Gaut Appraisal Blog

When you are first entering the world of real estate, you are also being introduced to a whole new language. It’s really easy to find the experience of entering into the real estate market very daunting, particularly because the language barrier can cause a great deal of confusion.

In doing so, you should follow a few basic rules:

1. Remember that the company ordering the appraisal ultimately owns the appraisal: If, for instance, you have a loan agreement that falls through with one lender in Amarillo, you can’t expect that the lending agency will pony up the appraisal to the new lender, or that the new lender would even accept it. For that matter, it's best to have your own pre-sales appraisal or pre-financing appraisal done so that you can compare with what the bank or mortgage lender appraisal results are, and so you have potentially more flexibility to make choices about your home or home equity. If you're selling a home, it can also help you set optimal sales price and move it off the market faster.
   
2. An appraisal’s value is only good for about a year after it’s done: This rule can vary, particularly in Amarillo’s changing market. Many lenders may decide to only look at the appraisal for six months after it’s done; after that, you may have to have a new appraisal done in order to reflect the current market prices.
3. Face value matters: One of the first things an appraiser is going to look at is the curb appeal of your home; in other words, how does your home look in comparison to others in the neighborhood? Is it pleasant on approach? Is there anything on the outside that needs repair? All of the outside appearances will be examined by the appraiser when he or she comes up to your door. You might want to take some time and trim the hedges and repaint that white picket fence before the appraiser comes.
4. A standard is followed: Before you think that the appraiser coming to check out your house is simply estimating using numbers in his or her head, think again. Appraisers follow a systematic method using a set of nationally approved standards, called USPAP. It doesn't mean that an appraiser with less experience will produce the same appraisal as one with more - experience plays a big role - but it's also not just an educated guess based on experience alone.

While it may be a little daunting to first have a private or pre-sales appraisal done on your home, it’s well worth it to have the power of information in your hands, and to own the report yourself.

John B. Dudley, SRA is an SRA-designated commercial and residential appraiser, with 35 years experience. serving the Texas pandhandle, including Amarillo TX Canyon TX Hereford TX Pampa TX Dumas TX Panhandle TX Borger TX Claude TX Dalhart TX Friona TX.
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