Fee Appraisal vs Mass Appraisal
During a fee appraisal, an independent appraiser inspects the subject property, considering all three valuation approaches: sales comparables, income and replacement cost. The analysis is performed specifically for the subject property.
On the other hand, mass appraisal, is the process by which large volumes of properties are appraised by the central appraisal district to determine how much to increase or decrease property values in an area. A universe of properties are valued on a given date, utilizing standard methodology and common data. In summary, a mathematical model based upon a database of market conditions is created to determine your assessment value.
Due to this reasoning, banks do not consider appraisal district values to lend for any type of real estate loan, and require a fee appraisal.