Our Metro Dallas/Fort Worth Service Area and CADs
Dallas County: Addison, Balch Springs, Cedar Hill, Cockrell Hill, Coppell, Dallas, DeSoto, Duncanville, Farmers Branch, Garland, Highland Park, Hutchins, Irving, Lancaster, Mesquite, Richardson, Rowlett, Sachse, Seagoville, Sunnyvale, University Park, Valley Ranch, Wilmer, and Wylie. Central Appraisal District.
Denton County: Argyle, Aubrey, Bartonville, Carrollton, Denton, Double Oak, Flower Mound, Highland Village, Justin, Krum, Lake Dallas, Lewisville, Little Elm, Oak Point, Pilot Point, Ponder, Roanoke, Sanger, Shady Shores, The Colony, Trophy Club, and Westlake. Central Appraisal District.
Tarrant County: Arlington, Azle, Bedford, Benbrook, Blue Mound, Colleyville, Crowley, Euless, Everman, Fort Worth, Grapevine, Haltom City, Haslet, Hurst, Keller, Kennedale, Lake Worth, Mansfield, North Richland Hills, Pantego, Richland Hills, River Oaks, Saginaw, Southlake, Watauga and White Settlement. Central Appraisal District.
We are FHA approved and fully Dodd-Frank, UAD and UMDP compliant.
An Overview of the Appraisal ProcessA home purchase can be the most significant transaction most of us might ever consider. It doesn't matter if it's a primary residence, a second vacation home or an investment, the purchase of real property is a complex transaction that requires multiple people working in concert to see it through.
Most of the participants are quite familiar. The real estate agent is the most familiar person in the exchange. Then, the mortgage company provides the financial capital needed to bankroll the deal. The title company ensures that all aspects of the sale are completed and that the title is clear to transfer from the seller to the purchaser.
So who makes sure the property is consistent with the amount being paid? This is where the appraiser comes in. We provide an unbiased opinion of what a buyer could expect to pay - or a seller receive - for a parcel of real estate, where both buyer and seller are informed parties. A professional Texas licensed appraiser from Appraising Texas will ensure you as an interested party are informed.
The inspection is where an appraisal startsOur first responsibility at Appraising Texas is to inspect the property to ascertain its true status. We must see features first hand, such as the number of bedrooms and bathrooms, the location, living areas, etc., to ensure they truly exist and are in the shape a typical person would expect them to be. The inspection often includes a sketch of the floor plan, ensuring the square footage is proper and illustrating the layout of the property. Most importantly, we look for any obvious features - or defects - that would affect the value of the house.
Back at the office, an appraiser employs two or three approaches when determining the value of real property: paired sales analysis and, in the case of a rental property, an income approach.
Cost ApproachHere, the appraiser gathers information on local construction costs, the cost of labor and other factors to figure out how much it would cost to replace the property being appraised. This figure usually sets the upper limit on what a property would sell for. It's also the least used predictor of value.
Paired Sales AnalysisAppraisers get to know the communities in which they work. We thoroughly understand the value of certain features to the people of that area. Then, the appraiser researches recent sales in the area and finds properties which are 'comparable' to the real estate at hand. By assigning a dollar value to certain items such as square footage, extra bathrooms, hardwood floors, fireplaces or view lots (just to name a few), we add or subtract from each comparable's sales price so that they more accurately portray the features of subject.
Valuation Using the Income ApproachIn the case of income producing properties - rental houses for example - the appraiser may use a third approach to value. In this situation, the amount of revenue the real estate yields is factored in with other rents in the area for comparable properties to derive the current value.
Putting It All Together
Combining information from all approaches, the appraiser is then ready to stipulate an estimated market value for the property at hand. Note: While the appraised value is probably the strongest indication of what a house would sell for in an open market, it may not be the final sales price. Depending on the individual situations of the buyer or seller, their level of urgency or a buyer's desire for that exact property, the closing price of a home can always be driven up or down. Regardless, the appraised value is typically used as a guideline for lenders who don't want to loan a buyer more money than the property would likely sell for in an open marketplace. At the end of the day: An appraiser from Appraising Texas will help you discover the most accurate property value, so you can make profitable real estate decisions.