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1. Take a look at what the Taxable Value of the property is. Most metropolitan areas now have their taxable value assessments available online. It is public information. And advances in technology have enabled tax appraisers to achieve much more accurate valuations than ever before, especially in the major cities. You can check the taxable value of the property online when you review the loan application and you can even do this during the first contact with your loan client. To find the tax appraisal web site in any state or county click here Alternatives: 2. Try Zillow.com 3. Try the free Bank of America AVM for a value check. 4. Try the Yahoo AVM. Click here for a free value check. Below are links to tax information for our service areas. Click on the link. If given this option, select the Real Property category, not Business Property. Then search by property address or owner's name. San Antonio Tax Appraisal District Dallas Tax Appraisal Districts Fort Worth Tax Appraisal Districts
Why won't appraisers do a comp check for me? Appraisers are governed by the Uniform Standards of Professional Appraisal Practice, or USPAP. Among the many restrictions of USPAP is one that prohibits appraisers from accepting an assignment to appraise a property based on a predetermined value or range of value. So for example, if an appraiser does a comp check to find out if a home will appraise for at least a certain amount and it will, he or she cannot then accept the assignment to do the actual appraisal from you. In performing a comp check, he or she by definition has actually already performed a type of appraisal and must maintain complete records showing how and when they arrived at the figures they quoted you in the comp check. The logic of this USPAP rule is to prevent dishonest appraisers from being tempted to over-appraise properties, combat predatory lending practices, and prevent fraud in the market place. The other reason is one of economy. Appraisers are often asked to do as many as 10-20 comp checks a week and some much more than that. And since many comp checks will reveal that the requested value is not feasible, free comp checks can result in many lost hours of valuable work time. Appraisers understand why lenders want to check the value of a property before proceeding with the loan and are not insensitive to your needs, but legal issues and business practicality make free comp checks by an appraiser next to impossible. The recommendations above (especially the Zillow and Bank of America solution)s should provide you with the answers you need to feel comfortable in ordering an actual appraisal.
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