Donating Free Appraisals...Seems Like a Bad Idea

[Sanguine]

I was recently asked by my local MLS if I'd donate a free appraisal for a raffle they hold to raise money for scholarships for local kids. I told them "no" and cited ethical reasons. They responded that it wouldn't be for an agent, just for a private party if they wanted to find out the value of their property. I told them "no" again and said I didn't want to take any chances with my license.
Personally, there's just so much work that goes into an appraisal, especially in the rural area I'm in, that I don't want to work for free. Aside from that, there's so much that we as appraisers are responsible for and have to put our signature to that I'm not comfortable doing that for free. I'm curious as to what your opinions are on this? Anyone else ever been asked to donate an appraisal for free? What did you say?

 

[KHS445]

Are the real estate agents and their brokers offering free listings or no commission buyer’s brokerage?

 

[Sanguine]

Are the real estate agents and their brokers offering free listings or no commission buyer’s brokerage?

I'm not sure, I didn't ask.

 

[glenn walker]

I was recently asked by my local MLS if I'd donate a free appraisal for a raffle they hold to raise money for scholarships for local kids. I told them "no" and cited ethical reasons. They responded that it wouldn't be for an agent, just for a private party if they wanted to find out the value of their property. I told them "no" again and said I didn't want to take any chances with my license.
Personally, there's just so much work that goes into an appraisal, especially in the rural area I'm in, that I don't want to work for free. Aside from that, there's so much that we as appraisers are responsible for and have to put our signature to that I'm not comfortable doing that for free. I'm curious as to what your opinions are on this? Anyone else ever been asked to donate an appraisal for free? What did you say?

NOPE

 

[Fernando]

I personally wouldn't without knowing what I'm kind of property I'm dealing with but it could help your marketing to other realtors of your generosity.

 

[J Grant]

I was recently asked by my local MLS if I'd donate a free appraisal for a raffle they hold to raise money for scholarships for local kids. I told them "no" and cited ethical reasons. They responded that it wouldn't be for an agent, just for a private party if they wanted to find out the value of their property. I told them "no" again and said I didn't want to take any chances with my license.
Personally, there's just so much work that goes into an appraisal, especially in the rural area I'm in, that I don't want to work for free. Aside from that, there's so much that we as appraisers are responsible for and have to put our signature to that I'm not comfortable doing that for free. I'm curious as to what your opinions are on this? Anyone else ever been asked to donate an appraisal for free? What did you say?

No offense but what a pathetic idea for a prize !
Offer instead to pitch in and buy a real prize to donate to the raffle, or just donate $ to the scholarship fund.
I agree it is a bad idea for reasons you gave.

I've never been asked to donate an appraisal for free but I once volunteered to do a huge mass appraisal for houses being used for kids in a foster program - I charged just enough to cover a small bit of my time, $500 on a job that was worth $3000 or more for appraising 10 houses in the community they used for a group home foster care of each

 

[glenn walker]

A good buddy learned years ago a free appraisal does not relieve you of liability. The judge ruled against him.

 

[Sanguine]

No offense but what a pathetic idea for a prize !
Offer instead to pitch in and buy a real prize to donate to the raffle, or just donate $ to the scholarship fund.
I agree it is a bad idea for reasons you gave.

I've never been asked to donate an appraisal for free but I once volunteered to do a huge mass appraisal for houses being used for kids in a foster program - I charged just enough to cover a small bit of my time, $500 on a job that was worth $3000 or more for appraising 10 houses in the community they used for a group home foster care of each

That was really wonderful of you!

 

[Sanguine]

A good buddy learned years ago a free appraisal does not relieve you of liability. The judge ruled against him.

Exactly! I'm not willing to take that risk for free.

 

[Fernando]

Purpose of Appraisal: Pro Bono appraisal not for lending purposes.