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Residential Appraisal checklist for Texas

1. Pre-Appraisal Preparation

Verify client information and appraisal order details

Review the purpose of the appraisal (e.g., sale, refinance, tax assessment)

Gather necessary documentation (e.g., property deed, prior appraisal reports)

Confirm the effective date of the appraisal

Review local zoning and land use regulations

Here are some additional steps that could be included in the "Pre-Appraisal Preparation" section of the New Residential Appraisal checklist for Texas

Conduct a preliminary review of the neighborhood and property characteristics using online resources (e.g., county appraisal district, GIS mapping)

Research recent sales and listings in the area to identify comparable properties

Prepare a checklist of required inspection items for the property

Confirm access arrangements with the property owner or listing agent

Identify any potential issues or concerns that may need to be addressed during the appraisal process (e.g., deferred maintenance, unique property features)

Review any relevant appraisal standards and guidelines specific to Texas

Determine the appropriate appraisal method or approach based on the property type and purpose of the appraisal

Set a timeline for the appraisal process, including inspection and report completion dates

Ensure all necessary tools and equipment for the property inspection are prepared and in working order (e.g., measuring tools, camera, notepad)

Communicate with the client to clarify expectations and address any questions or concerns prior to the appraisal

2. Property Inspection

Schedule the inspection with the property owner or agent

Conduct a thorough exterior inspection

Evaluate the condition of the roof, siding, and foundation

Assess landscaping and driveways

Conduct a thorough interior inspection

Measure each room and note dimensions

Inspect the condition of walls, floors, and ceilings

Evaluate the functionality of plumbing, electrical, and HVAC systems

Take photographs of key features and issues

Note any upgrades or renovations made to the property

3. Market Analysis

Research recent sales of comparable properties (comps) in the area

Analyze current market trends and conditions

Consider adjustments for differences between subject property and comps

Evaluate the neighborhood, including amenities and schools

4. Valuation Process

Select appropriate appraisal method(s) (Sales Comparison Approach, Cost Approach, Income Approach)

Calculate adjusted values based on comps and condition of the property

Review and analyze any potential income generated by the property (if applicable)

Ensure compliance with Texas appraisal regulations and USPAP (Uniform Standards of Professional Appraisal Practice)

5. Report Writing

Compile findings and analysis into a comprehensive appraisal report

Include all necessary documentation and supporting data

Ensure clarity, accuracy, and professionalism in report presentation

Include an opinion of value with a clear rationale

6. Final Review and Submission

Conduct a final review of the appraisal report for accuracy and completeness

Verify that all required signatures are obtained

Submit the appraisal report to the client or lender in a timely manner

Maintain a copy of the report and all related documents for record-keeping

7. Post-Appraisal Follow-Up

Address any client questions or concerns regarding the appraisal

Be prepared to provide clarification or additional information if requested

Stay informed about any changes in the market that could affect the appraisal value in the future

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