What an Appraiser is generally allowed to do under USPAP regarding value requests is to provide unfiltered raw data about a geographic location which is not specific to the home, it is considered a research illustration and is simply a list of sales which does not require the Appraiser to address the issue of compatibility to a particular property.
This type of service is not considered an appraisal because the appraiser provides no analysis, opinion or conclusion.
Because it is not an appraisal, there are no specific USPAP performance standards that apply. No value conclusion, not even a value range or relationship to a specific benchmark like a specific value is utilized, it is strictly geographic specific.
If anything other than that or more specific is determined by the Appraiser that has then gone beyond the scope of a research illustration and now has become an appraisal which also requires the Appraiser develop and maintain a work file for the specific property as they have done an appraisal.
There are many free sources on the internet where a lender or homeowner alike can do preliminary research regarding their home - the proposed loan amount the loan officer may be suggesting to see if the value falls within the range you as the owner or lender are looking for.
LISTED BELOW ARE A FEW LOCATIONS YOU CAN SEARCH FOR VALUES HOME SPECIFIC BY ADDRESS FREE....
http://www.realtor.com/
http://www.zillow.com/
http://realestate.yahoo.com/Homevalues
An appraisers primary function is to appraise property based on all available facts and information they can obtain prior to and at the time and after the inspection when the comparables are usually viewed and researched and then to complete a report which when completed draws to a value conclusion based on specific guidelines an appraiser must follow.
When the appraiser gets to an appraisal inspection they are usually armed with numerous possible comparable sales and comparable values which after the research, tax records searches, speaking with Realtors and viewing they then get narrowed to the specific 3 to 6 or more comparables best suited to the home being appraised. Only then and with the completion of a report where usually more than one value estimate is considered can the appraiser develop a final estimate and value conclusion.
A value conclusion prior to doing the report or at the time of inspection relayed to the owner or lender still constitutes an appraisal and as such requires the appraiser to still develop everything necessary to reach that conclusion as noted above.
An appraisal value can not be determined by simply walking thru the door of a home and an appraiser deciding at that point if the value is there or not it is research, data, field inspections and a completed report that gives you the actual estimate to the value on a home.
Asking an appraiser to stop the appraisal if they get to the home and decide it can not make any projected value is the same as an appraiser actually doing the entire report they still need to develop, document and do the same research to come to a value conclusion which is supported and which is considered an appraisal.
If you work with appraisers, you know how much technology has changed. What you might not realize is that there have been many developments in technology and e-commerce that have improved turnaround times on appraisal assignments. Here are some suggestions to help speed the Appraisal process.
- Are you ordering appraisals online? Order online. You get you get fast, secure .PDF format report delivery. It's the single biggest time saver available to all of us.! Besure to tell the borrower that we will be calling and returning our call as quickly as possible helps get the appraisal completed sooner.
- Are you providing complete and accurate information about the subject property? Being just one number off on the street address adds unnecessary delay to an appraisal assignment in phone calls and tax searches. If you have any other info like tax parcel number, subdivision name, cell phone contact numbers or anything else that uniquely identifies the property or gets us in touch with the Borrower quicker, please pass it along.
- Are you letting us know up front any details about the property that might make it unique? Tract- homes are relatively easy to appraise. What takes time is analyzing how unique features contribute or detract from what otherwise would be a property's market value. Let us know up front when you order your report if there are any features of the home or surrounding area we need to be aware of . These are things we'll find out on our own anyway, and knowing them as soon as possible makes your report arrive more quickly.
- Are you making the occupants of the home aware of what to expect? One of the most time consuming parts of the appraisal process is setting an appointment with the occupants of the home. Some homeowners are uncomfortable with the fact a stranger wants to come in their house and look around. Some think they don't have to be there for the appraisal and we are only driving by while the lender has ordered a full appraisal. Make them aware we will be taking photos of the exterior and interior. Give them an idea of the process so they are not surprised when we arrive. All of these things help cut down on time the appraiser spends making the appointment or explaining the process so they can work more quickly on the actual report.
Hearing from you, the person who they are working with on the loan and not some stranger can make the entire process easier. A little bit of knowledge about the appraisal process, who we are, can go a long way toward trimming the time it takes to inspect a home. Encourage them to call us if they want to familiarize themselves with our staff and services. And tell them it's in their interest to set the appointment as quickly as possible!
We work hard to make sure all Borrowers are called within a 24 hour period if not sooner. We always deliver reports within 48 hours of the inspection (unless unusual circumstances arise)
