Free Comp Checks?

"There is no such thing as  a free lunch."

Many in the appraisal industry believe that a comp check cannot be completed without being in violation of USPAP.  And there are those that consider it perfectly ok.  The fact of the matter is there are ways that an appraiser can complete a comp check and not be in violation.

We understand that you as a mortgage loan officer, generally work in many markets and it is impossible to know if the homeowner's estimate of market value is realistic or not.  We also understand that neither of us want to waste time on deals that just won't close.  And unfortunately, some loan officers abuse this to shop for the highest number.

Please know that as appraisal professionals, we are held to a higher standard than a real estate agent expressing an estimate of market value.  Any report we make, including a verbal report, has to meet or exceed USPAP standards.  So it's not just a "quick numbers lookup" for us.  We wish it was.

Due to the time and record keeping requirements, it is our corporate policy not to accept and provide verbal "comp checks."

We Offer Both Free Comp Checks and Comp Check Reports

While no appraiser can provide you with a definate market value prior to completeing an inspection of the property and completing a report, it is our policy to complete preliminary research (comp check) prior to calling to set the appointment.  That way we have a much better idea if the client's estimate of value is realistic or not.  If we see that the estimate is substancially off, we will place the order on hold, notify you and await your direction.

This is a free service that we provide with every appraisal order.

Without a firm appraisal request, we offer a "Comp Check Report."  This requires a written request and a fee of $25 which is credited towards the appraisal fee if ordered within 30 days.  We accept credit cards and PayPal for this service.

You may order online here, by email to RLC@RLCarmichael.com or fax a request to us at 757-465-5600.