more detailed full narrative. This brief narrative includes:

  • letter of transmittal
  • neighborhood analysis
  • description of the site
  • description of the improvements
  • direct sales comparison approach
  • reconciliation
  • definition of market value
  • certification
  • contingent and limiting conditions
  • exterior photos of the subject property
  • exterior photos of all comparable sales used
  • comparable sales location map
  • qualifications of the appraiser and reviewer

Whether you want a fully detailed report when looking at purchasing your commercial property or you’re seeking a briefer report, it’s important to realize the essential elements between the report types. It’s these differences between the report types that ensure you get exactly the type of report you need – and, of course the protection of knowing the property has been appraised at fair market value.

See also Full Narrative Appraisal

Amarillo TX Appraisal CompanyJohn B. Dudley, SRA is an SRA-designated commercial and residential appraiser, with 35 years experience. serving the Texas pandhandle, including Amarillo TX Canyon TX Hereford TX Pampa TX Dumas TX Panhandle TX Borger TX Claude TX Dalhart TX Friona TX.
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Posted by John Dudley on November 21st, 2013 12:12 AMPost a Comment

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