What is a market analysis? What is a comp check?
A market analysis is a report that gives the client a value range for similar homes in a given market at a given time. For example, the finished report will not have an appraised value like $175,000. Instead, it will have a value range, for example $160,000-$195,000. The client description on the condition, size, and other amenities of the subject property will determine where the home would fall in that range.
This is the legal way to perform what used to be called a comp check. Before the market crash in 2006, and new government regulations, comp checks were common. In the past, a lender would call an appraiser and ask "What will this house appraised for?" The appraiser would sometimes send back a range based on the neighborhood, also with assumptions about the subject property. It is perfectly legal for an appraiser to perform a comp check, or market analysis. It just needs to be treated like a normal appraisal order. Good Faith Appraisals offers market analysis for only $39. See the sample report below.
Please send me an email with these characteristics about your home:
(unless there is a recent MLS listing of the subject home)
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