Can a certified residential appraiser appraise a commercial condo unit under $250k?

[glenn walker]

No they are not homes - We have have live to work units in City where owners live upstairs and run a small business down stairs and we have Attached Commercial Units which are not lived in but 100% office or commercial. Normally attached units and very easy to appraise with a HOA which takes care of the ground other amenities.

 

[Fernando]

Before Great Recession, there were these condo commercial units in Oakland's prime area going near million dollar.
Now people and businesses are fleeing Oakland. Value must have dropped at least 50% with fewer customers and many vacancies and boarded up stores.

 

[djd09]

yeah pass...if just residential licensed no matter the value or loan amount...not saying a residential appraiser cannot do it but why would you want to get caught up in a mess...defensive appraising means staying well within the boundaries

 

[Fernando]

I could appraise some commercials since I'm aware and experience with commercial properties.
And the amount of $250,000 is practically nothing in Bay Area which I can take the risk.
However, the idea of possible problems with the appraisal in future that is out of my control is not what I want to deal with. I'll pass.

 

[djd09]

sometimes lenders have tried to dump small commercial properties on me...no no no...they think it was hard finding a residential supervisor...darn near impossible to find a commercial one or whatever...maybe parea will quit being so bias and open that door

 

[glenn walker]

sometimes lenders have tried to dump small commercial properties on me...no no no...they think it was hard finding a residential supervisor...darn near impossible to find a commercial one or whatever...maybe parea will quit being so bias and open that door

You have never seen a 650 to 1,000 sq.Ft. Office Condo -But a monkey can appraise one and the same with a Fannie-FHA approved Live to work mixed use unit, they all mostly look the same and are similar sized and occupied by the owners who operate their small business downstairs. Just because you do not have the skills or are afraid doesnt mean someone else cant do it. Most CGs in my area dont even want to be bothered with some of them as they are not big enough to make any decent fees on.

 

[djd09]

i knew an appraiser that appraised a single family house in a commercially zoned area...the state took his license...well technically they didn't take it but impose such high sanctions that he had no choice but to forfeit it or whatever

 

[glenn walker]

This is a Office Condo our property management is located in . Apx 250 units and we have appraised at least 20 of them in last 5 years . Comps are plentiful and most are purchased by owners to use for their small business. Easier to appraise than a duplex

 

[BRCJR]

sometimes lenders have tried to dump small commercial properties on me...no no no...they think it was hard finding a residential supervisor...darn near impossible to find a commercial one or whatever...maybe parea will quit being so bias and open that door

With some experience, I think it is easier to appraise a small commercial condo unit than a single unit residential property.

 

[Fernando]

With some experience, I think it is easier to appraise a small commercial condo unit than a single unit residential property.

It all depends if there a comps. My experience is that not many small commercial condo units are sold.