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  #1  
Old 03-01-2009, 09:50 AM
tugdog tugdog is offline
 
Join Date: Dec 2007
State: New York
Professional Status: Certified Residential Appraiser
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Default 1004MC - Just wondering?

Anyone else notice similar situations?

1) Both local MLS systems do not break down data into anything smaller than Townships (around here they are large and varied).

2) Both MLS systems state data is not guaranteed reliable.

3) According to Handbook 4150.2 page D-29 under verification sources
" The MLS by itself is not considered a verification source."
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  #2  
Old 03-03-2009, 12:40 PM
supertens supertens is offline
 
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State: Mississippi
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Default

Quote:
Originally Posted by tugdog View Post
Anyone else notice similar situations?

1) Both local MLS systems do not break down data into anything smaller than Townships (around here they are large and varied).

2) Both MLS systems state data is not guaranteed reliable.

3) According to Handbook 4150.2 page D-29 under verification sources
" The MLS by itself is not considered a verification source."

For sure I'm on our local MLS committee we are meeting to see in we can get the software to answer the questions on the form in one search. The 1004mc I did this week took about 20 searches. I will let you guys know what we come up with.
  #3  
Old 03-03-2009, 01:25 PM
moh malekpour moh malekpour is offline
 
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Location: Southern California
State: California
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Default

Quote:
3) According to Handbook 4150.2 page D-29 under verification sources
" The MLS by itself is not considered a verification source
No data source by itself is considered a verification source. You have to have two or more data sources to verify each other. If one source says the property is 1000 SF and the other source says it is 1500 SF, then you have to find a third data source to verify one of those two or call the agent to verify one of the two.
  #4  
Old 03-03-2009, 03:16 PM
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Riick Riick is offline
 
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OP...... Two quick questions:

(a) If you're going to verify the data for the Township for the prior year or two, what will you be charging to complete this report?

(b) How are you going to meet a even a two week turntime, if you have to have ALL the Salespeople to get back to you and confirm detail on each and every sale?

Ooops.. 3rd question:
(c) Don't you think it might be better to select out of the group, the sales that are comparable to the subject, since that is what is being asked of you?
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  #5  
Old 03-03-2009, 08:07 PM
supertens supertens is offline
 
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State: Mississippi
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I have tried it both ways and got different answers each time. Its nice to use the statistics section to get median price and DOM but or system doesn't allow to choose which comps are comparable. I had to choose an area and then a price range. This search included sales that should not have been in the search.The search did give a good overview of the market. I made a statement as to how I arrived at the data and why it was different than the numbers on page 2 of the URAR. They took the answer because at this point they don't have a clue how to underwrite this form.

Riick do you have an opinion on DOM vs Marketing time?

Thanks

Todd
  #6  
Old 03-03-2009, 10:34 PM
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Elliott Elliott is online now
 
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Default

Most MLS's are 'majors' and they have adequate programming staff.
I know for my MLS (FlexMLS) there is discussion with them about
getting us appraisers the right data. I'm not above letting them know
that about 30% of their dues in my market come from too many
appraisers in my market. Its all a silly process, but if Fannie wants the
data, they'll get it, but they WILL pay for it, even if it doesn't mean much.
All bureacracys have to justify their existence.
  #7  
Old 03-04-2009, 01:15 AM
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Riick Riick is offline
 
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Todd
Suggest you do a search for "1004MC" in title and get a copy of George Hatch's Excel spreadsheet solution. "Works a treat"
Marketing Time is calculated for you, correctly, given MLS data is correct
.... along with everything else.

Once you download the data there's no reason you can't sort it 7 ways from Sunday and select comparable sales for your data.
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  #8  
Old 03-04-2009, 11:03 PM
supertens supertens is offline
 
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Riick, My point is an MLS system can't give you marketing time. It can only give exposure time. If you have 3 total sales in a subdivision two of which were listed in the construction phase and have a 350 & 400 DOM with the third at 150 and the broader market at 150 are you going to call Marketing time off of the DOM median of 350(like the form ask) or are you going to inject your judgement and call it 150. This form is designed to take our judgment out of the equation as I see it. The box checkers are not going to like the numbers not matching.
  #9  
Old 03-04-2009, 11:25 PM
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George Hatch George Hatch is offline
 
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You're reading way too much into the "marketing time" term as used by the MLS boards. It's the same as Days on Market (aka exposure time). It is not the appraisers' version of a forecast into the future. And yes, every MLS system I've seen so far absolutely can keep track of days on market.

If you're relying on only 3 or 5 or 7 datapoints the results are going to be meaningless anyway. Statisticians don't like datasets below 20. Besides, the term "comparable" is used differently in this form than on the URAR and includes a lot more properties than what an appraiser would consider to be comparable. If your market is so small that a potential buyer (not you) would only consider 3 other properties to be comparable then no analysis will be meaningful, including the one you do on the URAR.

A market overview is just that, an overview of the macro trends, not another application of the micro analysis such as what we do on the Sales Comparison grid.

Box checkers are primarily a problem for appraisers who can't/won't explain what they're doing. I don't fear the box checkers and neither should you.
  #10  
Old 03-04-2009, 11:51 PM
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Howard Klahr Howard Klahr is online now
 
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Quote:
Originally Posted by George Hatch
every MLS system I've seen so far absolutely can keep track of days on market.
George, George, George - No MLS appropriately tracks days on market, so long as agents are responsible for data input. When a home is listed for sale and the listing expires and is re-listed by another agent, days on market resets, yet that property was on the market longer than reported by the MLS system. Even when the same agent retains the listing, so long as the agent enters a new MLS number, the days on market count is re-set again. Presently, cumulative days on market is not a field available in any of the major MLS software providers.
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