Greatwood Texas Real Estate Appraisals

An appraiser’s function is to estimate well researched and fair opinions of market value for different classes of real estate. Likewise, appraisers can estimate many other valuation services for either residential or commercial uses.

State regulations, as well as strict industry guidelines work to to insure appraisers have met substantial experience and educational demands set by the TALCB (Texas Appraiser Licensing and Certification Board). All appraisers must perform over 2,000 hours of appraisal assignments under a sponsor before they are eligible for licensure. Finally, appraisers must be able to demonstrate proficiency in not just valuation but in their geographic area.

A certified appraisal is an endorsed, unbiased approximation or opinion of value, usually drafted and substantiated by the presentation and analysis of pertinent market data. Unlike a real estate broker, a house appraiser is obligated by state authorities to have no concern tied to the sale of a property and their service costs cannot be based on the value of the home. Appraisals may only be completed by Texas licensed appraisers. A BPO approximates the market value of a house and is completed by a real estate broker or agent. The largest factor in realizing the difference between the two is the motives for each professional. Brokers may earn a sales commission from a home sale that was made through a broker price opinion lead; appraisers cannot be compensated for any result of the sale of a home. This can create a conflict of interest whereby a broker could tell a customer what they want to hear to gain a property listing. A professional appraiser is indifferent to the listing and not earning a commission on the property sale. Their sole concern is to complete a equitable, accurate and unbiased appraisal.