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What is PMI?

PMI / MIP Removal Savings

What is an Appraisal?

How is Market Value Determined?

Who Needs An Appraisal?

Home Appraisal vs Home Inspection

What is an Appraisal?

The most common type of appraisal is an estimation of the market value of a property for mortgage lending purposes.  The appraised market value is based on the professional impartial estimate or opinion of the appraiser after taking into consideration a number of economic factors, attributes of the property under review and other relevant factors. The appraiser may consider many sources of information including current builders, realtors, contractors, investors, M.L.S., local listings, tax assessor records, court house records, public information sources and personal professional knowledge.

Generally, you will find the following in an appraisal report:

• Statement of the purpose for the appraisal.

• Scope of the appraisal and procedures

• Property identification including maps, photos, ownership and legal description.

• History of property

• Conditions and limitations

• Analysis and analytical review of the property and surrounding area. 

• Interpretation of the data collected by the appraiser and how the information was used in arriving at an estimation of value.

• Exposure time / market time

• Any assumptions that were made in preparing the appraisal that may affect the estimated market value.

• Intended use / user

• Certification, date and signature of the appraiser.

Most states now require that appraisers be licensed and all appraisals for mortgage loans backed by a federally insured lender and/or other federally related organizations require that the appraisal must be preformed by a state licensed or certified appraiser.

Real Estate Appraisal & Consulting

Request information

info@DFW-Appraisal.com

501 Magnolia Trail
Grapevine, TX 76051
Phone: 972-742-7039   Fax: 817-442-4844