highest and best use real estate appraisal
The Appraisal Institute defines highest and best use as follows. The eight-step process has long been taught in Appraisal Institute courses but it has been clarified.
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. In commercial real estate the phrase refers to a property that represents its most profitable and feasible use. According to The Appraisal Institute the highest and best use of a property is defined as. The highest and best use analysis concept is a form of real estate appraisal that considers not only the best use of the property but any potential use or gains that may come from future.
Learn what is the highest and best use and how to do the appraisal analysis for the acquisition development or valuation of commercial real estate. The highest and best use of a specific parcel of land is not determined through subjective analysis by a property owner developer real estate agent or appraiser. That reasonable and probable use that supports the highest present.
Highest and Best Use or highest or best use HBU is a concept that originated with early economists such as Irving Fisher 1867-1947 who conceptualized the idea of maximum. The reasonably probable and legal use of vacant land or an improved property that. Application of Highest and Best Use Principles The Appraisal of Real Estate fourteenth.
The Appraisal of Real Estate 15th ed 322. Hire A Top Rated Pre-Screened Expert Get the Job Done Right. The highest and best use of real estate helps to determine which data will be included in the official appraisal report used by AgAmericas underwriters.
Different motivations influence the highest and best use and are significant to an appraisers conclusions about the highest and best uses of any parcel of real estate. Before You Sell Get 5 Free Estimates from the Top Data Sources Online. Of comparable salesor does highest and best use set the criteria for the valuation methods.
The highest and best use is determined by a licensed real estate appraiser. Ad See Your House Value in Todays Market. Ad GetApp helps more than 18 million businesses find the best software for their needs.
But Standards Rule 2-2 a x. Conceptually highest and best use is a test used by appraisers to determine if a propertys current or intended use finds that productmarket fit. HIGHEST AND BEST USE EXAMPLE Highest and best use is defined by Real Estate Appraisal Terminology as follows.
This one is pretty self-explanatory as it circles back to the core principle. Maximally productive or maximum productivity is the highest and best use. See the Appraisal Tools your competitors are already using - Start Now.
State the use of the real estate existing as of the date of value and the use of the real estate reflected in the appraisal. Standards Rule 2-2 a ix indicates. The reasonably probable and legal use of vacant land or an improved property that is physically possible.
Pull Quick and Easy Estimates Today. The reasonably probable and legal use of property that is physically possible appropriately supported and financially feasible and that results in the highest value. The Appraisal of Real Estate 15th ed 318.
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