Shoreacres Texas Real Estate Appraisals

A general purpose form eliminates much of the lender mandated data, that may be necessary for government regulated lending practices, but can commonly be useless for a private individual use. When home appraisers compare your home to other recently purchased homes in your community, they are able to verify a median selling amount between all comparable home sales. The bank promulgated 1004 form often has additional filed to meet bank security which is not useful data for an independent appraisal customer. Census data and smsa numbers are a few prime examples of useless data that only serve to help the bank in categorizing their loans. The general purpose forms we deliver to private clients will work for any appraisal use and are very easy to read and comprehend.

A tax assessor researches recently sold homes to indicate the appraised value, they do not use private appraisals. A home appraiser is required to maintain confidentiality with the client, which would typically be you (if you ordered the appraisal) or the bank (in a financial related appraisal), not the county tax authorities. An independent appraisal is a useful tool in the task of protesting your real estate tax values.

An appraisal report is a much more thorough examination of the aspects that impact property prices. Unlike a Broker, the appraiser is required by licensing laws to have no interest connected with the sale of a property and their service costs cannot be a percentage of the price of the home. Only a Texas certified appraiser can estimate a professional appraisal. A BPO estimates the price of a home and is carried out by a real estate broker or agent. The most notable variable between a certified appraiser and broker or real estate sales agent is their motive. Agents may collect a commission from a home sale that transpired because of a BPO lead; real estate appraisers are not permitted to be paid for any outcome of the sale of a home. This could result in inappropriate influence on the Broker’s opinion based on the aspiration to gain a customer. The appraiser is simply interested in delivering the appraisal report and collecting their fee. Their only task is to complete a fair, accurate and objective appraisal.