"As Is" Appraisals versus "Upon Completion" Appraisals


Appraisal reports that are completed to consider the current state of a property when inspected are considered to be appraisals of the property in its "As Is" state.  If a property has deferred maintenance, vacancies, short-term leases, unfinished areas or other atypical problems, they would be considered in the value conclusions of an "as is" appraisal report.   


Reports that consider the prospective or future value of a property after something will be changed or after improvements are made to it are called "Upon Completion" appraisals and they consider the property "subject to" one or more hypothetical changes being made (like the construction or completion of a home or commercial building improvement).


Most appraisals are completed as of the current date and conclude a value for the real property in its "As Is" state.  Properties that are proposed or partially completed new construction are often appraised "Upon Completion."


Appraisal reports can also be completed on a property as of a past / historic date, and reports of this type are called retrospective appraisals.  Appraisals of this type are often completed for the IRS, for Estates after a death, or in civil litigation when one party or another needs to know what a value was as of some date in the past.    


Contact us with your questions or concerns regarding "as is" or "upon completion" appraisals or regarding your specific appraisal assignment in Nevada at 1-702-568-6699.  We can also be e-mailed at grigdon@cox.net.  



Copyright 2007 Horizon Village Realty & Appraisal

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.