Commercial Value Search.What?

[Workbox]

I received a value search request for commercial, did get the address, and the MB did get the value that they wanted from someone. This was broad-casted sadly, and someone responded. I'm not even commercial. This is the next SubPrime. Good luck.

 

[CCAAMO]

I've been getting a lot of requests for comp checks on commercial properties lately. I used to get one or two a year now I get at least one a week. Some are from lenders and some from individuals. They always seem surprised when I tell them I don't do comp checks and that commercial properties do not lend themselves to comp checks anyway. 95% are just looking for a free valuation and would not order an appraisal regardless of the value.

 

[RitaB]

Gosh that's funny. Pam started a thread about this very subject a couple of weeks ago and most that replied said comps checks don't happen in commercial appraising circles! I guess it depends a lot on the appraiser's location.

 

[Kali the Boston Terrier]

No actually the thread was that they happen... but are rare. A couple of anecdotal stories don't make a trend.

 

[PropertyEconomics]

They called asked for a commercial value search ... I told them I searched and it had value ... would they like an appraisal.
Misery loves company ... unfortunately comp searches on commercial properties just dont happen very often and typically when they do its from a MB, most of which are way in over their head. Ask about incomes and expenses when they call and listen to the stammer.

 

[JT1974]

Ask about incomes and expenses when they call and listen to the stammer.

That's a good idea PE. Ask them to email or fax the income and expense statements first and you'll get a new rent comp and income/expense comp. Then after they send it over you can tell them "Yep, there's value there".

Edit: for those lacking a sense of humor...........the above was meant as a joke only.

 

[Boonders]

I received a value search request for commercial, did get the address, and the MB did get the value that they wanted from someone. This was broad-casted sadly, and someone responded. I'm not even commercial. This is the next SubPrime. Good luck.

How does somebody requesting a "value search" for a commercial property equate to the "next subprime"??????

So, you only get requests for residential comp checks on subprime mortgage properties?

That statement makes no sense.

 

[Ken B]

They called asked for a commercial value search ... I told them I searched and it had value ... would they like an appraisal.

I like it...

 

[Workbox]

How does somebody requesting a "value search" for a commercial property equate to the "next subprime"??????

So, you only get requests for residential comp checks on subprime mortgage properties?

That statement makes no sense.

What I meant is the subprime mentality is hitting the commercial appraisals. They are going to try to treat them like residential and get their skippy to hit the value.

 

[Michigan CG]

What I meant is the subprime mentality is hitting the commercial appraisals. They are going to try to treat them like residential and get their skippy to hit the value.

Residential mortgage brokers do not make it in commercial. You actually have to have some brains to do commercial brokerage instead of just asking a homeowner how much they need the house to be worth.

They can try all they like, but it won't work.