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Ghastly property and the MC form

Discussion in 'Arkansas' started by Terrel L. Shields, May 4, 2009.

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  1. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    149
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    bank exec. secondary market, very nice house on 40 acres....overlooking a river...nice nice.

    My report ended up 34 pages long. I worked on that stupid MC form for 3 hours. ZERO sales in the "neighborhood" - closest comp was 11 miles. Makes the stats function a fool's errand.

    I am not comfortable not staying in the neighborhood for the MC 'stuff" but to get comps you gotta go to the larger market. Lu and I have a good 15 hours in this and 100 miles mileage...5 hours to cruise the comps. Really sux...

    Are there any easy appraisals left? The last 2ndary was garbage.

    Today I had an appraisal for a fellow who wants to buy a land tract from the owner who had carried the previous occupant and got the property back. And to boot his daughter already has her manf. home on the site and is paying rent for the land..So the knucklehead TURNS THE OWNER IN to the EPA over "toxins" which turns out to be MOLASSES in a barrel from Little Debbie's cookie plant...go figure. And he thinks doing that will make the guy come down on price...holy cow. The fellow is going to tell him to get lost and give the girl her notice to vacate the site...what a dummy.

    Next on the list is a great "repair list"....including "Hearty plank" :rof: FLOORING... No bids, just guesses.

    And now i have a flea market to appraise with new construction. What a hoot. call in the buzzards...call 'em in for me.
     
  2. Greg davenport

    Greg davenport Member

    0
    Mar 30, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arkansas
    I just love the 1004 MC. Its so easy to fill out, and only takes a minute.m2:

    Just finished one up in Greers Ferry.

    A lake property, sales from Greers Ferry, Drasco, Tannenbaum, Heber Springs, out on Old 25, and across Big Dike. (7 total) In other words, all around the lake. (except Eden Isle)

    So just what is the “neighborhood”? What is the market area? After all they did not buy the house because it was in Greers Ferry, the bought it because it was on Greers Ferry lake (with a white line).
    By market definition, the neighborhood is everything with a white line. No matter where it is.
     
  3. EDWARD BERRY

    EDWARD BERRY Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Methinks That If You Find Sales That Is A Neighborhood.
    Of Course The Lr Snoopers Might Not Like It.
    I Is An Appraiser And Would Just Like To Preform My Craft--not Fill Out Mc(monkey Crap) Forms.

    Weary And Wet-ed
     
  4. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    149
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Ed.. what kills me is that there is absolutely no way to figure out how many LISTINGS were say 6mo - 12 mo ago because you have to pull up withdrawn, expired, the solds from that period and do this manually. USing the spreadsheet function simply is not accurate. It is literally a hand count and hand input into the spreadsheet until you glean out the sales.

    Had a "Neighborhood" of s of 102, W of Osage Ck. N of 412, and E of hwy 59 - big area. No sales of acreage tracts with homes between 1100 - 1800 in 3 mo. So a big zero there...how worthless. As best I could tell, I had about 26 "comps" and some of those may be REOs because it is not always clear.. .The "corporate addendum" is a hint but not useful.
     
  5. EDWARD BERRY

    EDWARD BERRY Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    IT IS MY UNDERSTANDING THEY ARE SAVING THE DATA SO AS EACH MONTH GOES ALONG THAT IS MORE ACCURATE.
    YOU COULD HAVE EXPORTED THE DATA EACH MONTH STARING 6 MONTHS AGO IF YOU WERE A PURIST(NUTS)
    YOU CAN NOT DO WHAT YOU CANNOT DO-
    AS I STATED, I AM PULLING WHAT SHOWS UP IN MY INITIAL SEARCH-
    THE BEST INDICATION OF MARKET IS AFTER INPUTING ORIGINAL COMP AND LISTINGS SEARCH IS TO HIT "STATISTICS" . (AFTER REFINING THE RESULTS).
    THAT IS CLOSE Enough FOR ME TO GET A HANDLE ON.
    FOR THE MC AS SUGGESTED BY MLS, I DO NOT THINK AT PRESENT IT IS WORTH MUCH. (BUT REQUIRED)
    I JUST DID A SMALL HOUSE IN LOWELL AND THE MC RESULTS WERE NOT IMPRESSIVE.
    THE "STATISTICS" REPORT WAS HELPFUL. IT NOW HAS THE "MEDIAN" INFO WHICH TO ME IS BS--AVERAGE TO ME IS BETTER.
    WEARY AND WET-ED
     
  6. Greg davenport

    Greg davenport Member

    0
    Mar 30, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arkansas
    In the 1004MC class I took, the guy had a spread sheet that was written to do all the math for you.

    IF you can get the MLS to include all active, withdrawn, and expired for the 12 months, it will figure the data for you.

    If you want to, send my a copy of your data, and I will see if the program I have will figure the info for you.
     
  7. EDWARD BERRY

    EDWARD BERRY Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    According To Jeff At The Mls, The Actives At A Past Point In Time Do Not Show Up.
    Hopefully, They Are Now Saving Them.
    One Can Start Saving Them On Their Own By Exporting Each, Day , Week Or What Ever One Thinks Appropriate. Its Not Worth It In My Opinion--but I Know A Guy That Does, Puts Them In Access And Has His Own Mls--(big Hard Drive)
    Ed
     
  8. Metamorphic

    Metamorphic Senior Member
    Gold Supporting Member

    30
    Mar 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Then the only thing more foolish is fretting over it.

    Define the largest possible neighborhood and comparable specs that might possibly produce results that might be more informative than misleading. Tell the reader what you did, present the results, and then tell the reader they're crap because there's not enough data to support this type of analysis; then present your own market analysis.
     
  9. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    149
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Greg, if you ask for all the current between Oct. 1 - Dec 31 it will result in exactly the same number as asking for all the currents as of May 5....You have to pull up all the expired, the withdrawn, the current, the pending and the sold with a listing date of 12 mo ago. THEN each individually will have to be vetted by the listing date.

    Then you have to glean thru these sales to kick out the foreclosures. Then you have to determine the median of those sales and DOMs

    Maybe in CA, not in OK or AR....I just done one that we pulled every comp from TWO COUNTIES. But that is the MARKET AREA, not what Fannie asks for which is the NEIGHBORHOOD, A new 2900 SF house on 40 acres simply is not going to have many comps. And you end up with 0 2 0 or some such And DOMs might be 12 because it was only 1 sale. With our MLS, then "current" if not filtered as above will be 4 6 13...because those sales over 6 mo. have dropped off the MLS or been relisted by someone else. Few people have a listing for more than 6 mo, so typicaly the "DOM" is always less than 180 with the rarest exception.
     
  10. Greg davenport

    Greg davenport Member

    0
    Mar 30, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arkansas
    The way to spread sheet I have works, it use the DOM, if the mls has it, to figure all the dates out. CARMLS gives DOM for everything.

    Why? my understanding is for the neighborhood, they want ALL sales, not just what you think might be comps.
    Ain't it great working in the sticks. :rof:

    Here is something I have used already, and had no issue with.

    Try that and see what happens.
     
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