APPRAISAL FACTS & INFORMATION

• Appraisers must operate independent of all parties involved in the real estate transaction. It is illegal for ANY party (attorneys, homeowners, purchasers, government agents, real estate brokers, mortgage brokers, accountants, etc) to try to influence the outcome of an appraisal.
• An appraisal report is owned by, and should only be used by, the individual or entity (the client) who hired the appraiser. An Appraiser is forbidden, by law, to divulge confidential information to anyone other than the client. 
• An appraisal can only be used for the purpose the Appraiser was hired to appraise the property for. The purpose of the appraisal should be stated within the scope of work. For example, if an Appraiser is hired to evaluate your property for its mortgage value, it is inappropriate for this same appraisal to be used to determine your home’s insurance value.
• An Appraiser is obligated to protect the confidentiality of the information received during the appraisal process. It is unlawful for an Appraiser to disclose confidential information to anyone other than the client and persons specifically authorized by the client. Example: An Appraiser cannot discuss a home’s value with the homeowner, if the client is anyone other than the homeowner, (bank, attorney, accountant, mortgage broker, real estate broker, etc) regardless of who pays for the appraisal.
• An Appraiser is not a home inspector. An appraisal report is not a home inspection report and should not be relied on as such.
• At the time of the inspection, make sue the Appraiser has access to your entire house, the interior, exterior, attic, garage, etc. Your time and the Appraiser’s time are valuable. If the Appraiser is unable to inspect your entire house, he/she may be forced to reschedule the inspection. Rescheduling an inspection usually means an additional fee (trip fee).
• If you are buying or selling your home, the Appraiser must receive and review a fully executed copy of the sales contract complete with all addendums. This is not because the Appraiser is nosey, it is required. The quicker the Appraiser receives the sales contract, the quicker the appraisal will be completed.
• If you have renovated or upgraded your home please provide the Appraiser with a list of improvements, the cost of the improvements and the date the improvements were completed.
• If your home has recently undergone a professional home inspection, provide the Appraiser with a copy of the inspection report (please be advised, an appraisal is not a home inspection and should not be relied on as such).
• If you own a dog be sure it’s placed in a secure area. Your dog may be friendly, but the Appraiser is a stranger who will be inspecting every room, closet and garage area of your home. Your pet may become stressed and react accordingly.
• Please be considerate enough to clean up after your pet(s), both inside and outside the house.
• The appraisal inspection requires the Appraiser’s complete attention, please save all your questions until the inspection is completed. Following the Appraiser around your home, asking questions, is a distraction and may result in mistakes and/or omissions. Remember the Appraiser cannot discuss property values with you.
• Please do not offer the Appraiser a gratuity. It is not necessary and it is against the law.
• Just because you don't like the final value doesn't make the appraisal incorrect.
• Price per square foot is a greatly exaggerated tool that Real Estate agents use.
  Please be VERY careful regarding playing with the price per square foot. That can really skew prices and is NOT a valid way to price or appraise a property!!!! Realtors and people that don't understand Appraisal theories and practices use that - not appraisers. Dollar per square foot is not a valid measure of value. That measurement is used by realtors more often than appraisers. There are too many factors that go into the total price that can skew the price per foot. Pools, larger lots, workshops, etc. It is not wise to base decisions on a total price per foot.
• In my experience I've only seen Price per Square Foot used to support a predetermined conclusion or a salesperson's agenda. It sounds like a valid comparison, so when someone wants to illustrate that a house is a good value it's a convenient number to produce. However, that same person will likely ignore the Price per Square Foot if it doesn't support their case. Hint: If you have a Realtor relying on price per square foot.... find a different Realtor that knows more about the Real Estate business!
• It is not possible to take a price per sq ft and multiply it to come up with a value. A price per sq ft not only includes your house, it includes your lot size, garage, pools, decks whatever else. Price per square foot is a number that can only be arrived at, not multiplied.
  

Still have questions? Please contact us anytime! We look forward to hearing from you.

 (281)703-2449 

kburton@katyappraiser.com