It is unethical and not honestly possible for an appraiser to declare a value opinion prior to the completion of the appraisal process, and it violates USPAP: the Uniform Standards of Professional Appraisal Practice.
The information presented in a 'Comp Check' is not intended to be be an appraisal or statement/declaration of a value opinion or likely value of any given property. It is intended to be a presentation of sold property values of similar properties to the subject property and is provided so that a potential client can make an informed decision as to whether ordering an appraisal may be worth while. The selection of the 20 properties in the automated report will be selected by a third party data provider and not by Cwift Appraisal. Cwift Appraisal provides this data as is and without any assumption, assertion, or suggestion that the properties provided are relevant to the value of the property that is the subject of the report.
An appraisal of the same property identified in a 'Comp Check' may result in a significantly different value than peer properties and use completely different comparable properties than what is suggested by the data in a Comp Check. There are many factors that are considered in developing an opinion of value including quality, condition, desirable views, or undesirable nuisances in the neighborhood, such as nearby trains - none of which are directly considered in a Comp Check. Neither are recent property updates or the addition of features such as swimming pools. |
