What is a comp check? Here is the edited version of Wikipedia's definition:
- "A term used by mortgage professionals to request a real estate appraiser to run comparable sales in order to determine the value of a property before the appraiser is actually hired to complete the assignment."
Why don't we do them?
- This practice can be negative to the appraisal profession and it is illegal under the Uniform Standards of Professional Appraisal Practice (USPAP).
- Licensed real estate appraisers are bound by a set of laws called the Uniform Standards of Professional Appraisal Practice (USPAP), written by the Appraisal Foundation. The Appraisal Foundation's ADVISORY OPINION 19 (AO-19) makes clear the following:
- An appraiser must perform assignments ethically and competently, in accordance with USPAP and any supplemental standards applicable to the assignment. An appraiser must not engage in criminal conduct. An appraiser must perform assignments with impartiality, objectivity and independence and without accommodation of personal interest.
One way to get a free comp check is to use one of the many internet services that somehow provide a rough idea of what a property might be worth. But use at your own risk and remember you get what you pay for.
For more information, contact Left Coast Appraisers:
Phone: 323-663-0609
Fax: 323-663-0632
