More On Free Comp Checks

[Kevin Mc]

This explains a lot.

Nothing you proposed is found in any of the reports I have done or the 20 or so appraisers I have mentored.

You beat me to it.

 

[Ken B]

I'm here working. lol. So I'll work on the disjointed. I agree with you. What I am hearing is some here disagree with it being ethical and moral, not business and compliant w/ USPAP.

"Comp check leads to immoral 1004". "Comp check for a 4 unit income property leads to end of appraisal business as we know it." Sttreching Make sure you dont get paid based on hitting a number. Into: The similar properties in the area are worth roughly 200-240k. Good, I only need 150 for my LTV Ill send the order right over. No cheating for value was done for a fee.

The biggest problem with the traditional "comp check", from a USPAP perspective, is that there is typically an "if, then" aspect to it.

"If you can get 200K, then I'll send you the appraisal request."

That violates USPAP because it creates a contingency and the occurance of a subsequent event dependant upon a known desired outcome.

To be USPAP compliant, the client would have to simply ask you to provide an estimate of value on the property. Only the client can know what is required to continue to the next step. The request for a comp check can not come with an "estimated value" or anything similar.

That's my opinion anyhow.

 

[Samshile]

You beat me to it.

NOw I know why O'bama uses a teleprompter.
So the huge analysis fest at the forum won't be side tracted.

 

[Kevin Mc]

LOL. I put that in there just so u would have something to work with.

Yeah, sure you did.

 

[Samshile]

The biggest problem with the traditional "comp check", from a USPAP perspective, is that there is typically an "if, then" aspect to it.

"If you can get 200K, then I'll send you the appraisal request."

That violates USPAP because it creates a contingency and the occurance of a subsequent event.

To be USPAP compliant, the client would have to simply ask you to provide an estimate of value on the property. Only the client can now what is required to continue to the next step. The request for a comp check cannot come with an "estimated value" or anything similar.

That's my opinion anyhow.

I have been pointing out other senarios. Comp checks without an "if, then" aspect to it.

 

[Samshile]

Yeah, sure you did.

lol. Bro, my ego is fine. Like I really need to add my qualifications so I'm valid.

 

[Kevin Mc]

lol. Bro, my ego is fine. Like I really need to add my qualifications so I'm valid.

I'm not your Bro. "Qualifications" doesn't change what you are.

 

[Hamlet]

The biggest problem with the traditional "comp check", from a USPAP perspective, is that there is typically an "if, then" aspect to it.

"If you can get 200K, then I'll send you the appraisal request."

That violates USPAP because it creates a contingency and the occurance of a subsequent event dependant upon a known desired outcome.

To be USPAP compliant, the client would have to simply ask you to provide an estimate of value on the property. Only the client can know what is required to continue to the next step. The request for a comp check can not come with an "estimated value" or anything similar.

That's my opinion anyhow.

Exactly, Mr. B. It isn't contingent unless the value requirements are known and accepted by the appraiser before accepting and completing the assignment.

 

[Samshile]

I'm not your Bro. "Qualifications" doesn't change what you are.

You do not understand. I'm soory im speaking above you. I didn't mean too. A little tight there Kev. You are my bro. I put love of mankind, my brothers and sisters in the appraisal culture before flexing my intellectual muscles for expedience.

 

[Offshore]

You do not understand. I'm soory im speaking above you. I didn't mean too. A little tight there Kev. You are my bro. I put love of mankind, my brothers and sisters in the appraisal culture before flexing my intellectual muscles for expedience.

From what I'm reading you're putting the borrower culture above the appraisal culture and those intellectual muscles could stand some roids, bro.