Video: Comp Checks, Look-sees, Pencil Searches and other nonsense

I attended the Illinois Coalition of Appraisers (ICAP) update seminar in Springfield, IL yesterday. 

In attendance were such notables as, Debra Brown from the Anti-Fraud Division of Fannie Mae, Joan Trice from Appraisal Buzz and Brian Weaver, our new Illinois Director of Real Estate Appraisal.

Brian Weaver has been an active appraiser and it really shows in his animated depiction of the various "Comp Check" calls that residential appraisers field on a daily basis.

Click Here: Comp Checks - Values Made To Order

Ultimately, Brian concludes that "If the requester wants you to filter data for a specific property-type or address . . .then you've performed an appraisal!"  He also stressed the requirement to retain a workfile for all appraisals, including Comp Checks. 

Brian cautions, "Your worst guess at value . . .holds the same liability as your best full-inspection appraisal!"