1004 MC Confession

[Pete Humphrey]

I have a confession to make, followed by a plea for help. I do not complete the 1004 MC blanks that ask for Active Listings for the prior periods. I have always put N/A and a statement in the comment section that this data is not available on my MLS. But honestly, I'm not sure that this is true.

The fact is, I don't know how to search for this data - there I said it and I feel better already. I'm not sure exactly what they are asking for. If a property was active and closed during the first 6 months of the last 12, do they want that data? If it was active, and then expired or cancelled, should that be included. The bottomline for me is - who cares anyway!? What does this data have to do with anything?!

Of course, I put how many actives/pendings are on the market as of now. I understand the need for this since it shows if there is an over or undersupply of inventory. And by the way, it's not for lack of trying that I don't know how to do this. I have tried several methods of searching on my MLS (Sandicor MLS fyi) and I don't seem to ever come up with a result that makes sense. For instance, when I use the listing date ranges and active/pending status for the first 6 months of the last 12 period, I get only 1 pending (and yet 20 closed escrow during that time - weren't they then also active during that time?) If I try other methods, I get some of the same listings from period to period - do I count them twice? Ugh, it's too confusing for my pea-sized brain.

So now that I've admitted my stupidity, would someone get back to me and try to nicely tell me how this is done? I know all MLS's are not created equal, but Sandicor has an awesome search menu, so if any of you SD's out there know how to do this I would appreciate it.

Thanks!

 

[Victoria]

As far as I know you can only search for active listings that are currently active, once their status is changed to anything but active you can't search for them. I fill out the 1004mc the same way you do.

 

[Jan Roseberry]

Might be able to help . . .

What software does your MLS's use? (examples are Rappatori, Paragon, etc)

 

[hastalavista]

So now that I've admitted my stupidity, would someone get back to me and try to nicely tell me how this is done?

Hey, Pete!

You've made no error (as I understand it). In fact, GSEs changed their original instructions on the 1004mc because they realized that many systems do not have the capability of disaggregating (you can blame Metamorphic for getting me to use that term!) the data and splitting out prior periods active listing totals as of a retrospective date.

Most of the MLS systems have a 1004mc component incorporated into the report options. You define the parameters and it provides the results. Double-check your system; you may have it and just not realize it!

 

[Happy Val]

Our RMLS sometimes will turn out the data if you put in the dates correctly,but sometimes I don't get any data. Depends on the area. Unfortunatly, it's not credible all the time. If you get credible data, it is good at defining trends and what sellers were asking now and compared to a year ago (median). I used to hate the form and did not see the value in it. But sometimes, it really is a usefull tool.

 

[Michigan CG]

I have a confession to make...........there I said it and I feel better already..........

Please do four Hail Mary's and recite the Rosary four times; perform three acts of compassion and do not miss mass for 30 days.

 

[MKBURNETT]

Do you have sandicor MLS? Go to http://www.sandicor.com/ then go to support button and go down to the paragraph for the 1004mc form. You have to now put in the 12 month date in listings and this now takes out the listings over 12 months which to me is just lying as some areas I work in have listings over 400 days. Then I still have to mention this and with the 12 month date they dissappear but fannie and frddie thinks this is better.
I think that is why we now have to put list date. Sandicor does work with their excel file really well. But it was constructed to serve fmae/freddie purpose. We still have to report the ones that disappear. I am lucky that corelogic took the time out to make the form for MLS but I see the whole form as another item they can data mine.

 

[DMZwerg]

As far as I know you can only search for active listings that are currently active, once their status is changed to anything but active you can't search for them. I fill out the 1004mc the same way you do.

Search for Expired listings that expired during the time frame(s).
Expired listings were once active listings.

 

[Tony V]

Search for Expired listings that expired during the time frame(s).
Expired listings were once active listings.

And withdrawns...under contracts and solds they were all listings during that time frame...

 

[George Hatch]

I'm seeing this but I'm not believing it.

I built an Excel-based worksheet for Tempo users (which includes San Diego's Sandicor MLS) that will accurately count every listing that was active as of the last day of each of the three intervals, per Fannie's recent instructions of the 1004mc a couple months back. Prior to Fannie's revision these worksheets would count every listing that was exposed at any time during the entire interval, as per Fannie's previous instructions, regardless of their current status as closed or expired or withdrawn or whatever.

And yes, it does all of this accurately. Leastwise, as accurately as the MLS data itself. If the MLS has the wrong dates or the wrong prices there's not much any 3rd party application can do about that.

I put these worksheets up on a shareware/freeware download site for appraisers to download and use for FREE. As in, at no cost to the user. It doesn't get any cheaper than that.

It takes about 1 minute to set up the search on your MLS, about 2 minutes to export that data in an Excel file and less than 1 minute to copy/paste it into the worksheet to get your results. My worksheet files even include a 1004mc form and the results of the worksheet get transferred right into the grid on the form so that if you use that form you won't even have to manually enter the info into the MC in your appraisal software.

It takes the average user about 3-4 passes through the export-copy-paste process to get the hang of it. Once you get the hang of it this process takes about 5 minutes at most. The initial one-time setup isn't time consuming, either. If you download and follow the illustrated instructional PDFs that I built - using actual screen shots from Tempo

That leaves the user with a lot more time to spend on the actual analysis, which is as it should be.


Don Maccholz built one that works the same way as mine and a couple vendors have copied them and sell variations of them along with some other features to make your job a little easier. Rapattoni adopted my worksheet and built it into their system as a report so their users don't even have to export and copy/paste. I think some Tempo-based systems like Sandicor have even preset an export option for Don's worksheet and they include a link to his download for their users.

None of the vendor versions are at all expensive for what they do.

With the availability of all these resources, a few of which are being provided to you for FREE, I don't think there's any reason for any Tempo user to be running multiple searches manually and omitting the prior actives.

To date, my worksheets have had about 15,000 downloads. That doesn't count all the file sharing between users (which I encourage) or the number of Rapattoni users who use it as part of their MLS subscription, or how many people are using Don's worksheets - I'll bet he has a lot more users than I do.

It's fast and it's easy and it's either free or cheap regardless of which one you choose. If you're afraid of using Excel you shouldn't be. The most difficult part of the process is knowing how to copy/paste a block of data from one Excel file to another. If you don't have Excel you can download Calc from OpenOffice.org - That's an "open source" spreadsheet software application that you can download and use for free, and which will also read and function with Excel files. That's free, too.

Here is a link to my catalog PDF, which in turn has links to each of the worksheets and files I'm currently sharing. They're free to anyone who wants to download and use them. I only ask that people not sell them.


http://www.box.net/shared/it1uf1n82v

This just one solution. If you want to look around there are others. As far as I know, they all work.