Four Corners Texas Real Estate Appraisals

An arms length sale is one in which both homeowner and purchaser enter into a contract completely independently of each other and have no connection or relationship to each other.

Your appraisal will have an effective date which indicates the day the estimated sales price was established to be valid. The conclusion of value could be reliable for a few weeks to several months depending on market conditions in the area. You’ll find that the majority of loan criteria appraisals don’t have a set expiration time; however, most lenders want comparables that are no more than six months, an appraisal should be no more than 24 weeks old. Most banks and lenders prescribe that an appraisal be no older than two months, sometimes three months to be acceptable.

An appraiser gets his or her data from a wide variety of sources, including the local Multiple Listing Service, local tax collectors records, local real estate agents, county courthouse documents, private public record data vendors, conversations with sellers and buyers, and their own personal knowledge or job files from previous appraisals. By means of thorough market research and examining local market data applicable to the Subject property a property appraiser is able to come to a conclusion of value. If relevant, the appraiser can use data supplied by his/her client or a third party.