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? 

Brian J. Davis & Associates prepares all appraisals in compliance with USPAP and IL 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 Assignment Conditions" .   

AO-19 Unacceptable Assignment Conditions In Real Property Appraisal Assignments.pdf

Yes, every profession has inexperienced or unethical members that are willing to do just about anything for a buck.  Our IL Office of Banks and Real Estate (OBRE) and professional organizations are doing what they can to crack down on illegal and unethical appraisal practices.  You can find a list of Appraiser Disciplines on the OBRE website.  Further, the Federal Reserve, FDIC, NCUA, and the Office of Thrift Supervision have recently (10/2003) explained their position on "Appraiser Independence".

"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, Brian J. Davis and Associates 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.  DataQuick does NOT cover the McLean Co., IL area.  

Brian J. Davis & Associates can provide extensive data search reports for sales in McLean 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.  Brian J. Davis and Associates can tailor the search to meet YOUR criteria.   The more specific your request the more reliable and pertinent the search results.