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What Is an Appraisal?
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I wanted to take a minute to talk about the three types of appraisals we have in the real estate world.
You have the tax appraisal - which really should be called an assessment, because it is not an appraisal where someone comes out to look at your home to determine its value. Then you have the market value appraisal; typically a mortgage company will come out and make an appraisal for them to be sure they're safe in lending money to a buyer. Then, you have the refinance appraisal, which has nothing to do with the value of your home, but has everything to do with how much the mortgage company can lend you and still feel safe. These typically come in much higher than a market value appraisal.
The property tax appraisal can be challenged every year in Houston, and I recommend that you do so every year, even if your value does not change. It'll prevent future excessive increases if you protest every year.
The market value appraisal can sometimes come in below market value. That doesn't necessarily mean the home is "worth" less. It only means that the mortgage company is only comfortable loaning up to that certain amount on the property.
You have the tax appraisal - which really should be called an assessment, because it is not an appraisal where someone comes out to look at your home to determine its value. Then you have the market value appraisal; typically a mortgage company will come out and make an appraisal for them to be sure they're safe in lending money to a buyer. Then, you have the refinance appraisal, which has nothing to do with the value of your home, but has everything to do with how much the mortgage company can lend you and still feel safe. These typically come in much higher than a market value appraisal.
The property tax appraisal can be challenged every year in Houston, and I recommend that you do so every year, even if your value does not change. It'll prevent future excessive increases if you protest every year.
The market value appraisal can sometimes come in below market value. That doesn't necessarily mean the home is "worth" less. It only means that the mortgage company is only comfortable loaning up to that certain amount on the property.
"Refinance appraisals have nothing to do with a home's value."
The third type - the refinance appraisal - the gloves come off so to speak, because the rules are stretched. Typically by the time a refinance appraisal comes up on your home, the mortgage company has run your credit and they know it's good, and they want to lend you as much as they possibly can, because they get paid a percentage of what they lend you. They have nothing to do with real value.
Whenever you're in a situation with an appraisal, it must have a specific purpose. The purpose will make a difference in the validity of the appraisal.
If you have more questions about appraisals or are interested in a free home valuation, please don't hesitate to contact me. I look forward to continuing this conversation with you!
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