How the Appraisal Process Works?
The goal of an appraisal is to determine a fair market value for a parcel of real estate. The process which is followed to arrive at this value is nearly identical for all property types, though the research requirements may vary from assignment to assignment. All appraisers follow the same steps for arriving at value which include researching and gathering specific data about the property, general and specific data about the market area, and specific data about comparable sales. The data is then compiled into a report for the end-user; the presentation of this data is where most appraisals will differ.
Appraiser Workflow
- Phase 1 – Determine Assignment Requirements
- Phase 2 – Define Your Scope of Work
- Phase 3 – Collect Data for Analysis
- Phase 4 – Apply Valid Approaches to Value
- Phase 5 – Determine Value Based on Approaches
- Phase 6 – Report on Value Determination
A Home Appraisal In Houston: What To Expect
Determine Appraisal Usage & Requirements
To begin our work we must understand exactly what our client intends on using their appraisal report for. While the appraisal process is the same, certain situations require the appraiser to look at different data sets or consider information that may be pertinent to a specific use. Specific forms may also be required to relay certain information that is not found in standard appraisal forms. An example of this would be the analysis of rental comparables for an investment property.
When it comes to banks and lenders, they each have very stringent reporting requirements. Correct forms must be used and reports must be delivered with all forms in a very specific order. Your lender will usually let us know exactly what forms and in what format they need the final report delivered.
Setting Up Your Appointment
Once we have accepted your appraisal assignment and determined the requirements to complete and deliver the report, you will schedule a site visit with your appraiser. We try to accommodate all schedules as best as we can, as well as try to schedule you as soon as possible.
We do our best to arrive at all appointments within 15-20 minutes of the scheduled time. Houston traffic being what it is, there are times where we know we will not make the appointment within a reasonable window. If this happens, we will attempt to contact you while the appraiser is on the road to see if an extened appointment time is an option or if you need to reschedule.
The Site Visit
For the site visit and appraiser will physically “walk” your home, starting from the exterior and then moving through the interior. We will measure the home to determine an accurate living area. For homes that have more than one level the appraiser will likely need to take interior measurements as well.
It is not a requirement that you clean prior to our arrival, though a clean home does show nicer in the photos. We do ask that you prepare for out arrival by taking the following steps:
- Ensure all parts of the home and buildings on the property are open and accessible.
- If you have pets that are aggressive, too friendly or escape artists, please crate them.
- Remove any obstructions on the exterior home that may prevent us from measuring or clearly viewing the walls.
- Please have your garage doors closed and if possible, no vehicles in the drive or block the front view of the home.
Report Writing and Delivery
After completing the site visit process, the appraiser returns to the office to begin research, compiling and delivering your appraisal report. The process can take a few days depending on the appraiser’s work load and complexity of your assignment. The final product is sent back to you via email as a full color PDf document.
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Areas We Cover
Below is a list of just SOME of the areas we cover. If your area isn’t listed, please give us a call or submit a message via our contact form.
Zip Codes: 77502, 77503, 77504, 77505, 77506, 77507, 77550, 77551, 77554, 77563, 77510, 77517, 77536, 77571, 77012, 77033, 77047, 77048, 77051, 77061, 77075, 77087, 77089, 77017, 77034, 77061, 77087, 77587, 77520, 77521, 77523, 77562, 77029, 77547, 77586, 77546, 77581, 77584, 77565, 77518, 77573, 77539, 77059, 77058, 77062, 77545, 77583, 77578, 77511, 77598, 77568, 77590, 77591
Market Areas: Pasadena, Deer Park, La Porte, Shore Acres, South East Houston, South Houston, Baytown, Mont Belview, Highlands, Jacinto City, Galena Park, Seabrook, Friendswood, Pearland, Kemah, Bacliff, League City, Dickinson, San Leon, Clear Lake, Fresno, Manvel, Alvin, Webster, La Marque, Texas City, Santa Fe, Hitchcock, Galveston
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