1. Welcome to AppraisersForum.com, the premiere online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

1004MC MLS REO Data-Act Now!

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Doug Smith SRA, Feb 26, 2009.

Thread Status:
Not open for further replies.
  1. Doug Smith SRA

    Doug Smith SRA Member

    0
    Jan 16, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Montana
    Recently our local MLS (Paragon) added a required field "Short Sale" yes or no. This change has gone smoothly.

    I recently asked the local Board to consider adding another field: "REO/Foreclosure"

    I made the case that adding this field would help sales people locate properties for clients looking for this type of property but that appraisers would be content to see the information added post sale along with the usual closing info.

    In view of the April 1 date, appraisers might consider making the request of local board to add this field if it is not already in the system. I enclosed a copy of the 1004MC to back up my request. The state of REO properties is a large part of the 1004MC form.

    My local board accepts an e-mail request so I don't think it is very difficult to ask for a change.

    Good luck,


    Doug
     
  2. Lobo Fan

    Lobo Fan Elite Member

    0
    Nov 28, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    I made a request some time ago. I was told that many REO companies do not want their listings identified as REO, and could violate the listing agreement. Not sure how true this is, but it was the story I was told.
     
  3. VegasWayne

    VegasWayne Senior Member

    12
    Nov 15, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Nevada
    Las Vegas GLVAR has had this for a couple of years. Makes the analysis much easier.
     
  4. Pa'akai

    Pa'akai Junior Member

    0
    Jan 7, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    The Knoxville, TN board has had this for some time. It does help.
     
  5. Doug Smith SRA

    Doug Smith SRA Member

    0
    Jan 16, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Montana
    Lenders

    Thanks. I verified that some lenders do not want information in the addendum or the narrative portion of the listing that indicates the property is an REO property. They make that part of the contract.

    My contact ventured that the information request only applied to the narrative portion of the listing. I guess that part of the answer came with wink. His firm supported listing the the REO/Foreclosure information in the MLS info as flag, yes or no.

    Anyway I am scheduled to attend the MLS meeting on March 9.

    He made one comment that there was a big push to spread out the REO listings. Real estate firms are upset that some firms seem to dominate in most markets. Some are clamoring to get Fannie and Freddie to spread the work out. Interesting development to watch.

    Doug
     
  6. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Uh Lobo - I'm on the policy committee at the Board - never saw any such request - the policy member names are clearly available on the website! I'll bring that up at the next meeting, but try to make a bigger effort. Look on the website for the names and email addys.

    I'll bring this up again but it might help if you showed up at the Appraisal Council meetings more than once a year and added some input.
     
    Last edited: Feb 26, 2009
  7. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    467
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Our buzzword is "corporate addendums"...its a bank owned property. Usually in the remarks section.
     
  8. Doug Smith SRA

    Doug Smith SRA Member

    0
    Jan 16, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Montana
    MLS Accepts Proposal

    In a meeting held today in Missoula, the local MLS accepted the proposal to add a field for REO/Foreclosures in the closing information.

    There is an additional field for Short Sales.

    The real estate brokers in attendance agreed that the inclusion of the field would assist both appraisers and brokers and the proposal was readily accepted.

    A copy of the 1004MC was passed out at the meeting. The brokers were astonished at the detail in the Fannie Mae MCA 1004MC form.

    Doug
     
  9. The Argus

    The Argus Member

    0
    Feb 15, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    If I had a nicklel for every REO listing I've seen here in Colorado with the words "Corporate Owned" and "RELO" in it I would have a nice pile of nickels.

    A little misleading IMO.
     
Thread Status:
Not open for further replies.

Share This Page