Appraisal Information
Van Winkle Residential Appraisals, LLC strictly adheres to the Uniform Standards of Appraisal Practice (USPAP).
Uniform Standards of Appraisal Practice are promulgated by the Appraisal Standards Board of the Appraisal Foundation. USPAP establishes requirements for appraisers, and sets forth the ethical and performance responsibilities of all appraisers.
Real estate appraisers are to promote and preserve the public trust inherent in appraisal practice by observing the highest standards of professional ethics in regard to competency, conduct, management, and confidentiality. Opinions of value are unbiased, with appraisers acting with objectivity and impartiality. The appraiser must remain independent, and cannot act as an advocate for another party.
Special Notice to Buyers
Appraisers are REALTORS®. The safety of all REALTORS® is a priority. Therefore, this information was deemed necessary to educate market participants about a growing safety concern for appraisers taking “comp photos.”
As part of the appraisal process, real property appraisers utilize and analyze comparable sales (often shortened to “comps”) that are as similar as possible to the subject property. Appraisers are often required by their client to photograph the front of each comp, typically from the street, and provide those photos within the appraisal report. Photographing comps is a normal (and often required) part of the appraisal process, and this practice has been taking place for decades.
When market participants buy a new or existing home, the home then becomes available to be used as a comparable sale within other appraisal reports performed by this appraiser or by any number of other appraisers. As a result of the comp photo requirement, new homeowners may see appraisers photograph the front of their new home as a comp, typically from the street. This is nothing to be alarmed about, as it is a normal procedure.
Should a comp photo be taken of a new home, it will be used within an appraisal report that will be kept confidential within the lending institution that ordered the appraisal. Comps photos are not made public by appraisers. It should be noted that appraisers may photograph comps for up to a year after closing, and possibly longer in some cases.
Special Notice to Those Selling a Home
As part of the appraisal process, real property appraisers may be asked by their clients to provide "comparable listings" within appraisal reports. If so, appraisers are required to photograph the front of each comparable listing, typically from the street, and provide those photos within the appraisal report. Photographing comparable listings is a normal part of the appraisal process, and this practice has been taking place for decades.
When market participants list their home for sale, the home becomes available to be used as a comparable listing within appraisal reports. As a result of the comparable listing photo requirement, homeowners may see appraisers photograph the front of their existing home as a comparable listing, typically from the street. This is nothing to be alarmed about, as it is a normal procedure.
Should a comparable listing photo be taken of an existing home, it will be used within an appraisal report that will be kept confidential within the lending institution that ordered the appraisal. Comparable listing photos are not made public by appraisers.