Meadows Place Texas Real Estate Appraisals

An appraisal is a scientific method of reaching a likely price for a property. The process has six key phases including: definition of the problem, preliminary research and appraisal plan, data collection and analysis, application of the three approaches to value, reconciliation, final opinion of appraised value. Typical of most all appraisals is the selection of all 3 approaches to value which include Market Data, Cost and Income. The appraiser’s final opinion of value is dictated by reconciling the approaches used in the report and placing emphasis on the most applicable approach. Residential appraisal reports usually rely heavily on the market data approach to valuation as the most accurate.

Your financial institution is required by legal statute to supply you with a copy of the appraisal. The Equal Credit Opportunity Act (ECOA) requires creditors to automatically deliver a free copy of house appraisals and any other written valuations of the home after they are completed, despite whether a loan was made, denied, incomplete, or withdrawn.

A Fannie Mae URAR form report has many sections needed for the secondary mortgage lending market that are not really called for in a straight forward appraisal for finding the market value. When appraisers compare your home to other recently purchased properties in your market area, they are able to verify an average sales price among all comparable home sales. The lender promulgated 1004 form comes with additional sections to satisfy bank security which is not required data for a private appraisal client. The established banking forms require information such as census tract & smsa details for documenting lending patterns. Our GP form reports are particularly designed for helping a home seller to price a property for sale, a homebuyer to decide a reasonable offer or pay for a home, for estate taxes, gift taxes, tax protest, amicable divorce & most any other potential use other than for getting a loan or in legal issues where the report will be used along with expert testimony.