A commercial real estate appraisal is a written opinion of a property's value, prepared and signed by a licensed appraiser who inspects the property and answers for the number. A value opinion is the faster, unsigned alternative: an estimate built from records, with every figure traced to its source and no license behind it.
Published by Titleman, which makes one of the options compared. Updated 19 October 2026.
Appraisal vs value opinion at a glance
| Question | Commercial appraisal | Titleman value opinion |
|---|---|---|
| Who prepares it | A licensed or certified appraiser | A system driven by an analyst's brief |
| Who signs it | The appraiser, with a certification | Nobody; Titleman holds no appraisal license |
| Site visit | Yes, normally | No |
| Output | A signed report with a reconciled value | Facts, price factors and a live Excel with each method worked out; no final price |
| Speed | The appraiser's schedule | Median 45 minutes from request to delivery (66 runs, 30 days to 18 October 2026) |
| Accepted by lenders, courts, tax authorities | Yes | No |
| Best for | Anyone who must rely on the number | Deciding whether to pursue, price or commission one |
What a commercial appraisal contains
Most reports follow the same order: the property and its legal description, the highest and best use, a market analysis, the valuation approaches (income, sales comparison and cost, with the reasons for weighting them), the comparable sales and rents, the income analysis, the reconciled value and the certification with its limiting conditions. The limiting conditions matter: they list what the appraiser assumed and did not verify, and they are the first place to look when a number surprises you. Read them before the conclusion, not after.
Who needs the signed one
You need an appraisal when someone other than you has to rely on the number. Typical cases:
- A lender is sizing a loan. The lender requires a report it can place in the credit file.
- A court, tax authority or estate is the reader. They look for a person who is professionally responsible.
- An insurer or partner dispute turns on the figure. A signed report is evidence; an estimate is not.
What a signed report costs is covered in how much a commercial appraisal costs, and the three valuation methods in commercial property valuation.
A real run: a mixed-use building in Chicago
On 14 October 2026 we ran a value opinion on a mixed-use medical and retail building in Chicago, on our QA account. It was delivered 60 minutes after the request. It shows what the unsigned route can and cannot do:
- It found a conflict and showed both sides. One record gave 10,286 SF of building, built 1962. The broker's listing gave 10,701 SF, built 1959. The run kept both and did not pick one silently.
- It sized the pieces. About 5,251 SF on the first floor across three medical suites and one retail unit, one apartment above, and a fenced 33-space parking lot.
- It named what it could not establish. The mortgage, foreclosure and tax-sale files it could read end in 2014 and 2015, so it could not tell whether a 2012 mortgage was released. Lawsuits, judgments, bankruptcies and current tax delinquency were not covered, and the run said a title search would close them.
- It stated no price. The rent roll was not available, so the income method ran on market rents and stated assumptions.
Source: Titleman QA run 26144, delivered 14 October 2026.
What a Titleman value opinion does not replace
It does not replace a licensed appraisal. We hold no appraisal license, we do not inspect, and nobody licensed signs the output. It does not replace a title search, a survey, an environmental report or a lender-ordered report. If a lender, court, tax authority or insurer is the reader, order the appraisal. The longer comparison is in broker opinion of value and appraisal.
A sensible order of work
- Run a value opinion first to see which facts move the price and which documents are missing.
- Gather the rent roll, leases and operating statement the run asked for.
- Commission the appraisal with a complete package, so the appraiser spends time on judgment, not on chasing records.
To see the package on an address of yours, read the value opinion guide or request access.
FAQ
What is a commercial real estate appraisal?
A commercial real estate appraisal is a written opinion of a property's value prepared and signed by a licensed or certified appraiser, who inspects the property, applies the income, sales comparison and cost approaches, and states the assumptions behind the number.
What is the difference between an appraisal and a value opinion?
An appraisal is signed by a licensed appraiser who carries professional responsibility for the figure. A value opinion is an analyst's estimate of likely trading price, built faster from records, with no license behind it. Titleman's output is a value opinion and states no final price.
Who orders a commercial appraisal?
Lenders order most of them, to size or underwrite a loan. Buyers, sellers, courts, tax authorities, estates and insurers also order them when someone else must rely on a signed number.
What does a commercial appraisal report include?
The property description and its highest and best use, a market analysis, the valuation approaches used and why, the comparable sales and rents, the income analysis, the reconciled value, and the appraiser's certification and limiting conditions.
Can a value opinion replace an appraisal for a loan?
No. When a lender, court, tax authority or insurer is the reader, a licensed, signed appraisal is required. A value opinion helps you decide before you commission one.
How long does a value opinion take compared with an appraisal?
Over the 30 days to 18 October 2026, the median Titleman value opinion took 45 minutes from request to delivery (66 runs). An appraisal follows the appraiser's schedule, which includes the site visit.
Sources: Titleman QA run 26144 (14 October 2026); Titleman run log, 30 days to 18 October 2026 (66 value opinion runs).