What Is An Mai Appraisal?

Mai appraisals are among the most sought after appraisals in the industrial real estate world. Mai stands for Member of the evaluation Institute, a trade organization which monitors appraisers and holds them to a higher acceptable than appraisers who are merely licensed and do not belong to such an organization. There are other evaluation trade organizations active in the world of real estate. However, Mai is the best known, and thus the most popular.

Technically, there is no such thing as an "Mai appraisal." There are only appraisals performed by an appraiser who has completed the Mai evaluation Institutes class offerings, and holds this designation. However, it's often much easier to refer to the evaluation itself as being certified than to hold to technicalities.

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An appraiser who has earned the Mai designation is qualified to and experienced in the carrying out of both residential and industrial properties. Many other appraisers are only qualified for residential property. At one point, lenders were likely to need that an evaluation be done by an Mai certified appraiser, or a member of another trade organization. However, this has been unlawful since 1989, as there is not federal regulation of these organizations. Still, certified appraisals can increase the chances of a suitable lending situation, since the lender will feel more comfortable. An Mai certified evaluation offers lenders a reliability that allows them to be safe bet in their investment.

A industrial evaluation by an Mai certified appraiser can include many things. Generally, it will supply an summary of the community, neighborhood, and normal area in which the asset is situated, as well as a detailed record of the site and all structure it contains. Zoning analysis, an pathology of the top and best use for the property, and an in depth seminar of the property's value from some distinct approaches will also be included. The appraiser may also make a advice of which valuation is most acceptable in his or her opinion.

Appraisers tend to be conservative in their estimates. However, this does not mean that one will receive a low appraisal. An Mai certified evaluation firm assumes liability if the evaluation is too high, and the asset cannot be sold for the price they recommend. The firm also assumes liability if the price is too low and the asset is sold for too itsybitsy money. Because of this, appraisers have a vested interest in manufacture sure that their estimates are in the middle range. Which sales an appraiser places the most emphasis on will depend in the type of market. In a rising market, emphasis will be settled on higher up-to-date sales, and in a falling market, that emphasis will go to lower up-to-date sales. A good appraiser is concerned in giving clients the most exact evaluation possible.

What Is An Mai Appraisal?