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Home Appraisal vs. Home Inspection

Isn't a home inspection similar to a home appraisal? Not at all - an appraisal differs from a house inspection. A home inspector’s function is to study the structural, electrical, mechanical & plumbing in a home and document any problems or safety issues. Although [...]

How Does Lot Size Impact Property Value?

Homeowners who have larger lots than other lots in their area want to know if the value of their home would be substantially more. If a specific lot is approximately 3,000 to 5,000 square feet larger than other lots, it should have an appraised [...]

Markets, Neighborhoods and Subdivisions Part I

The more we review appraisals, the more apparent it becomes that many appraisers in Houston are confusing the terms Market and Neighborhood. This creates misleading results in appraisal reports and can lead to an incorrect conclusion of value. For starters, let’s give some basic [...]

Survey of Real Estate Appraisers

This information was compiled from the AppraisalWorld Residential Survey. As members join, they are asked for information about their profession and personal demographics. These results reflect the demographics of a typical residential appraiser. Gender Breakdown As you probably suspect, the appraisal profession is heavily [...]

Why it is So Hard to Become an Appraiser

I thought this email I received was very funny and spot on. Enjoy! To All My Valued Employees, There have been some rumblings around the office about the future of this company, and more specifically, your job. As you know, the economy has changed [...]

Housing Starts Jump After Bottoming at Historic Low

The U.S. Commerce Department reported that housing starts rose 22% in February to a seasonally adjusted annual rate of 583,000. The last time housing starts increased was in June, and this was the largest percentage increase in 19 years. The increase was driven primarily [...]

FHA Appraisal Requirements – What You Need to Know

FHA Appraisal Tips The following are excerpts from HUD Mortgagee Letter 2005-ML-48 regarding repair and inspection requirements. FHA Repair Requirements:   Below are examples of minor property conditions that no longer require automatic repair for existing properties include, but are not limited to: * Missing [...]

Saving the Real Estate Industry from the HVCC and AMCs

Once the HVCC, Home Valuation Code of Conduct, is enacted the majority of lender and mortgage appraisal requests will be diverted through Appraisal Management Companies (AMCs). Although this may curb the evils of "lender pressure" on us appraisers, it will also take up to [...]