Help! How do appraisers get access to MLS data Or other listing, sale price, type of loan data

[Badlands]

I work in western SD in a number of areas, each of which is served by different MLS services or none at all. I rely in Zillow ( or similar online info) the county, and the old fashioned phone call when possible. Every time I restart my quest to sign up with MLS or seek MLS data I run into dead ends. I feel like I am not getting the kind of market analysis done that I need and I turn down some appraisals because of it. I often explain this in my conditions when I accept an appraisal . How do other appraisers deal with this?

 

[Dublin ohio]

Every time I restart my quest to sign up with MLS or seek MLS data I run into dead ends.

Not sure what you are exactly saying. What is keeping you from joining your local board for MLS access.

 

[Vermonter]

Think they're saying certain areas aren't serviced by an MLS at all. We used to have a few of those "dead areas" in between two MLS services, but now they've combined so have universal coverage.

Best bet is to make friends with brokers/agents in the areas you're missing as they can help with data or at least point you in the right direction. It's definitely not ideal and may take multiple steps, but there's almost always a way to get the data.

 

[Fernando]

You would think after being mentored and working with a supervisory appraiser in the area, trainee would know the basics of how to obtain MLS and other sources to do appraisals.
It is the fundamental procedure in getting good comps.

 

[Badlands]

Not sure what you are exactly saying. What is keeping you from joining your local board for MLS access.

I did finally get somewhere with that search. For the longest time I could not find contact info for the MLS organizations..I kept ending up with “ advertizing on their website” as my last option. It looks like I will need to join two or three separate MLS groups in order to serve my coverage area. Which is doable as long as I keep getting requests to work in those areas.
I am wondering what other appraisers do, how they fill out the market analysis portion of the 1004 when there are only a handful of sales. I end up doing a lot of explaining about buying and selling properties in rural areas.
Now, even in Pierre and the Black Hills it seems like when the demand is this strong there are a lot more FISBO sales, so even with MLS you only have part of the data. I would like to hear more about how appraisers deal with the market analysis portion of their reports, particularily in sparsely populated rural areas.

When a town has two or three sales a year.. you know when sale prices are higher than they were in the past but when actual good physical comparable sales are incredibly rare and sales are sparse it is pretty difficult to put your three comps from the last two years in the market analysis grid and explain the trend.

Then there is Wells Fargo with a request: “Do you have access to MLS in Dupree ?” Current data show Dupree as having 176 households, Total. Does anybody? I cant even get anyone in the county to answer the phone. The options are just hitting DELETE or wasting a bunch of time explaining the area.

 

[Overimprovement]

If agents are involved, you should be able to get access to the same data they have. If it just a cost issue, they all I can say is cost of business. I have routinely had to be a member of 2-3 MLS's at each of my stops. If no agents are involved (becoming more common), you are stuck with county records for sales. Issue with that it is nearly impossible to verify things like condition or even interior quality from those public records. Even confirming the sale is hard unless you get to the buyer or seller, and those phone numbers are not public.

I know how rural western SD is, outside of the Rapid City/Spearfish corridor of course. So for that, I wish you luck!

 

[Badlands]

You would think after being mentored and working with a supervisory appraiser in the area, trainee would know the basics of how to obtain MLS and other sources to do appraisals.
It is the fundamental procedure in getting good comps.

My training was centered around rural appraisals in communities with around 500 people, the process I learned was completely dependant on county records. Communities with active MLS service are about 100 miles from my office.

 

[Overimprovement]

I did finally get somewhere with that search. For the longest time I could not find contact info for the MLS organizations..I kept ending up with “ advertizing on their website” as my last option. It looks like I will need to join two or three separate MLS groups in order to serve my coverage area. Which is doable as long as I keep getting requests to work in those areas.
I am wondering what other appraisers do, how they fill out the market analysis portion of the 1004 when there are only a handful of sales. I end up doing a lot of explaining about buying and selling properties in rural areas.
Now, even in Pierre and the Black Hills it seems like when the demand is this strong there are a lot more FISBO sales, so even with MLS you only have part of the data. I would like to hear more about how appraisers deal with the market analysis portion of their reports, particularily in sparsely populated rural areas.

When a town has two or three sales a year.. you know when sale prices are higher than they were in the past but when actual good physical comparable sales are incredibly rare and sales are sparse it is pretty difficult to put your three comps from the last two years in the market analysis grid and explain the trend.

Then there is Wells Fargo with a request: “Do you have access to MLS in Dupree ?” Current data show Dupree as having 176 households, Total. Does anybody? I cant even get anyone in the county to answer the phone. The options are just hitting DELETE or wasting a bunch of time explaining the area.

Instead of trying to contact MLS's directly, find agents in those areas and just call them. Take them to lunch. They will be your best source of information. Often, even a FSBO sale will get entered into the MLS just for comp purposes. Depends on the MLS. For very rural areas, less likely. Next, visit the county assessor's office in each county, and talk directly to the assessor/auditor/whatever they are called there. Get the lay of the land for that county with them. They, too, are a wealth of information.

 

[Tim Hicks (Texas)]

If there is a real estate office in these towns stop by and ask them. Years ago we had areas where they kept their own MLS comp books in house.

 

[Terrel L. Shields]

It is the fundamental procedure in getting good comps.

You've never worked rural areas Fernando. SW Missouri used to be awful. You couldn't join with a RE agent's license. And, I belonged to one that allowed you access only to the solds. You couldn't even see the listings nor pendings in the MLS.