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"Can you check comps for me?
I want to know if I should order an appraisal"
That's a common question that is asked of appraisers every day. Lenders and borrowers don't want to waste their time and money on loans that won't "Appraise Out". Comp Searches (pre-appraisal market value opinions) may also seem like good "Customer Service".
 That may appear to be true on the front-end, but those "searches" back-up appraisal production on the back-end (causing delays in appraisal delivery) and generally it's expected that the appraiser will not be compensated for THEIR time!. Also . . Did you know that checking "comps" and providing an "estimate" of a home's value prior to receiving the appraisal order MAY put the appraiser in violation of the Uniform Standards of Professional Appraisal Practice (USPAP) and jeopardize their state license?
Dexter Appraisal Services prepares all appraisals in compliance with USPAP and Indiana State Appraisal Licensing laws. This protects you, us, and the property owners. USPAP Advisory Opinion 19 provides some excellent examples and references on this and other "Unacceptable Appraisal Assingment Conditions".
"But ALL of my other appraisers do it!"
Yes, every profession has inexperienced or unethical members that are willing to do just about anything for a buck. Our Indiana Appraisal CertificationBoard and professional organizations are doing what they can to crack down on illegal and unethical appraisal practices. Further, the Federal Reserve, FDIC, NCUA, and the Office of Thrift Supervision have recently (10/2003) explained their position on "Appraiser Independence".
In 2004, The Illinois Department of Financial and Professional Regulation - Division of Banks and Real Estate, fined Choice One Mortgage, Inc., an Illinois residential mortgage licensee, $5000.00 for ordering appraisals from an Illinois licensed appraiser with a minimum value request. Appraisal orders would be cancelled, not paid for, or otherwise negatively treated when the appraiser did not provide the accepted minimum value. http://www.obre.state.il.us/RESFIN/Discipline/2004BRF-77-Order5067.pdf
Other recent articles regarding Comp Checks and Appraiser Coercion
Mortgage Fraud Blog - Central clearinghouse for information on recent mortgage fraud
schemes, indictments and prevention.
US Treasury Takes Steps To Lessen Coercion of Appraisers To Inflate Appraisals.doc
Part 1 - Appraisal Inflation.doc
Part 2 - Appraisal Inflation - Appraisal Laws Lack Teeth.doc
At Dexter Appraisal Services, we ONLY accept assignments that we are qualified to perform and in locations that we are familiar with and have complete market data resources. We do NOT accept assignments "contingent" upon arriving at a particular value.
"So, what do I do NOW?"
To help you find out what homes are selling for in a particular market area and where your property might fit in that range of sales, Dexter Appraisal Services has a prepared collection of resources and tools for your convenience. 
Some of the tools are FREE (public data) and may provide you with an overview of the market based on your search criteria. Others are low cost reports provided by DataQuick and the results are based on their proprietary models and the subject's location. Although these models do not take the place of a professional appraisal, they may give you an idea of what similar properties are selling for in your market.
Dexter Appraisal Services can provide extensive data search reports for sales in Tippecanoe County. The price for this service is $50.00 (in advance, please). This charge will be applied to the price of the full appraisal service, if ordered. This service is NOT an appraisal but will provide you with "Neighborhood" or "Market Area" sales data and statistics. Dexter Appraisal Services can tailor the search to meet YOUR criteria. The more specific your request the more reliable and pertinent the search results.
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