Can any one tell me the standards on commercial appraisals. I am interested in a rehab mixed use project and need to know if there is a standard rate for appraisals? All of the HML I am querying say I need an appraisal of the property to be considered for funding. Are there any appraisers that could give an assesment online?
Make sure the appraiser is is a certified Commercial Appraiser (MAI). Most lenders have their requirements for appraisals (validity, appraiser,etc).
Patti Porter
Thanks guys, I will check it out.
Also, make sure you don’t order the appraisal yourself. If you do, you run the risk of having to pay for another one, as the lender will probably want to control the appraisal process.
Good Luck!
The Lender will likely want to order the appraisal themselves and you will get stuck with paying for another one. Check with your lender first.