Appraisals are part and parcel of every major realistic transaction. Lenders will not loan without an appraisal. Loan-to-value ratios are measured against the appraisal. Investors will not invest without an appraisal. Appraisals are not set-piece documents, however; they involve a multiplicity of valuation metrics and different appraisers looking at the same property can and do generate widely varying valuations. Because of their centrality to real estate transactions, understanding their structure and content is essential. This program will provide you with a real-world guide to how appraisals are prepared and used in commercial real estate, their traps, and how they are incorporated into transactional documents.
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