When you file an application – or petition – for a primary residence, or a residential property, typically the market information you would use is prior sales data or data regarding prior sales of properties comparable to your subject property. In the case of commercial properties, not only do we look at comparable sales of the subject property, but we also look at the rental income stream of that property, along with the property’s expenses. These tasks are generally performed by a certified commercial appraiser, who will formulate an opinion based on looking at the comparable sales, rental income, and sometimes at the cost of building that property from scratch. The appraiser will then formulate an opinion as to what the market value is.
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