"Can you check comps for me?

That's a common question that is asked of appraisers every day. Lenders and borrowers don't want to waste their time and money on loans that won't "Appraise Out". "Comp Searches", "Pencil Sketches", "Pre-Comps". etc. (pre-appraisal market value opinions) may also seem like good "Customer Service".

That may appear to be true on the front-end, but those "searches" back-up appraisal production on the back-end (causing delays in appraisal delivery) and generally it's expected that the appraiser will not be compensated for THEIR time!. Also . . Did you know that checking "comps" and providing an "estimate" of a home's value prior to receiving the appraisal order MAY put the appraiser in violation of the Uniform Standards of Professional Appraisal Practice (USPAP) and jeopardize their state license?

Let me draw a similar senerio to lenders.  I come to you as a potential customer and ask for a mortgage loan in the amout of lets say $150,000, but I have some stipulations.  I will not fill out an application, you cannot get a credit report, and you are not allowed to order an appraisal.......   Would you give me approval on the loan?........   Of course not, you do not have enough information.  Most appraisers feel the same way about "Comps Checks".

Draheim Appraisal Services prepares all appraisals in compliance with USPAPand OH or MI State Appraisal Licensing laws. This protects you, us, and the property owners. USPAP Advisory Opinion 19 provides some excellent examples and references on this and other "Unacceptable Appraisal Assignments" .

Yes, every profession has inexperienced or unethical members that are willing to do just about anything for a buck. The Ohio Department of Commerce,  Michigan State Board of Real Estate Appraisers, and professional organizations are doing what they can to crack down on illegal and unethical appraisal practices. Further, the Federal Reserve, FDIC, NCUA, and the Office of Thrift Supervision have recently (10/2003) explained their position on "Appraiser Independence".

Other recent articles regarding Comp Checks and Appraiser Coercion

Mortgage Fraud Blog - Central clearinghouse for information on recent mortgage fraud
schemes, indictments and prevention. 

At Draheim Appraisal Services, we ONLY accept assignments that we are qualified to perform and in locations that we are familiar with and have complete market data resources. We do NOT accept assignments "contingent" upon arriving at a particular value.

"So, what do I do NOW?"

To help you find out what homes are selling for in a particular market area and where your property might fit in that range of sales, Draheim Appraisal Services has a prepared collection of Comp Search Tools for your convenience. 

Some of the tools are FREE (public data) and may provide you with an overview of the market based on your search criteria. Although these models do not take the place of a professional appraisal, they may give you an idea of what similar properties are selling for in your market. 

Draheim Appraisal Services can provide extensive data search reports for sales in our market areas. The price for this service is $50.00 (Payment in Advance Required). This charge will be applied to the price of the full appraisal service, if ordered. This service is NOT an appraisal but will provide you with "Neighborhood" or "Market Area" sales data and statistics. Draheim Appraisal Services can tailor the search to meet YOUR criteria. The more specific your request the more reliable and pertinent the search results.