Nassau Bay Texas Real Estate Appraisals

A house appraiser will carry out a visual evaluation of the attic if the appraisal is for an FHA loan. If possible, make the first few feet right at the attic entrance free of clutter so that an appraiser can access the attic and carry out a visual evaluation. If attic entrance is not possible or limited by obstructions, a property appraiser can instead complete a “head and shoulders” only assessment and note this in his/or report.

A comparable is a property that is similar to the Subject property in most respects, is located in a similar community, and has sold recentlyas an arms length transaction. The nominating of comparable homes is in most residential appraisals, the single most principal determining factor in establishing value. It is the appraiser’s responsibility to adequately study the local real estate market and establish which comparable properties best represent the market value characteristics of the Subject.

An appraisal is a scientific procedure for determining a likely price for a house. The process has 6 major milestones which include: defining the the problem, preliminary survey and appraisal plan, data retrieval and analysis, applying the 3 approaches to value, reconciliation, final opinion of market value. The bulk of the appraisal is spent analyzing the three key approaches to value which consist of Market Data, Cost Approach and the Income approach. The three approaches are completed and the most suitable approach, in the eyes of the appraiser, is chosen as the final opinion of value. The market data method of value is commonly the most applicable when determining market value of residential properties.