Reviewer said: "County’s Public Records" cannot be used as a verification source in the Prior Sale History....

[Terrel L. Shields]

Public records is not a verification source. It is a data source.

I would argue exactly the opposite. The public records are sworn to be true. Read the disclaimer when you file a paper or deed. The MLS is data too, but doesn't have to be true, so when I have the two sources which confirms that the transaction or whatever is "real" then if conflicted, the public record is legally reliable more so that the MLS which has a disclaimer it could be false. Below is the penalty for lying about your deed. There is no such penalty for a flawed MLS listing.

 

[CANative]

Prior sales of the comps are not required by USPAP. They are for Fannie and probably to protect them against property flipping and the reasonabless of the appraisers opinions.

Data aggregtor information (which is based on County data) is good enough to determine if there were prior sales or transfers within the last 12 months when the intended use is mortgage lending for those who want to seller their loans.

I certainly have not worried about this in like, well, forever.

 

[NachoPerito]

I would argue exactly the opposite. The public records are sworn to be true. Read the disclaimer when you file a paper or deed. The MLS is data too, but doesn't have to be true, so when I have the two sources which confirms that the transaction or whatever is "real" then if conflicted, the public record is legally reliable more so that the MLS which has a disclaimer it could be false. Below is the penalty for lying about your deed. There is no such penalty for a flawed MLS listing.
View attachment 47171

The client asked for the verification, not the data source

Fannie Mae released a statement on what is a data source and what is a verification source:

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Not found

selling-guide.fanniemae.com

 

[Terrel L. Shields]

Fannie Mae released a statement

Which makes it suspect to begin with...

Examples of data sources include, but are not limited to, a multiple listing service, deed records, tax records, realtors, builders, appraisers, appraiser’s files, and other third party sources and vendors. The appraiser must state the specific data source (such as tax records or deed records), and refrain from using broad categories, such as “public records.” Data source(s) must be reliable sources for the area where the subject property is located.​

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Examples of verification sources include, but are not limited to, the buyer, seller, listing agent, selling agent, and closing documents in certain situations. Regardless of the source(s) used, there must be sufficient data to understand the conditions of sale, existence of financing concessions, physical characteristics of the subject property, and whether it was an arms-length transaction.​

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It is acceptable to obtain comparable sales data from parties that have a financial interest in either the sale or financing of the subject property; however, the appraiser must verify the data with a party that does not have a financial interest in the subject transaction. For example, if the real estate agent of the subject property has provided comparable sales data, that information must be verified through another disinterested source.​

What other "disinterested" source exists except the deed and assessor record? Fannie wants you to find some neighbor? The title Company? Who? Who DOES NOT HAVE A FINANCIAL interest in the transaction? The buyer does. The seller does. The lender does. The agent and broker do. Fannie speaks out of both sides of its mouth. FHA

If the sale cannot be verified by a party to the transaction, the Appraiser may rely on public records or another verifiable impartial source.​

MLS records and property site visits alone are not acceptable verification sources.​

 

[Lee Lansford]

Reviewer said "County’s Public Records" cannot be used as a verification source in the Prior Sale History because this is considered too generic and must be more specific.

Has anyone experienced a similar revision request??!

What would be a more descriptive or more specific term for "County’s Public Records"?

Or is there another more reliable source for prior transfer history that i am not aware of?

Is this reviewer trying to create job security for him/her self, or am i being biased in my opinion?

You're being asked to be specific as to which particular office. In my local counties, such a verifying source would be "Recorder of Deeds" (which is the name of the office in each local county).

 

[Tim The Enchanter]

Source = Realist public records.

But hey, still can't fix stupid.

 

[CCAAMO]

Prior sales and transfers. So if its a non sale transfer, the assessor is you best bet. The reviewer is a moron. Either works for Clear Capital or Consolidated Analytics.

 

[MMing5000]

Which public records? Tax rolls? Map/parcel#? Reg of Deeds? Book and page? Those types of things would be more specific.

A decade ago when I was teaching the UAD class there was a section that said the "public records" was too generic, and a more specific response should be provided. Perhaps the reviewer attended such a class.

So, if the property being reviewd is located in Orange County in state of California, the term County's Public Records might be misleading because the Reviewer might be thinking it could be Public Reords from another county or from another state? I refuse to write a report for total idiots with no common sense

 

[Carnivore]

You're being asked to be specific as to which particular office. In my local counties, such a verifying source would be "Recorder of Deeds" (which is the name of the office in each local county).

Exactly ... I might add the Line is asking for "Data Sources" Sources is Plural not Singular Here is what I say: "Cnty GIS,Deed(s), MLS, Realist

Registrar of Deeds is Official. But they do get behind sometimes. So I bounce all the sources off each other.

Why is this so important. Well, simple. Myself and USPAP Compliant were involved(and other appraisers) in a Major Flipping Scheme Investigation. The end result was Perps went to Prison Including one Appraiser.

To Quote part of that Link From the Selling Guide

"Data and Verification Sources of Comparable Sales"
Data and verification source(s) for each comparable sale must be reported on the appraisal report form. Examples of data sources include, but are not limited to, a multiple listing service, deed records, tax records, realtors, builders, appraisers, appraiser’s files, and other third party sources and vendors. The appraiser must state the specific data source (such as tax records or deed records), and refrain from using broad categories, such as “public records.” Data source(s) must be reliable sources for the area where the subject property is located". " Examples of verification sources include, but are not limited to ...."

 

[Dale Floyd]

Honestly, this all falls down to the perspective. Nearly every appraiser would understand exactly what MMing5000 meant when looking at a report with the term "Public Records" as verification. Most analysts in our profession wouldn't have given a 2nd thought about the broadness of the term, because we view that term as specific in the context it was used. If the comparable is in a certain county, an appraiser automatically knows "Public Records" references that sale's specific county. An appraiser automatically knows "Public Records" is also specific to that sale alone involving recorded information no matter if it is tax assessment, deed recordation, etc. Appraisers do not generally view phrases or terms as being vague or ambiguous because we understand the context and intent.

Other non-appraiser personalities (or those who believe themselves a reviewer deity in this profession) might choose to view "Public Records" as an idiom and believe it to mean "Any Public Records" which may or may not be applicable to that sale at all. This mindset believes all phrases in an appraisal must be narrowed to a focused proper noun.

Seems quite often we have to explain things, that truly needs no clarification at all. Many moons ago, I was requested to use a more detailed explanation about the street type in a URAR I had completed. After a few questions back and forth, I finally changed "Gravel" to "Red Clay Chert" to satisfy the request. Red Clay Chert is certainly much more specific than Gravel, without question. But a couple of weeks later, I had to put an additional definition of the word "Chert" in the report because the lender's reviewer had never heard of it and thought I had made a spelling error of some kind. lol