More On Free Comp Checks

[Mike Kennedy]

Denis - I'm aware of what I posted....pls see the first post........


Of course in time, during ongoing investigations of major lenders and several major national broker firms, and AMCs, the lightbulb will finally go on and the charade will be ended.

the LIGHT BULB still hasnt gone on - yet. It will......eventually.



from POST 363 ABOVE........ THE REALITY OF "LEGAL COMP CHECK APPRAISALS">>>>>>>>>


"free comp checks are a necessary value added service to the general public. But, they must be USPAP compliant. Appraisers must realize a comp check is an oral report and as such IS covered by USPAP. We complete comp checks as "Restricted Use Oral Reports". Standard 2, page U-26 in the 2008 USPAP book clearly states the requirements for a restricted use report. We simply follow the rules, keep our files attached to a signed certification and we are off to the races! Most of the comp checks are a waste of time, but there are enough it makes it worth while. "

COULD THAT POSSIBLY MEAN ........ PAID ORDERS RESULT PART OF THE TIME ONLY AFTER COMPLETING COMPLIANT VERBAL OR RESTRICTED APPRAISALS?

 

[hastalavista]

Denis - I'm aware of what I posted....pls see the first post........


Of course in time, during ongoing investigations of major lenders and several major national broker firms, and AMCs, the lightbulb will finally go on and the charade will be ended.

the LIGHT BULB still hasnt gone on - yet. It will......eventually.

Oh, I just read your post (the one with the ABC appraisal script?).

I thought you were making a general USPAP argument... I didn't realize your comment was only intended to reflect the make-believe scenario. Sorry! :new_smile-l:

 

[Mike Kennedy]

Denis- pls see rest/revised post 371 above as well.


in addition ...........Webbed Feets' post 71 on here >>>


http://appraisersforum.com/showthread.php?p=1557541#post1557541

 

[JSmith43]

DEMANDING a prequal valuation in any form prior to ordering an appraisal in a format which is ACCEPTABLE to "do the deal"......... whether paid for or not - is Extortion.

Mike, I further nitpick your post....367?....

I haven't seen extortion defined that way before. It is generally defined in state statutes as getting something out of someone by threatening (future (contingent)) violence or perhaps wrongful government action against the individual so threatened, if they don't cough up the money, the service, etc.

So, I stand opposed, on the basis that the view you present that prior assignments prohibit future assignments, is an over-reach, IMO. At least, for now. Of course, future legislation may take away any fig leaf covering the fact that lending & appraising are in the process of being nationalized. Is that when the light bulb is supposed to go off?

 

[Mike Kennedy]

"Is that when the light bulb is supposed to go off?"

Hopefully at the same time yours does too.:icon_mrgreen:


http://appraisersforum.com/showthread.php?p=1557541#post1557541

 

[psmith2170]

What that means is: I receive enough second appraisal orders for a full interior/exterior inspection to make it worthwhile to offer free restricted use oral reports. A lot of the oral reports we do complete however clearly show the homeowners purchased the home for more than it is currently worth on the market. That is the value added service we offer the general public.

 

[uncle fish]

They're the biggest waste of time and they should be illegal. It's the same as biding for a job. They've called 10 appraisers to see who's coming up with the best numbers. I won't waste my time with them anymore.

 

[Mike Kennedy]

What that means is: I receive enough second appraisal orders for a full interior/exterior inspection to make it worthwhile to offer free restricted use oral reports.

To be clear.......pls do correct me if I've read the above incorrectly........

you ARE asserting above that you do free, oral "appraisals", to obtain paid orders for "full" appraisals for the same client, same mortgage loan application, collateralized by the same subject property. yes ??????

 

[Michigan CG]

.... make it worthwhile to offer free restricted use oral reports.....

Illegal in six states now...coming to a state near you soon.

 

[psmith2170]

Yes

To be clear.......pls do correct me if I've read the above incorrectly........

you ARE asserting above that you do free, oral "appraisals", to obtain paid orders for "full" appraisals for the same client, same mortgage loan application, collateralized by the same subject property. yes ??????

When we were still allowed; did you ever do a re-assignment??????