Greenspoint Texas Real Estate Appraisals

The appraiser will define the scope of work, then complete a site visit, and conclude an opinion of value to the customer. Permanent fixtures such as corian countertops, wood floors, upgraded plumbing fixtures, and light fixtures are allowed more weight in an appraisal due to them being fixed to the property. This knowledge will help to assist an appraiser during the valuation and comparison process. To calculate the gross living area of a home, the appraiser will generally take measurements from the exterior first. This allows them to review the exterior grounds and decide what is part of the gross living area. After your appraiser has verified the outside measurements, he or she will then enter the home to measure non-living space and any second floor spaces. It’s imperative that a home appraiser precisely measures and removes any non-livable spaces to ensure that the GLA is accurate.

Appraisers will not use Zillow, Trulia, Realtor.com, etc. Real estate appraisers are obligated to obtain verified facts from their local MLS. Appraisers can also use comparables not sold through MLS if they are available, but reasonable evidence must be supplied. Due to all the inaccuracy and misleading data provided by online valuation website, appraisers commonly do not recommend anyone use them for much more than rough numbers. If you’re wanting a better way to estimate sales information in your area, try searching the local Multiple Listing Service for active and pending listings.

For a bank sale a higher appraised value will have no impact on your mortgage at all because banks use the lower of the appraised amount or the contract price to establish loan details. that means if the appraisal report comes in the same as, or above the sales price then all is perfect and the contract price then is used for the loan-to-value. On the bright side because you just purchased a home for less than it’s actual value. The only persons that will see the appraisal price are you and the lender so the seller will never know the appraised market value was above the contract price.