I called a real estate firm and she was very rude when I asked her we needed a value check on a property and said it was against the law to ask such question, our company does this all the time b4 proceeding to order an appraisal or b4 summiting an application to the lender .. help .. is she right ??
Astrolion said:
Feb 01, 09 at 7:18 amI don’t know what your state laws say, but based on my knowledge (Michigan) A Realtor or real estate professional can give you a "market analysis", this of course you realize is not an appraisal.
And, I am sure that in no state is it "against the law" to ask a question ! It would be the answer that would violate the law.
It sounds like you were talking to an idiot !
daeve930 said:
Feb 04, 09 at 11:43 amNope, not against the law. In my real estate sales days we weren’t allowed to do them for someone their tax assessment.
wickedness_one said:
Feb 06, 09 at 2:01 amAn appraiser accepting an assignment based on a "pre-determined" value is against USPAP (Uniform Standards of Professional Appraisal Practice).
When an appraiser (educated in appraisal) researches a particular property & determines what comparables are appropriate for a value assignment, that is an appraisal assignment under USPAP. If the appraiser provides the search parameters for market data and provides a value–or range of values–or a range of "prices–the appraiser has conducted an appraisal.
Loan officers like to call them many different things such as: comp checks but appraisers call them what they are: appraisals. Appraisers that know USPAP & follow USPAP are very careful that they do not cross the "comp check" lines into actually providing an oral appraisal. So many of us just refuse to even start analizing the subject’s value or neighborhood until it is an actual ligitamate order from our "client".
The State of Ohio makes it illegal for anyone to pressure an appraiser regarding value.
WFR said:
Feb 06, 09 at 8:52 pmIt’s not illegal, appraisers just hate "Comp Checks." They are all running scared and afraid of their own shadows. Find an appraiser without an attitude problem, or better yet, get access to the MLS and a title company and do it yourself.