FREE COMP CHECKS/PENCIL SEARCHES

YOU ARE A MORTGAGE BROKER, LENDER OR LOAN OFFICER OR

YOU ARE A PROPERTY OWNER, REALTOR OR BUYER.

You only want to know whether or not it is worthwhile to order a full appraisal on a property and pay the fee. (See my Services/Fee Schedule page)

I UNDERSTAND AND SYMPATHIZE WITH YOUR DILEMMA!!

This page is to help you through the important decision making process you are now faced with.

The need has always been there; it is nothing new.

I WILL HELP YOU!!!!

Before proceeding to the links at the bottom of this page, if this is your first visit, please take a moment to read the following and understand the appraisers' dilemma. Otherwise, just skip to the bottom where it says "use the following links."

Appraisers' dilemma: While it may sound like a good idea for you to try to get the appraiser to do your work for you, 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, Appraisers operate under a set of laws called USPAP (Uniform Stanadards of Professional Appraisal Practice) which are part of state and federal regulation.

Without going into them too deeply, the relevant portions that involve comp checks are as follows;  ( I am paraphrasing to cut down on your reading time)

1.  We are forbidden to communicate a value without opening up a work file and properly researching the subject as well as the comparable sales. This can easily take up to half an hour on a simple assignment like a tract house or condo, particularly if we search through MLS. On 2 to 4 family income properties which are often valued by their income stream it sometimes takes a full inspection and writeup before we have any strong indication what this property should be valued at. The appraiser simply cannot survive economically without getting paid for his/her service, any more than you probably can. It is not fair to ask us to. USPAP interprets communicating a value to include a list of relevant sales (communication by direction) as well as even stating "No, this won't appraise that high!"

2. We are also forbidden to accept an assignment based upon a desired result.  ("I'll order the appraisal if the comps indicate you can hit this number!") See immediately following:

To solve the appraisers, dilemma and still fill your need I offer the solutions below. 

You are after a list of comparable sales which will tell you the "ball park" your valuation should fall into. In most cases the range of sales will indicate this.  It is usually dangerous to expect the property to come in at a figure that is above or below this range. If the appraisal is being used for loan purposes, the underwriter will usually "red flag" it if it is outside that range. 

This list of comparable sales is really what you are asking the appraiser to provide.  Now that you understand (from reading the above) why the appraiser should not do this (violation of USPAP), you are ready for the alternate solution following.

Click on the any of the links below and fill in the property address as best you can.  If it is a newly constructed one, you probably won't get a "hit", but neither can the appraiser. Once the subject comes up, immediately search for the comparable sales.  The different programs below are more effective in different parts of the country than others so you may have to try more than one. These programs all operate with software known as AVMs (automated valuation models) and are almost always based on tax roll data which is often less than reliable. This is why you shouldn't rely on any final valuation they give you  (such as the Zestimate from Zillow or ABC Value from Realestate ABC)). The key to your success will be based on pulling up the comparable sales. Remember to click on the comps and print them. The selling prices and dates sold are usually reliable. The maps that usually display showing the comps may even indicate whether the subject and comps are on waterfront (scenic view) and if you look at the aerial maps you can even pick up on swimming pools. Try to stay in the same neighborhood if looking up a single family detached home. You may even end up with comps you can provide the appraiser to be sure they are not missed in the report, so be sure and print out the data on them!

If you use these programs you can discover about 90% of the time where the range is that the property should fall into.  The most recent sales will be the most relevant as they reflect current market conditions best. If after using them you still aren't sure whether to go ahead and order the appraisal with Electronic Appraisals, call me as I may have a low cost product to offer which will not cost extra if you step up to the full appraisal. By doing this work yourself you will have a better understanding of what the appraiser is faced with in the initial stage of the assignment.

Use the following links.

Zillow Comps            RealEstateABC comps        Domania Comps

Yahoo search              eappraisal comps

 Tips in using the above links:

Enter the "th" or "st" after the street name if it is a number. ie; 1st Avenue

Try entering simply the zip code instead of City and State

With a condominium unit you may have to scroll through the choices that pop up.

GOOD LUCK ON YOUR SEARCH!  If you fail to get a hit, call me at (800) 742 2830 and i will try to help you further.  

 If you find these steps helpful, take a moment to bookmark this page.