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Request for "comp check"

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leelansford

Thread Starter
Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I very SELDOM receive a request for a "comp check" and today received my first in a very long time!

The property was purchased for $375K in 11/2007 (it's in the MLS...no reason to suspect that the property was in poor condition and has since been renovated) and the MB is asking for a value of "$470K-plus". Yeah, right.

Is anyone familiar with Sage Credit (area code 866...I believe out of Irvine, CA)?

And, yes, I responded (e-mail) with my request to receive the assignment and terms are to be "cash-at-door". Let's see what develops.
 
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Rice Brewer

Member
Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
Sage Credit is, I believe, Dana Home Capital / Dana Capital Group re-born. Do what you want but I would run like the wind.

Honestly, I thought Sage went out of business?!?!?
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Lee,......You have offered the more-secure defense against such mis-interpreted requests....a simply statement about your receipt of advance payment at the time of property observation. Pre-payment is nearly as safe as garlic or a crucifix might be to repel a vampire.

But, you have not said here......how did you receive this request for a comp check ? Was it a phone call, a faxed message or an(other) email ? We only know that you replied via email. Are you not, however, still awaiting that other formal document which will show or express a request now for an "Appraisal" of that property ?

For if you get an order for an "appraisal"......then you are (IMHO) within the bounds of the standards to proceed and complete that very sort of product. It becomes moot that a "comp check" had been discussed before. The unbiased appraisal will become the end-product delivered.....as per such an order.

That's what is so confounding about those basic Calyx order forms which so many lender/brokers use. Right there at the top are the words "Appraisal Order".....so, that is what they get. Such words take all other elements of coercion and influence right off the table !......yet, pre-payment is still MY request which must be fulfilled. No pre-payment arrangement.....I decline the order.

Nonetheless.....a "Dana" affilaite, and Irvine, CA ?......really does say just about all that needs to be said, and done. Are we taking bets here ? I say, you will not get the formal order for an "appraisal" !
 

leelansford

Thread Starter
Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Not really expecting a response from Sage

I would--I hope you all know--be VERY surprised to receive an actual appraisal request.
The "comp check" (side-note: Why is it that 20+ years ago I NEVER heard these two words linked? Never mind...I know the answer) came via my listing in AppraiserUSA and was an e-mail request.

Quoting the MB regarding the property: "It was purchased from a close friend at well below market value." Yeah, after being listed at $389,900 in the MLS it sells for $375,000 with a marketing time of 168 days. I'm to believe that the then owner sold it to a "close friend"? As an honest MB once told me regarding MBs as a class: "Used car salesmen with better suits!"
 

Jim Onderisin

Senior Member
Joined
Sep 15, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
I've heard of Sage but have not done appraisals for them. I have done limited business with Dana Capital people. They took more hand-holding than others, but I held an ethical position and they paid in advance. No problem.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Quoting the MB regarding the property: "It was purchased from a close friend at well below market value." Yeah, after being listed at $389,900 in the MLS it sells for $375,000 with a marketing time of 168 days.


I am honestly amazed how LO's and HO's sometimes appear to think that we appraisers operate and appraise in a vacuum, oblivious to what has gone on before today in the market.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California


I am honestly amazed how LO's and HO's sometimes appear to think that we appraisers operate and appraise in a vacuum, oblivious to what has gone on before today in the market.

Too many appraisers are air heads.
 
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