Appraiser Must Provide Specific Source. Avoid "Public Records....

[ZZGAMAZZ]

B4-1.3-07, "Data and Comparison Sources," Sales Comparison Approach, FNMAE Selling Guide, indicates that
"The appraiser must state the specific data source . . . and refrain from using broad categories, such as public records . . . "

Realist is the baseline source of what I previously referred to as "Public Records," which I changed to "Assessor" after becoming aware of the standard cited above.

But I recently realized that the "Property Details" data available via the CRMLS 'Parcel#" link isn't the Assessor profile, per se, as confirmed today by CRMLS Customer Support, which described the "Property Details" info as Assessor-based info that is guessied up with info from various other sources including CRMLS, etc..

Maybe 1/10000 possibiity that the info above means anything to anybody, but I shall revise my template to describe the source accordingly [just in case anybody comes gunning for me someday.] Regards.

 

[swandel1]

I have been slamming every appraisal that I review, that has "public records" as a verification source, for years. Unfortunately, I think we are the only 2 that actually care.

 

[Terrel L. Shields]

"The appraiser must state the specific data source

I have been slamming every appraisal that I review, that has "public records" a

Not a USPAP requirement. It's moronic secondary market manddate. More reasons that FNMA and FHA should be REQUIRED to demand no more than USPAP.

In my area public records are public records and every book and page can be verified. Every mortgage can be verified online. Every assessor will print the field card either on their site or a compiled site that they use. So, what is the difference in "Public Records" and "Mortgage and deed printout, and Assessor field card"? Every science paper that references a conversation will refer to 'personal communication' and MLS records with Realist is providing its "confirmation" internally. The requirement is the ultimate in the Department of Redundancy Department stupidity.

 

[swandel1]

You are correct on the USPAP aspect, but the reason FNMA, et al, require it is because too many appraisers just import what is on the MLS listing without verifying the sale price, sale date, and financing. I don't do many reviews anymore, but when I did there were always errors in sale price, transaction date, financing etc.. It is just plain sloppy work and USPAP violation as the data is not credible. And these guys bragging they do 10+ appraisals a week are definitely not verifying this info as well as the motivations, personal property included, etc.. They are all FOS.

 

[Fernando]

I never put "public records" as a source. That's too general to be a source.
If from Realist, than state Realist.
I believe lenders want at least two sources so I would put 2 to 3 sources from specific third party names.
If I use MLS, I state MLS and even its MLS number if I feel like it. Before I use to put the Doc # and realized my peers didn't do it. So I stopped.
Occasionally there's a discrepancy between MLS sales price and Assessors recorded sales price.
Assessors round up to the $500.
Of course, Nando uses the higher rounded number from the Assessor.

 

[gregb]

If I use MLS, I state MLS and even its MLS number if I feel like it. Before I use to put the Doc # and realized my peers didn't do it. So I stopped.
Occasionally there's a discrepancy between MLS sales price and Assessors recorded sales price.
Assessors round up to the $500.
Of course, Nando uses the higher rounded number from the Assessor.

You are too much.

MLS # is required
MLS sale price is more accurate, not the Assessor's rounded sale price
Documentary transfer number is required, its either in Realist or in the County Recorder website
Your contract analysis is deficient because it ignores the date the contract is ratified
Of course, Nando is lazy, cuts corners and has the worst ever AMC clients

 

[Fernando]

You are too much.

MLS # is required

Never heard of that requirement from client. Just stating which MLS board should be sufficient but Nando is thorough. Sometimes the comp could be listed in two MLS boards.

MLS sale price is more accurate, not the Assessor's rounded sale price

Assessor records are always the final recorded price to the public

Documentary transfer number is required, its either in Realist or in the County Recorder website

I use to put Doc #s but when the sale closed few days of effective date, it's not easy to get the doc number online. 3rd party sources usually have doc numbers few weeks after closing date.
So about five years ago, I stopped putting the Doc Numbers and no problem from reviewers.

Your contract analysis is deficient because it ignores the date the contract is ratified

If all my comps close within 30 days of ratified offer date, no need to consider contract date analysis. I don't know about y'all markets but in the good neighborhoods, demand is good.

Of course, Nando is lazy, cuts corners and has the worst ever AMC clients

Nando has figured out what is needed to satisfy his AMC clients. Everybody is happy.

 

[Tom D]

For the verification search: Realist & County deed recorder. I will say that FHA is the one that is super fussy about specifics about where you got your conformations.
Data source: Lenders seem to want the MLS numbers. Well they can look at the comps, if it a difficult appraisal.

 

[alebrewer]

In Texas, verifying the sales price with the agent who input the sales price is like asking a fisherman about the biggest fish he's caught. The only way to verify the info is to believe him.

 

[Terrel L. Shields]

Assessors round up to the $500.

The documentary stamps are based on the $500 or $1000 here. So, they are not the exact number, but our state requires the exact amount be attested to with the deed in a separate document attached to the deed and it gives the sale price down to the penny.