Is pulling comparable sales an appraisal?

[Sadie]

This whole "acting as an appraiser" bs. You're acting as an appraiser when you're get an order for an appraisal.
That's completely different than being asked to do something because appraisers are good at it.

Too funny “acting as an appraiser bs”. If you were a door dash driver would you have been asked to do this? Or a dentist? Why do you think the OP is being considered for this? USPAP will let you do this, there is even an FAQ on this.

 

[residentialguy]

Too funny “acting as an appraiser bs”. If you were a door dash driver would you have been asked to do this? Or a dentist? Why do you think the OP is being considered for this? USPAP will let you do this, there is even an FAQ on this.

Why would you ask a doordash to do this? You need someone who is an expert with comparing similar real estate. They are also an expert with measuring. That's part of an appraisal... so they can't sketch a house either? They're an expert at what features of the house bring the most returns for the money. That's done in an appraisal so they can't help design a house either? They're also an expert at verifying property information... they can't do that either?
Sorry but your argument is full of holes. They aren't doing an appraisal, nor is there assignment to provide an opinion of value, nor is there any assumption that one is being done. Therefore, there is no appraisal. They aren't acting as an appraiser; they are acting as a expert measurer, sketcher, valudator, home expert, conditions of sale expert, etc. Of course USPAP will allow you to do it. No Q&A necessary.

 

[Zoe]

Why would you ask a doordash to do this? You need someone who is an expert with comparing similar real estate. They are also an expert with measuring. That's part of an appraisal... so they can't sketch a house either? They're an expert at what features of the house bring the most returns for the money. That's done in an appraisal so they can't help design a house either? They're also an expert at verifying property information... they can't do that either?
Sorry but your argument is full of holes. They aren't doing an appraisal, nor is there assignment to provide an opinion of value, nor is there any assumption that one is being done. Therefore, there is no appraisal. They aren't acting as an appraiser; they are acting as a expert measurer, sketcher, valudator, home expert, conditions of sale expert, etc. Of course USPAP will allow you to do it. No Q&A necessary.

I would just build a workfile. It is a consulting assignment at best. For all I know they are doing for their mother. The intended use and user comes into play.

 

[jay trotta]

Th real issue here is there is no money to be made. As a Broker-Realtor I can do CMAs all day long that are nor appraisals and not under USPAP, but so can 500 other agents in my area and most will do it for $25 bucks or free LMAO

When they provide that service it it in hopes of getting the "Listing" and may charge a Fee which may be credited to the commission

 

[Zoe]

Once you put a value on it, it becomes an appraisal. No value.........no appraisal.

 

[Zoe]

When they provide that service it it in hopes of getting the "Listing" and may charge a Fee which may be credited to the commission

I knew a few agents that got rich working for FNMA doing that . They did the BPO and got the listing. The appraisers were always better in the final sales price.

That was foreclosure work in the meltdown.

In TN agents are notorious for saying let's ask $500k based on what I see just to get the listing. Then, about a week or two later they say we need to lower the price to $450K. LOL

A week or so later we need to lower the price to $399k

In the meltdown, the agents were usually low on market value opinion. Who knows?, they may have had a buyer they were working with.

Fannie did both bpos (broker's price opinion) and appraisals on properties locally in the meltdown. The agent selling the property did the broker's price opinion.

 

[sputnam]

If somebody asked me to pull the most comparable sales to a specific property and I pulled the top 3-10 comparable sales and supplied those, would that be considered an appraisal? I was thinking mostly of doing this to help agents, buyers, or sellers understand what properties compare to the property they are selling or buying. Would I be subject to the record-keeping rules? Would there be anything else that I should make sure I have done when doing something like this? Any guidance would be greatly appreciated.

If you pull comparables which are related to a specific subject property, it's an appraisal. If you pull sales and listings in a particular neighborhood that they specicy then, it's not an appraisal. Of course the later isn't what they want, they want to know the property will appraise before they pay to have it appraised. And they will want you do to do it for free.

 

[residentialguy]

If you pull comparables which are related to a specific subject property, it's an appraisal. If you pull sales and listings in a particular neighborhood that they specicy then, it's not an appraisal. Of course the later isn't what they want, they want to know the property will appraise before they pay to have it appraised. And they will want you do to do it for free.

The condo that just sold next to the HO's condo is identical. So I just did an appraisal, huh? I'll sum that up in 2 words; "Made in America"

 

[residentialguy]

I would just build a workfile. It is a consulting assignment at best. For all I know they are doing for their mother. The intended use and user comes into play.

 

[Carnivore]

We have currently three or more counties going through Re-Val. People are screaming because the last one in my county was 2019. We all know what has happened since 2019 and more specifically 2022. Home values in my City & County MV's rose significantly. On average every ones tax Value doubled.

So a number of us have advertised our services. In Spite of all the screaming and almost rioting in the streets, surprisingly very few are willing to engage appraisers to aide in the appeal. The reason I think, is because we are expensive. Plus People have a good idea what the MV may be for their homes. We have stated that we can not guarantee results that are favorable to the homeowner or anybody for that matter.

In the situation above we could as an appraiser are also Realtors. prepare a BPO/CMA or give them a list of sale in their individual neighborhoods/market segments for free. We could also analysis with a macro view their neighborhood demonstrating the trend since 2019. Would they pay me to do that? Probably not. If they thought about it a little bit, they might realize the savings(if any) would be multiplied by four or five times until the next re-eval.

If an individual decides to engage my services for an actual Appraisal, I would have to reveal all services I provided in the prior thirty six months. No biggee!