mls DOM

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by eltaquito, Sep 22, 2009.

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  1. eltaquito

    eltaquito Sophomore Member

    0
    Aug 23, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Anyone else noticing the brokers are not properly reporting the DOM. Noticed that on on 2 appraisals I did last week. DOM and the days between the LD and CD are much more than the reported dom. Also noting many 0 for dom


    Eltaquito
     
  2. EDWARD BERRY

    EDWARD BERRY Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Most Mls Calculate Dom Internally, And Not Agent Input.(they Only Know Their Comish.
     
  3. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Good reason to run a Listing History on each comp, if that feature is available to you.
     
  4. bart nathan

    bart nathan Member

    1
    Jun 9, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I'm lucky if agents report concessions in my mls.
     
  5. CANative

    CANative Elite Member

    25
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Some mls systems compute dom from LD to Contract Date and some compute the days from LD to Closing Date. If you aren't on the ball on the latter and it takes 3 months to close then the exposure time estimate will always be in error. It can be irritating having to manually calculate exposure time on all the sales and it really makes statistical analysis screwy.

    Other really make the water murking by making a distinction between Contract dates where there are contingencies and when the contingencies are finally resolved the the sale has actually closed and recorded.

    And then there are those areas where all of the agents are jack-0ffs and churn listings (relist the property over and over to make the days on market seem shorter). :-(
     
  6. Marion Rhodes

    Marion Rhodes Elite Member

    7
    Feb 26, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    0 Days on market, means it was removed from active status on the same day it was listed. Happens here, Realtors get listing, hold on to listing until they have a buyer in hand, then list the property in the MLS in the morning, pull it off as pending in the afternoon. That way they get the home run of selling & buying sides of the transactions without other Realtors interfering, and they get the points they need for their brokers license by having more listings and sales.

    There is a builder here with an in-pocket brooker. They take custom home orders, start construction, just before construction is complete they list it in the MLS and mysteriously it sells the same or following day for full list price.

    Lots more games can be found now that the real sales have thinned out.
     
  7. Metamorphic

    Metamorphic Senior Member

    9
    Mar 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I haven't found DOM data to be very relevant.

    When you look at all the very real, legitimate, but un predictable or unknowable variables that can significantly affect DOM, then layer on top of that all the games that get played with DOM, it seems like its little more than a happy accident when DOM tells you anything about the market or a given property.
     
  8. Tom Woolford

    Tom Woolford Elite Member

    4
    Nov 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I've noticed several sales that sold the day after they were "listed". I Ignore them. It just does not happen like that in this market. Someone is playing games.
     
  9. Vegan702

    Vegan702 Senior Member

    0
    Feb 24, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    We have DOM and CDOM in our MLS system, CDOM being the total number of days, even if relisted over and over. I use CDOM for almost everything.
     
  10. Metamorphic

    Metamorphic Senior Member

    9
    Mar 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    That's the way I bought my current house. My wife had been looking at houses for a couple months with an agent while I was at work. The agent ended up listing this house, and took my wife through it same day since she knew it was what we were looking for. Done deal.
     
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