Comp checks and pencil searches - again

[Pamela Crowley (Florida)]

Anyone else getting these requests again? I hadn't had much of these in a long time and now I've been getting about 2 calls a day for them. Had one that simply hung up on me today when I tried to explain that it's not legal for me to do this without a USPAP compliant file for that appraisal job. Of course, all of them are from some off-the-wall, never heard of them before companies. My regulars know better.

 

[Frederick R. Ruffell]

Yeah,
There are those that are asking for "comp checks" and the response to the illegal statement is something like "well none of our other appraisers have said anything about it being illegal" and my response to that is " well it may be you want to use one of them on this assignment."

 

[Mountain Man]

Maybe it is because they are having a hard time getting their numbers lately, or their pet appraiser is no longer available. :wink:

 

[Farm Gal]

:lol:
Got a call from a lender (for whom I will do no work - a leetle slimy) asking if I'd sucessfully refi'd my house... Answer was yes but whatcha got.

They must be getting hungry or scared if they are pulling 6 month old files and reworking them :?

 

[Bill_FL]

I always wondered why I get those calls. Never heard of the company. They all say they have lots of work in the area. I always asked first, "Then why arent you calling who ever you have been sending all that work to?"

 

[Joe Birrell (NY)]

Yea, same here and ditto all postings so far. It's amazing that it's ALWAYS
(100 % of the time) some fly by nighter who nobody has ever heard of.
While on last call, I happened to be on computer, and feed-in address of
property they were calling about - presto - it was some hubble on the other side of the tracks worth about $100,000 less than they were looking
for !

 

[Christopher Lauver]

I have recently had a number of requests for "comp checks". I've never had this type of request. I must say it sounds like they are fishing for a value. Can anyone direct me to some verse that states anything regarding this practice, so I can explain the legal ramifications of this practice to the lender?.

 

[Mountain Man]

Here is the latest post discussing this topic.

http://www.appraisersforum.com/forums/view...mp+check+cheque

 

[Mountain Man]

P.S. Not only is "giving a pencil range" considered to be an appraisal, it is not a wise business practice.

I just tell them that I can't since ANY range IS considered to be an appraisal. And I am in the service bizniz of selling data. If you want to buy my data, send a request.

 

[Mike Garrett RAA]

Contrary to popular belief....It is not illegal! It is; however, not very smart, poor business practice, a good way to get your ahhhhhhhh thingy in a ringer, and a BIG WASTE OF TIME!

TIP OF THE DAY

Merry Christmas!