More On Free Comp Checks

[Pamela Crowley (Florida)]

For those that do not do free comp checks: After you explain why you can't / won't do a free comp check to see if the value they want is possible, how often do you actually get the appraisal order that's NOT based on a "free comp check, pre-determined" value?

How often do you actually get an appraisal order if they want a free comp check and you won't do that?

 

[Mike Simpson]

Free "comp searches" are what makes appraising for mortgage lenders a deflationary business.

Combined with other major industry problems...I had to quit working for them altogether--it was a necessary & smart decision.

-Mike

 

[Pamela Crowley (Florida)]

Alright!

who answered "I ALWAYS talk them into the order without giving a value first"?????

Sorry, I absolutely DO NOT believe you!

 

[Dee Dee]

:idea: :idea: :idea: :idea:

What if we all told them that if they didn't carry through with the order that we'll turn them in to their governing authorities for lender pressure!

Oh wait.....I forgot. :redface:

There's nobody who cares enough about the public welfare who would do anything about it. <_<

 

[Pamela Crowley (Florida)]

I would really like to see more stories about this issue.

 

[Farm Gal]

Pam:

It wasn't me but I thought about it...

I have been known to give a street sales history. Two blocks up and down can sometimes tell a story. It is fact, not opinion/appraisal of any kind. B)

If they (OR you the appraiser) want to proceed, great, if not who cares. Minimalist intervention into my day... besides

Sometimes it is great fun jsut to HEAR them squirm at the numbers :twisted: .

Amusement has its value. :blueflower:

 

[Pamela Crowley (Florida)]

Example:

message: going to be doing a ton of business in Fl and looking to build
a good working relationship w/an appraiser. i understand that you
cannot tell me an exact value w/out doing the appraisal, but i'm in oklahoma
and i have no idea, other than what my client tells what the house is
worth. if you could tell me if i'm in the ballpark, i will order asap.
honest homeowner, 1234 residential st Jacksonville, FL, 32221
other homeowner, 5678 flip area dr Jacksonville 32218
thanks for your time

The email was apparently broadcast to all appraisers in my area from an internet listing site.

REAL OBVIOUS THAT THE HIGHEST 'BALLPARK' WINS THE APPRAISAL ORDERS!!!

Come on, THAT'S pressure and BLATANTLY placing the ordering of these appraisals on the pre-determined value that a 'free comp check' might come up with.

Is there anyone here that doesn't recognized that??????

*********************

Lee Ann, I don't have a problem with what you wrote. I'm just so sick of being asked for these that unless it's a steady and good client that rarely, if ever, asks for anything, I just won't do it. If that good client does ask, what you've explained is my limit for info provided.

*********************

LET THEM SIGN UP AND PAY FOR AN AVM!!!!!!

I consider appraisers doing free comp checks and accepting orders based on a value you might be able to get the scum of this so called profession.

 

[Mike Garrett RAA]

I say....."sorry, I don't do free comp searches! Now if you want to fax the request to me I will do some preliminary work and if it looks like the borrower's estimate of value is way out of line I will let you know and just bill you for the research work." :rainfro: Never get the fax

Thinking about starting all conversations with...."this call is being recorded since what you are asking me to do is a violation of The Uniform Standards of Professional Appraisal Practice".

Honestly, I probably get 3 or 4 such calls a day...all from out of state lenders. Last one that did send the request is now refusing to pay "because I told you I had to have $200,000 and you came in at $195,000". From now on....only COD's. I have over $20,000 in accounts receivable which is beginning to upset me.

 

[Mike Simpson]

"I have over $20,000 in accounts receivable which is beginning to upset me."

I GUESS!

I posted a private message to someone else that I was beginning to notice A LOT of appraisers lamenting the same thing--non payment by lenders!

This dirty little trick was unleashed on appraisers during the last down cycle. The name of the game is...HOLD ONTO EVERYBODY ELSES MONEY AS LONG AS POSSIBLE DURING A DOWN CYCLE.

I'm currently owed nearly $5,000 from a client I'd once considered a friend. My patience is wearing extremely thin--I'm going to have to pull my pistols in the coming weeks, cause whistling Dixie isn't gettin me my money!

I'm out of the appraisal business when it comes to mortgage lending appraising. Request for Free Comp Searches, and not getting paid if I don't "Make Value," are two reasons I say, 'Morgage Lending Appraising Is A Deflationary Business!'

-Mike

 

[John Muller]

Now, it seems to me that:

1) "Comp Checks" do not conform to USPAP if you are determining a value or range of values; ITS AN APPRAISAL! In Indiana it is appropriate to at least drive by the home to do any appraisal or you are most likely not conforming to USPAP. Perhaps it would be a good idea to strike "Comp Checks" from the appraisal lexicon.

2) If you want to call it research, thats different. But, keep any value it in your hat. Mike is right.

3) I aways charge a fee for my work, unless its for my brother.