Woodbranch Texas Real Estate Appraisals

A real estate appraiser must be licensed or certified through a state agency and is expected to complete educational, experience, and examination requirements. Moreover, property appraisers must perform several thousand hours of appraisal assignments as an apprentice prior to earning their license. As an ethical obligation, home appraisers must demonstrate proficiency in their determined geographic area in anticipation of accepting assignments.

A general purpose form removed much of the bank required data, although necessary for government regulated lending practices, but can usually be useless for a private individual use. When appraisers compare your property to other recently sold homes in your community, they are able to determine an average purchase price between all comparable sales. The institutionally mandated 1004 form comes with additional filed to meet bank security which is not required data for a private appraisal client. An example of this extra information would be census and SMSA numbers which is solely for lender’s internal tracking of loans. Unlike bank forms, our gp forms were developed to be concise and easy to read even for those unaccustomed to real estate jargon.

Real estate appraisers may be fettered when decent comparable sales are difficult to find. In such cases they can opt to include older comparables that may not be reflective of current market circumstances, use farther away comparables in market areas that may not be fully similar, or make larger adjustments to the available comps by comparing homes that are less similar. Every one of these options raise flags to a bank, but it doesn’t necessarily mean there’s no hope; it just indicates there will be heightened attention on the report.