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More On Free Comp Checks

How often do you actually get an appraisal order if they want a free comp check first and you won&#3

  • Never

    Votes: 207 30.8%
  • Maybe 1 out of 100 calls like that

    Votes: 107 15.9%
  • About 1 out of 50 calls like that

    Votes: 94 14.0%
  • About 1 out of 10 calls like that

    Votes: 117 17.4%
  • About 1 out of 5 calls like that

    Votes: 94 14.0%
  • I ALWAYS talk them into the order without giving a value first

    Votes: 53 7.9%

  • Total voters
    671
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I know of an appraiser who was doing the same thing - merely reporting sales to his "buddy" LO all with the clear understanding it wasn't really an appraisal-they just want to know the properties "range of value." The LO used the comp searches to fund loans, without the appraisers knowledge. Several deals went south and the appraiser was named a party to a civil action. He never received a dime. It will cost him several thousand dollars to either defend himself or buy his way out the the action and may be subject to disciplinary action by the state regulatory agency.

thats why you cannot do a comp search

This post should be bumped and read, and re-read, daily.:) :icon_idea:
 
This post should be bumped and read, and re-read, daily.:) :icon_idea:

Sounds like BS to me that was passed on. How about naming the state and the appraiser so it can be Snopsed?
 
I was told the same story with slight variations by a reputable USPAP instructor. It was supposed to be in Colorado, and involving an FHA loan. No one from CO appears to be familiar with the case.

Gregory,

Any details you might be able to share?
 
I was told the same story with slight variations by a reputable USPAP instructor. It was supposed to be in Colorado, and involving an FHA loan. No one from CO appears to be familiar with the case.

Gregory,

Any details you might be able to share?

That version is unquestionably a whopper. It's hard to believe a certified USPAP instructor would fall for it.
 
Was just talking tennis the other day with a guy. Says he heard some guy named Roger Whatchamacallit that used to be an appraiser and now is on the mortgage side won Wimbledon a few years back.:new_smile-l:
 
Re; Single shot

I tell them I do free comp checks only for my best clients (6-8 orders a month). I then tell them how they can do thier own comp check and save themselves a lot of time. Check out zillow.com or call the county tax assesors office and add 35% to the assesed value. This has actually worked pretty well at this point as they have been faxing the order the next day.
I do not have time to waste on comp checks.
=======================
Good shot;
our TN assessor is probably off 20%,more or less. that is ,on the properties he/she has inspected

My dad. a pretty good shot, always would say before lighting bar-b=q;
one match, one fire.
 
I always give them the Assessor's number. I know that they don't call him because he hasn't asked me to quit giving them his number. :rof:
 
a page from your own rule book

USPAP is quoted below.

Research Illustration (AO-19)

The foregoing illustrations all include an appraisal assignment. In some situations, a client will request a service that is not an appraisal, appraisal review or appraisal consulting assignment as defined in USPAP. The service to be performed by the appraiser in the following illustration is:

* not an appraisal assignment (the appraiser does not develop a value opinion);

* not a real property appraisal consulting assignment (a value opinion is not a component of the analysis); and

* not a real property appraisal review (there is no appraisal to review).

The caller in this illustration is usually in the process of making a business decision and needs impartial and objective information but has not yet decided whether to pursue the matter at hand. The caller knows there is the potential for needing an appraisal, depending, in part, on what the sales data shows. The caller also believes that, if the data indicates that an appraisal is worthwhile, having that work completed by the appraiser in that subsequent assignment will lessen the time required to perform an appraisal. The prospective client may ask:

"We want you to check your data resources to see if there are sales within the past six months that are within one mile of [address]. If you find some, we may order an appraisal from you."

One possible response would be:

"If what you want is only the sales of properties shown in the databases available to me with the criteria you specified, I can do that research and send you the result. Then you can decide what you think your client’s property is worth. If I do only that, it is just research and is not an appraisal.

Please don't tell me it is illegal any more.
 
What they really say.

The problem with the USPAP illustration is that I have never (not even once) heard these words come out of a mortgage broker's mouth.

"We want you to check your data resources to see if there are sales within the past six months that are within one mile of [address]. If you find some, we may order an appraisal from you."

What they say is:

"We have a borrower who estimates that his house is worth $zzz. Can you run a comp check and see if it could come in... if it will we need to order an appraisal."


PLEASE DON'T TELL ME YOU THINK ACCOMODATING THIS REQUEST BY GIVING THEM PRE-DETERMINED VALUE IS LEGAL.
 
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