Articles by Real Estate Professionals
Home Appraisers Services and Fees
In addition to their Articles dealing generally with the nature of their
services, the real estate professionals will discuss different specific "Topics"
of interest to buyers and sellers from time to time. These articles are indexed in
the Articles Library for your review.
The content of these articles and topics is not edited by FSBO Advertising
Service, Inc. and reflects solely the thoughts and opinions of the authors.
Licensed Appraiser's Article
Author, Jay Westrick is Manager of the Residential Appraisal Department at
O’Connor & Associates. He is a Texas State Certified real estate appraiser. (Lic.
#Tx 1327601-R). You may contact the O’Connor & Associates Residential Appraisal
Department at (713) 686-9955.
Description of Typical Services
There are basically two types of residential appraisals: (1)
the full appraisal and (2) the limited scope appraisal. The full appraisal is typically
required for residential mortgages. The limited scope appraisal or "drive-by" is
used predominantly for home equity loans or home improvement loans. The difference between
the two appraisals is that the full appraisal inspects the subject property and uses the
cost, income and market approach to valuing the subject property. The drive-by assumes the
county records are correct and proceeds with only the market approach to value. The major
difference is the level of verification of data. A full appraisal is more accurate than a
drive-by appraisal.
What does it take to be an Appraiser?
There are three classifications of appraisers:
- The State Certified General Appraiser is certified to appraise commercial,
industrial, multi-family and residential property
- The State Certified Residential Appraiser is certified to appraise light
commercial, multi-family and residential property
- The Licensed Appraiser is licensed to appraise 1-4 unit multi-family and
residential property
Qualifications to Perform Real Estate Appraisals in Texas
To perform appraisals for federally regulated transactions one
must be licensed by the State of Texas. The qualifications vary for each license.
Typical Fees
A full appraisal typically costs $325.00. For a drive-by
appraisal, appraisers typically charge $190.00.
Back To Top
| 
