Houston Private Use Real Estate Appraisals
Appraisals For General Purpose And Listings
Whenever our client is a private individual and not an institution the assignment type is referred to as a “private use” appraisal. These assignments are typically anything that is for a non-lending purposes with private clients being anyone from homeowners, buyers, attorneys, Realtors, accountants and more.
How Are Private Use Appraisals Different?
There is no difference at all between how a private use or a lender appraisal is performed. The difference is in the format of the appraisal report, with the latter typically requiring more addendums and forms be included for loan underwriting and statistic tracking. These extra requirements by lenders DO NOT have an impact on the appraised value.
To be clear, banks and lenders require specific forms issued by the government to be used for their appraisals. These forms, such as the URAR 1004, are full of redundant and non-pertinent information that serves no real purpose in the determination of value. Other forms, such as the 1004MC, are just poorly designed and do not provide an accurate picture of the market conditions – which is odd since that is what the lender SHOULD be concerned about.
Private assignments are not restricted in this manner. This allows us to use reporting formats for private use appraisals that are not only much easier to understand but are much more succinct. Over the last 10 years we’ve developed a reporting format know as a “general purpose” report that is perfect for various private assignment types. We tested this format against the standard lender 1004 form and the response was unanimous – the average client preferred the general purpose form almost every time.
One final note: because our private use appraisals do not requires all the extraneous addendums and forms, we’re able to charge slightly less for these appraisal types.
What Is Included In A Typical Private Use Appraisal Report?
- A description of the structures on the property including build quality, condition, recent upgrades, deficiencies, etc.
- An analysis of the Subject’s market area including sales trends and stats
- A detailed comparison of recently sold, comparable properties in the area
- Colored photos from the subject property
- Colored photos of most comparable properties
- Location and FEMA maps showing the subject and comparables
- A building sketch of the subject property
- A certification of valuation authorized and dated by the appraiser
Frequently Asked Questions
An appraiser’s inspection of the house is solely for the basis of comparison of other properties, where an inspection is the basis for the absolute condition of all aspects of that particular property.The appraiser briefly walks through the house to get an idea of the general condition and room count.An appraisal is not a guarantee of condition.The appraiser will ask about any visible problems and those which may not be visible, and will do his/her best to gauge any impact on value attributable to those problems.It is wise to request advice from different experts in the real estate industry during the appraisal process.
The state of Texas requires all real estate appraisers to be, at a minimum, state licensed or state certified and have fulfilled rigorous education and experience requirements and must adhere to strict industry standards and a professional code of ethics as promulgated by the Appraisal Foundation.
We do not disclose any information about our appraisal reports to any 3rd unless required by legal action to do so. In short, the appraisal district will never see an appraisal we perform for you unless you provide it to them. However, if you decide to add-on to your home or do any extensive remodeling that requires permitting, the tax assessor may be prompted to re-evaluate your properties value. You should also be aware that the appraisal district DOES have a access to sales prices so if your appraisal was for a purchase then the real estate taxes will reflect the price you’ve paid.
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#1 Independent Home Appraisers In Houston
We’ve Worked with Real Estate Professionals and Private Clients Throughout the Greater Houston Area Since 2005. Since Then We’ve Become One of the Highest Rated Independent Real Estate Appraisal Firms in Houston Based on Actual Customer Reviews.
Our Reviews Speak for Themselves!
Rated 5/5 based on 7 customer reviews
David N.
“I’ve used this company several times for appraisal work I had in the Houston area. I chose them initially because they are very competitively priced but I continue to use them because their service is top notch.”
Martin M.
“Appraiser came out and did his thing. Received my appraisal in the time quoted. Value seemed reasonable. I’d really recommend them or use them again if ever needed.”
Jim M.
“I needed an appraisal for a property we own in the Memorial area. Our appraiser was professional, courteous, thorough, and helpful. Documentation that was provided following his appraisal was complete and showed significant attention to detail. I didn’t meet him personally but was told the appraisal was friendly and personable as well.”
Matthew G.
“They came out quickly. Super friendly and professional. Lots of follow up and answered any questions I had. All in all I would definitely recommend.”
Matt H.
“The appraiser completed a pre and post-flood appraisal for our home that was flooded. He was very thorough and a pleasure to work with. I would highly recommend!”
Daniella W.
“They were fast and not too expensive. Gave us a good value for my momma’s home.”
Hastings L.
“Our client was very happy with the appraisal report and the process. A+ service!”
