I recently had a discussion with an appraiser, and I told her that I wanted to get an idea of what she was valuing properties at. I asked her to give me the property addresses of the last three appraisals that she done, and what she valued them at. And she told me that was illegal.
Is this true?
The appraisals ‘belong’ to whomever paid for them to be performed.
Keith
Appraisers have really taken a lot of heat in the last few years for over-valuing properties to support inflated mortgages. They are really taking extra care to properly evaluate comparative sales in the area, which is really the core of the definition of “value” anyway - what a willing buyer is willing to pay.
Knowing that, looking at comparable sales in your area is probably the best evaluation you’re going to get. And since banks usually won’t finance a sale if the sales price is significantly higher than the appraisal…and sellers usually won’t sell for less than this value… it ought to be fair and accurate.
Why bother with asking for appraised value? Appraised value is largely driven by comparable sales. So, why not ask for the actual sale price for properties comparable to your subject property. Any real estate agent can give you a comparative sales analysis.
They can face significantly penalties for even looking like they can will make an appraisal come in at a particular value. If you have MLS access, you can do your own. The mills lenders use for valuations rely heavily on comps.
Maybe it’s his job to protect the properties he has appraised.
It’s for confidentiality sake i guess. Maybe with his kind of work
no one should know the things the already appraised upon.
But for me there’s nothing wrong with it. What’s confidential
is the measurement you’ve used in order to rate a particular property.