Real Estate Appraisers in Fresno Texas

You are entitled to receive a copy of the appraisal from your lender. As part of the loan process, lenders are required to furnish a copy of any valuations performed on the collateralized property, regardless of whether credit was extended to the borrower.

The two services are quite different in scope and level of research. A CMA will most be comprised of a market comparison approach. While appraisals also us comparable properties, the level of research placed into each property and subsequent adjustments are much more in depth than a CMA. An appraisal report will consider land values, cost approaches and income approaches in the case of rentals. A CMA delivers a “ball park figure”, an appraisal delivers a defensible and carefully documented opinion of value. The most influential of all these factors is the person creating the report. Any Realtor can create a CMA without having competence within the market area or home valuation in general. Appraisers on the other hand are bound by ethics rules that require them to have market competence or disclose the lack thereof. Likewise, the agent has a vested interest in the property’s selling price whereas the appraiser is bound by a code of ethics to collect only a flat sum for assignments, regardless of their outcome.

A comp can be a sale, pending sale or a listing that is similar to the subject based on typical parameters of size, age, condition and location. The appraisal value is heavily based on the sales comparison approach for most residential properties, making comp selection a very important aspect of the process. Much time is spent by the appraiser searching for and reviewing all possible comparables to determine those which are the best indicators of a comparable sale.