1004 MC Confession

[VegasWayne]

If your MLS does not offer a solution, the way to find the answers is to get all of the listings fitting you search criteria regardless of status (sold, withdrawn, expired, active, whatever else they have) and import the data into a spreadsheet and let the computer sort them out. You need a spreadsheet application, several free ones are available, and to set up the MLS export function to give the needed fields. My MLS has a spreadsheet available for download and a template that fits its data requirements. It a a very basic spreadsheet that only gives the data for the fields at the top of the 1004MC. More advanced solutions are available that also give you graphs and charts and addition data about REO and concession trends.

 

[Lloyd Bonafide]

Pete -

You have to use either George's free software, or if you want to try something else that also works very well, (and which was also developed here in San Diego), try this one which only costs $10 per month, and is very easy to use:

https://www.1004-mc.com

You can also use this software to populate all of the lower part of the form on condo appraisals, to get the number of listings for the prior time periods.

 

[Tony V]

George Hatch's free excel program works well....several of the LIG appraisers have been using it since he had originally posted it. It covers all that is needed..after becoming familiar with it it takes about 5 min to properly do the form..

 

[George Hatch]

Make sure you guys download and use the current version. The prior version counted all the listings that were active at any point during those intervals, which is what Fannie originally asked for. The current version corresponds to their current instructions (as of 07/2010) to count the listings that were active as of the last day of those intervals.

 

[VegasWayne]

Just in case you don't own a copy of Microsoft Excel a free alternative is available here:
http://www.openoffice.org/
Open Office is a fairly complete office suite with word processing, spreadsheet and other applications and it works with George's spreadsheet.

 

[DMZwerg]

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

But to even do that the person using it has to know WHAT to search for, HOW to do the searches and then HOW to do the data dump. To me that was what the OP was not comprehending ... aka, it was unfathomable to him that information other than solds or currently active listings cold be searched. The basic "how" was missing in his mindset.

I don't fault anyone for having trouble understanding a concept, having seen too many people stumble over fractions, algebra, geometry and calculus, and I commend him for the courage to ask what many may see as a "dumb question". My mind is that no question is "dumb" if you honestly don't understand or know the answer.

So, the answer is to, besides searching and gathering data on sold and currently active/pending most MLS systems also allow a user to search for listings that expired and/or were withdrawn during a defined period. Some allow you to select each search in turn then send all the data into an online MLS function (CMA, etc) and generate a 1004mc directly and with others you may have to export the data to a spreadsheet like George mentions above.

 

[VegasWayne]

I took a class on the 1004MC shortly after it was required. Many in the class didn't know about the features of their MLS that are needed to do this analysis easily. They thought that the best way was to do separate searches for each time period for both sales and listings. They had never used the export function in the MLS that gives you a delimited text file. The course didn't go over the process of getting the data and how to use a spreadsheet to analyze it, instead it was about how to define your neighborhood and other principles of appraising. Many left the class without the ability to actually get the data and fill out the form.

The Tempo system in the OP's area is similar to the MarketLinx system I have. The procedure is to:
1) set up a template that has the fields needed for the analysis
2) do a search using defined neighborhood boundaries and the parameters you decide are necessary for what is a comparable.
3) set the status for all types (sold, active, withdrawn, expired, etc.)
4) from the results page export the data as a tab delimited file using the export data function
5) save the file in your workfile
6) run your spreadsheet program and open the template for the 1004MC that you got from George
7) import the file you saved from the MLS into the spreadsheet
8) save the results to your workfile

You are not alone in not knowing how to do this. Reviewers see the active listings field left blank or marked n/a all the time.

 

[OSU Beavers]

I have yet to see two 1004MC forms completed the same way, even by the same appraiser.

 

[sunster]

Make sure you guys download and use the current version. The prior version counted all the listings that were active at any point during those intervals, which is what Fannie originally asked for. The current version corresponds to their current instructions (as of 07/2010) to count the listings that were active as of the last day of those intervals.

George, I've been using your original version of the software all along and it works great, thanks.

Would you mind posting a link where I could find the current updated version? Thanks again.

 

[George Hatch]

George, I've been using your original version of the software all along and it works great, thanks.

Would you mind posting a link where I could find the current updated version? Thanks again.

Use the download link at the top of the page - I always keep the most recent versions at those links.