Getting ready for an typical real estate appraisal of a home is not complicated. Once the loan application has been approved, an appraiser is assigned to the property either by the lender, or in the case of loans for veterans, by VA itself.

The lender must provide the assignment order form along with a sale contract. Recent changes in the law require that appraisers dealing with a sale situation must review and analyze the sale contract. Refinances and other types of requests will of course not have a sale contract.

Ready access to the property must be available to avoid delays. Most appraisers are members of the local Board of REALTORS and normally possess a lock box key. This helps the tenant feel more secure since they are already familiar with the agent.

It is always helpful for home owners to have their homes clean and in order. Appraisers are by tradition looking at a home from the viewpoint of a buyer, so a good impression is important. By the same token, appraisers often encounter a home when the owner is in the process of moving out, so boxes and other items are sometimes in disarray. This is okay. Appraisers understand this and are more concerned about being able to have full access to all areas, including the garage, than how the moving items look.

The appraiser is likely going to need to take measurements of the interior of the garage and look into water heater and AC closets, so be sure these areas are as clear and accessible as possible. The appraiser’s worst enemy (next to a thunderstorm) is thorny or impassible shrubs or trees next to the house. They need to be able to use a measuring tape along each outside wall.

Copies of seller disclosure notices are always welcome along with lists of recent sales and other marketing information. It’s hard to give an appraiser too much information. Especially useful is a copy of a recent survey.

It is not normally necessary for the owner to be absent during the appraisal. Most appraisers don’t mind if someone is there, especially when there are pets around. Burglar alarms should always be left off if the appraiser is allowed to visit the home when no one is there.

Real estate appraisers are pretty easy going folks. They want and need your cooperation as much as you do theirs. The modern appraiser typically approaches a job with an open mind.

There are many factors which you should take into account while making your property analysis. Some of these factors which you should look at are: the location of the property, the price, taxes, local government and zoning laws, potential rental income, as well as the options you have for obtaining the property using an investment property mortgage loan. Commercial property has many guidelines and regulations which must be followed. The last thing that you want to do is purchase investment commercial property, and then find out once you own it that you cannot lease it to the business you want, or that zoning permits you from using the property how you would like to.

Taxes can be a big consideration when you are making a commercial property analysis. Some local areas offer tax incentives for commercial property owners and to certain businesses. If your property can meet the guidelines then you could possibly see a nice tax reduction. Also, if the area taxes commercial real estate at a high rate, you could be in for a real surprise if you did not consider taxes in your commercial property analysis. Just as there can be tax incentives to buying commercial property in a particular area, the same can be said for financing options. Many commercial lenders have programs which fit a variety of different business and community needs. If your property qualifies you can see a nice reduction in your mortgage interest rate.

Another consideration is the rental rate of other commercial properties in the area. If many properties are sitting vacant that is a sign that you may have serious trouble renting to a business and keeping them for the long-term. This is important for your commercial investment analysis because the rent money is your income on the property. In addition to all of the above considerations, the usual considerations still apply. You need to look at the location of the property and determine if it is in a good enough location for what it will ultimately be used for.

You will need to look at the land and buildings and determine how much work and cost is likely involved in bringing things up to code and working order. Look at the offering price and consider if it is reasonable or if it needs to be adjusted because of the things you have found while looking at the other factors for your commercial property analysis. While performing a commercial property analysis you should take all of the above into consideration. You also might want to consider hitting the pavement and talking to people in the area of your potential property purchase. See what the people who already live and work in the area think about the property.