Jim Bearden
Member
- Joined
- Feb 24, 2003
- Professional Status
- Certified General Appraiser
- State
- Colorado
If you send MLS info with no value is that wrong?
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What is a comp check?
- Thread starter Jim Bearden
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Walter Kirk
Senior Member
- Joined
- Jun 24, 2003
- Professional Status
- Licensed Appraiser
- State
- New Jersey
If you were a carpenter would you send a client your hammer for free?
If you were a Lawyer would you send your client law books for free?
If you were a mechanic would you send a client your wrench?
MLS data is one of the tools that an appraiser uses to do a job, not the finished product.
If you were a Lawyer would you send your client law books for free?
If you were a mechanic would you send a client your wrench?
MLS data is one of the tools that an appraiser uses to do a job, not the finished product.
There are a variety of defintions. On one end of the range, it could be an offer to hit a pre-determined value. On the other end of the range, it cold be a USPAP-compliant desktop or exterior inspection appraisal.
Smokey Bear
Elite Member
- Joined
- Dec 8, 2004
- Professional Status
- Certified Residential Appraiser
- State
- California
Who chooses what info to include? If you make any decisions on what to include and exclude, you've given a range of values, which is an appraisal.
Oregon Doug
Senior Member
- Joined
- Jan 15, 2002
- Professional Status
- General Public
- State
- Oregon
Ask your local MLS - usually that information is condidered confidential and they are very protective of it (why do you have a user id & a secret password).
Oregon Doug
jay trotta
Elite Member
- Joined
- Feb 8, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
Ditto, Smokey & Oregon
ifn you can obtain something in life for FREE....please let me know, bean lookin fer a long time (over 50 years) ain't found it yet.
there is always a Price to pay...hehe
ifn you can obtain something in life for FREE....please let me know, bean lookin fer a long time (over 50 years) ain't found it yet.
there is always a Price to pay...hehe
Lee Lansford
Elite Member
- Joined
- Mar 29, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
Joyce Potts
Elite Member
- Joined
- Feb 6, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Florida
I thought that horse died
Sheesh, just when I thought that poor horse was dead.
The pros will say - comp checks were a standard business practice prior to USPAP. Frankly, I see nothing wrong with them (see caveat below).
The cons will say - comp checks back an appraiser into a corner. If they blurt out an obvious range of value, their committed, regardless of what is revealed at the follow up inspection. (Those types are going to give a less than credible value opinion anyway, IMO.)
I would argue not so. I say level the playing field to make the appraisers competitive with the AVM's. Just because you set forth a preliminary appraisal based on comps and NEVER HAVING SEEN THE PROPERTY, that's no guarantee that will be value after it's inspected.
Why not add a provision to USPAP that states a verbal value is a preliminary value and has no enforceability or guarantee. Only a full written appraisal with an interior inspection can be fully relied on.
For the love of God, turn the tables on the lending industry for once and start thinking outside the box.
(Ok, Paminator, let me have it.)
Sheesh, just when I thought that poor horse was dead.
The pros will say - comp checks were a standard business practice prior to USPAP. Frankly, I see nothing wrong with them (see caveat below).
The cons will say - comp checks back an appraiser into a corner. If they blurt out an obvious range of value, their committed, regardless of what is revealed at the follow up inspection. (Those types are going to give a less than credible value opinion anyway, IMO.)
I would argue not so. I say level the playing field to make the appraisers competitive with the AVM's. Just because you set forth a preliminary appraisal based on comps and NEVER HAVING SEEN THE PROPERTY, that's no guarantee that will be value after it's inspected.
Why not add a provision to USPAP that states a verbal value is a preliminary value and has no enforceability or guarantee. Only a full written appraisal with an interior inspection can be fully relied on.
For the love of God, turn the tables on the lending industry for once and start thinking outside the box.
(Ok, Paminator, let me have it.)
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