If you feel you could find other similar or comparable properties that are still available or have sold recently, I would just do a simple comparative analysis. I.e. If it’s a six unit apartment and there’s one with five units that sold for $500k and another seven unit available for $650k, the value would obviously be between those two numbers. It’s going to be much cheaper than an appraisal, and if it’s done properly it should be just as informative. The biggest issue appraisers have today is that there's no sales comps...so you might run into the same problem.
Jan 31, 2011