FREQUENTLY ASKED QUESTIONS

What You Should Know About Residential Appraisals

HOW MUCH DOES AN APPRAISAL COST?

The cost of an appraisal varies depending on several factors including, the type of appraisal service needed, the difficulty/uniqueness of the subject property, location of subject property or the distance from typical service area, and the turnaround time requested. If you would like to receive free fee quote for an appraisal order, please request an appraisal online today.

WHAT’S INCLUDED WITH YOUR APPRAISAL?

Our typical residential appraisal service includes: 

  • Site Visit to the property where we measure, photograph & take notes

  • PDF report, delivered via email, which contains the following:

    • Summary of the Property and its features, upgrades, conditions, etc.

    • Summary of the Market Area, Trends and Statistics

    • Detailed Analysis of Comparable Properties in the market area

    • Photos of the Subject Property

    • Photos of all Comparable Properties

    • Location and Flood Maps showing the Subject and Comparables

    • Detailed Advanced Market Statistics Report

    • Building Sketch of the Subject property

    • Certification of Value signed and dated by the appraiser

      • Please note that the report requirements may vary depending on the appraisal services requested.

WHAT KINDS OF APPRAISAL SERVICES DO YOU OFFER?

The typical residential appraisal services offered by our team are:

  • 1004 URAR Single Family Appraisal

  • 1025 (3/05) 2-4 Family Appraisal

  • 1073 Condo FHA Appraisal

  • Relocation Appraisal

  • SFR-Exterior-2055 Appraisal

  • 1004 HYBRID Appraisal

  • 1004 DESKTOP Appraisal

  • GP Residential Appraisal

For more information on the residential appraisal services offered by our team, please visit 'Our Services' page. 

WHY WOULD YOU ORDER AN APPRAISAL WHEN OBTAINING A HOME LOAN/MORTGAGE?

Getting a home can be the most serious investment some people may ever make. Whether it's a main residence, an additional vacation home or an investment, the purchase of real property is an involved financial transaction that requires multiple parties to make it all happen.

 

Parties Involved:

  • Buyer/Seller

  • Real Estate Agent

  • Mortgage Company

  • Title Company

  • Residential Appraiser

 

You're likely to be familiar with the parties taking part in the transaction. The real estate agent is the most known person in the transaction. Then, the mortgage company provides the money needed to finance the exchange. Ensuring all areas of the sale are completed and that a clear title passes from the seller to the buyer is the title company.

 

So who makes sure the value of the real estate is consistent with the amount being paid?  This is where the appraiser comes in.  We provide an unbiased estimate of what a buyer might expect to pay - or a seller receive - for a property, where both buyer and seller are informed parties. A professional Texas licensed appraiser from Wheeler Appraisal will ensure that you as an interested party are informed, and will guarantee you attain the most accurate property value, so you can make profitable real estate decisions.

WHAT IS AN APPRAISAL INSPECTION APPOINTMENT?

To ascertain an accurate status of the property, it's our responsibility to first conduct a thorough inspection. Your appraiser will reach out to schedule the inspection appointment within 1-2 days of when you order your appraisal.

 

At the inspection appointment, the appraiser must physically view features, such as the number of bedrooms and bathrooms, the location, and so on, to ensure they really exist and are in the shape a reasonable buyer would expect them to be. To make sure the stated square footage has not been misrepresented and describe the layout of the house, the inspection often entails creating a sketch of the floor plan. Most importantly, the appraiser identifies any obvious amenities - or defects - that would have an impact on the value of the property.

WHAT METHOD DO APPRAISERS USE TO ESTIMATE THE VALUE OF A HOME?

Appraisers will typically use two or three approaches when determining the value of the property: paired sales analysis and, in the case of a rental property, an income approach.

WHAT IS A LICENSED RESIDENTIAL APPRAISER?

According to the Texas Appraiser Licensing & Certification Board (TALCB), a Licensed Residential Appraiser is a person who is licensed by TALCB and has met the educational, experience, and examination requirements for licensing. The scope of work includes appraisal of non-complex residential 1-4 unit properties with a transactional value less than $1,000,000 as well the authority to complete complex federally related transactions (FRT) and non FRT transactions with a value less than $400,000.

WHAT ARE THE REQUIREMENTS AND QUALIFICATIONS FOR BECOMING A LICENSED RESIDENTIAL APPRAISER IN TEXAS?

Qualifications:

  • 18 years of age or older

  • 150 hours of qualifying appraisal education outlined by the Appraiser Qualifications Board (AQB) and TALCB.  

  • 1,000 hours of acceptable and verifiable appraisal experience acquired over a minimum of 6 months

  • Meet TALCB’s qualifications for honesty, trustworthiness, and integrity

Requirements:

  • Complete Qualifying Education - 150 hours of qualifying appraisal education outlined by the Appraiser Qualifications Board (AQB) and TALCB.  

  • Complete Experience Requirement - Gain 1,000 hours of acceptable and verifiable appraisal experience acquired over a minimum of 6 months

  • Complete/File state's application

For more information on the process for becoming a licensed residential appraiser in the state of Texas, please visit https://www.talcb.texas.gov/.

WHAT TYPES OF PROPERTIES DO YOU APPRAISE?

We help our clients estimate the value of all types of residential properties including:
Single Family Homes, Condos, Townhouses, Duplexes, Triplexes, Quadplexes, Land/Lots, Farms/Ranches, New Construction, and more.

WHAT ARE THE REASONS FOR ORDERING A HOME APPRAISAL?

Common reasons for needing an appraisal include:
Asset Division for Divorce, Bankruptcy Case, Pre-Listing, Estate Valuation, Getting a 2nd Opinion on a Previous Appraisal, Obtaining a Mortgage/Equity for a Home, Retrospective, and more.