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» Determine the Street Value of Your Property

Posted on 7/16/2005
To determine what your property will sell for today for the purposes of a hard money loan, do what appraisers do. Look for old appraisals on your property. Obtain the tax records for the property. Ask local commercial real estate agents what you could reasonably expect to get if you had to sell the property within 4 months. Look at other properties listed in your area and determine what the price per square foot is for those properties. Compare them to yours in terms of desirability of location, condition of the building, the number of uses the building might have for different buyers, and the cost of running the buildings. Move your dollar per square foot up and down as you make these and other pertinent comparisons. You can arrive at a reasonable estimate of your property before you request a loan, so you will not be disappointed with the lenders opinion of the appraised value of the property.
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