Pattison Texas Real Estate Appraisals

A property appraiser must consider all details of the sale to ensure nothing that will influence the sales price estimate is missed. All terms of the sales agreement should be analyzed and compared to what is typical of sales in the market area. The sales agreement has data such as the rate of interest, the amount put down, seller contributions or other personal property items that may need to be included in the transaction. Other specifics that are considered for confirmation include verifying the buyers and homeowners are recorded accurately on the contract.

That hinges on what the issue is. If a property next door to yours is ran down, it may affect the desirability of your house in the view of potential buyers. Appraisers mustwill take these things, known as external obsolescences, into consideration when appraising a property. Although, it is almost impossible to calculate an actual dollar value of impact this would have on the home appraisal. For this reason many real estate appraisers would just document the obsolescence on the report.

A professional appraisal is a formal, unbiased approximation or opinion of value, usually in report format and supported by the presentation and research of relevant market data. Unlike a real estate agent, the appraiser is required by state agencies to have no interest tied to the sale of a home and their service charge cannot be a percentage of the appraised value of the house. Only a Texas licensed appraiser can determine a professional appraisal. A BPO estimates the value of a home and is completed by a real estate broker or agent. The most notable aspect in realizing the difference between the two is the motives for each professional. Agents may collect a commission from a property sale that was made through a broker price opinion contact; property appraisers are not permitted to be paid for any outcome of the sale of a home. This can result in a professional conflict whereby an agent could tell a client an inaccurate price just to gain a property listing. An appraiser is solely interested in completing the appraisal assignment and getting paid. Their sole task is to deliver a fair, realistic and unbiased appraisal.