“Comp Checks & Value Checks” the legal way.

Comp Checks, Value Check, etc….

 There was a moment in the “Boom Time” that appraiser would often get calls from Mortgage Brokers for “Comp Checks” or Value Checks”.  Most of the time, this was a LO simply shopping for an appraiser that could “hit the number”.  The problem was that a Comp/Value check was an appraisal and we could be liable for it.

 Well a few years back I read an article about a guy that actually created a USPAP Compliant Value Check. What a great thing I thought. I got a hold of the guy, and he sent me all the information on how to do them legally.

 The other day I stopped in and talked to a Branch Manager at a Mortgage Office to offer my Pre-FHA Appraisal Inspection Service, and he asked me about Value Checks.

 Yes, WRES offers value checks.

 Why might you need one? In this current Real Estate Market, it is hard to know the value of something. A Value Check can provide a quick value to see if a refinance can work. Maybe you want to make an offer on a property, are concerned about the value.

 A USPAP Compliant Value check is a simply way to check a range of value. In no way will it replace what a Full Appraisal can provide.

 If you need a Value/Comp Check, please call Wallace Real Estate Services– Appraisals at 562-673-1138 or email us.

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