Comparison requests can only be supported in a very narrow fashion, which is explained below.

If you provide us with an address, we cannot provide a value or range or values, as we would be providing an oral report as defined by USPAP.  Providing an oral report without running the entire mandated appraisal process will cause the state to revoke our appraisal license!  This is why:  

USPAP  (UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE) is a Federal Guideline that the states enforce - the Ethics provision tells us:

An appraiser must not accept an assignment that includes the reporting of predetermined opinions and conclusions.

An appraiser must not communicate assignment results in a misleading or fraudulent manner. An appraiser must not use or communicate a misleading or fraudulent report or knowingly permit an employee or other person to communicate a misleading or fraudulent report.

USPAP goes on to say that a conversation where an appraiser or an appraiser's employee provides a value or range of values is an ORAL REPORT -- and if we have not done all of the required actions for a written report we have "communicated a misleading or fraudulent report"! This means we could lose our license and be sued in court!

So what can an appraiser legally do to help you find out if your loan package is going to work?

1) First, you can order the least expensive "drive-by" appraisal and have the home owner pay for it up front, if they are being honest this should not be a problem, and if they have inflated their property value you will know early in the process.  For a fee, the "drive-by" can be upgraded to a "full" report, if the underwriter requires ones.

2) Second, and less costly, you can ask our appraiser's for FACTS.  As long as the appraiser and the appraiser's employees do not know the property address and you ask for general facts -- we can help you!

For example:  123 Main St, is a 2,532 sq ft,  3 bedroom, 2.5 bath home in the Dry Creek Wash subdivision.  A factual request would sound like this:  

"Can you tell me what 2,400 to 2,600 sq ft, 3 bedroom, 2.5 bath homes in the Dry Creek Wash subdivision have sold for in the 6 months?"

We can answer this question with facts - which means this type of comp request in not an appraisal, as we formed no opinion and the facts can not be construed as misleading.

Need More information? Still have questions?  Contact US!