Dear Robbie, I was on your site and saw that you offered Home Price Estimates over Property Valuations. I might be interested in selling my home but I would want to know the value first." Signed, Value Seeker
Dear Value Seeker, In the State of Texas it is a violation of the Texas Real Estate License Act for anyone other than a licensed appraiser to provide you with a value of your home. In fact, if a REALTOR® or other real estate professional in the State of Texas tells you your "appraised value" you should RUN and RUN FAST!
According to Texas Rule 535.17a states that a real estate license holder may not perform an appraisal or provide an opinion of value. The means basically that only a licensed appraiser conducting an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Proactive of the Appraisal Foundation can issue an appraisal or opinion of value. This is a critical error that some real estate practitioners make when speaking with their clients and other consumers and is not something that should be taken lightly. One of the critical components of working as a real estate practitioner is not only knowing the rules and regulations but also following them. So, why would you open yourself up to exposure of potential issues and/or lawsuits by working with a practitioner who does not demonstrate the basic knowledge to follow the rules set in place by the state? What are they going to do or more importantly not going to do correctly while representing you? Again, grab those running shoes FAST!
Now, I can hear the next statement "it doesn't seem that BIG of a deal" and I would like to tell you, yes in fact it is. In Texas, real estate practitioners have to put a statement stating that the comparative or competitive market analysis they are providing you is not to be considered an appraisal or opinion of value. So, if we have to put it on every CMA, then don't you think you should be working with a professional who understands the rules of the industry? I'd hope so.
So, in conclusion as a licensed real estate broker, my agents and myself are able to provide you with a broker price opinion or CMA.