1004MC Question

[residentialguy]

Even the MLS software that does provide the 3-6 and 6-12 will not go beyond 12 months prior for active, pending, etc retrospectively.

I know. That's one of the reasons why retros cost more.

 

[Meandering]

You download it and let excel pick out what was active, and then you have to go check the listing history to see what the list price was on the day in question.

Not all MLS systems have this available and not all MLS systems provide the list price as of a specific day.

Some MLS systems don't even say when something expired, you have to calculate it from the list date and days on the market.

.

 

[residentialguy]

There are 1004MC programs from expensive to free.

 

[Meandering]

Maybe,

But they have to work with your MLS system to get the historic list prices.

 

[Lee Lansford]

...


It sounds like most of you filter out the results manually for the most similar (which is what I am doing).
...

If I conclude that market substitutes (aka, 'comparable properties', 'comps') for the subject are dwellings of 2-story design, 4-bedroom utility, having a basement, and exhibiting other reasonable similarities to the subject, it is these criteria which I use for the 1004MC search.

Does the MLS that you are using have a search function for the 1004MC? If yes, this shouldn't be all that difficult of a task.

 

[WorkingTogether]

If that's the case and can't get the current market activity on a prior day, I hope they turn down retro appraisals[/QUO

Please explain, as the sale prices from that market period are in concrete.

 

[WorkingTogether]

If I conclude that market substitutes (aka, 'comparable properties', 'comps') for the subject are dwellings of 2-story design, 4-bedroom utility, having a basement, and exhibiting other reasonable similarities to the subject, it is these criteria which I use for the 1004MC search.

Does the MLS that you are using have a search function for the 1004MC? If yes, this shouldn't be all that difficult of a task.

If anyone has discussions with "UW's" from AMCs, one will quickly learn that the reason that the numbers at the top of page 2 are to match the numbers on the 1004MC is because the "UW's" do not understand "shopping" in real estate and think that when a prospective buyer tells an agent when the buyer wants, the agent literally produces that "want" just as if you ordered a hamburger with mustard and ketchup and no cheese. Therefore, no eliminate discussions with the "UW's," unless the home is exactly like the subject, it is not considered comparable or competitive because they do not include ranges of features and pricing.

 

[Craig in Oregon]

Pretty much bingo, working together. And in the same way why, when appraiser is asked for a better comp, the best are (most likely) already in the report because sold homes highly similar to subject and in recent time frame cannot be ordered up on demand like hamburgers.

My basis for not considering expireds, cancelleds and withdrawns in the prior 3 to 12 month back period UNLESS an individual property or properties is pertinent to the subject at hand. Then it will likely show up in the report in some fashion and possibly even count in the 1004MC such as

(assume a model match across the street)

List 04-12-12, expired 10-12-12, relist 11-01-12, withdrawn 12-20-12, sold by owner for x $ to a party excluded from the listing, closed on 01-15-13; verification source, broker whose listing it was at the time withdrawn and deed records

The universe boiled down to the world view of Fannie and Freddie, all roads lead to Orange County.

 

[residentialguy]

If that's the case and can't get the current market activity on a prior day, I hope they turn down retro appraisals[/QUO

Please explain, as the sale prices from that market period are in concrete.

Supply & demand. How do you know the supply at a prior date and what was driving the prices if you can't find what was active?

 

[residentialguy]

My basis for not considering expireds, cancelleds and withdrawns in the prior 3 to 12 month back period UNLESS an individual property or properties is pertinent to the subject at hand. Then it will likely show up in the report in some fashion and possibly even count in the 1004MC such as
(assume a model match across the street) List 04-12-12, expired 10-12-12, relist 11-01-12, withdrawn 12-20-12, sold by owner for x $ to a party excluded from the listing, closed on 01-15-13; verification source, broker whose listing it was at the time withdrawn and deed records.

I'm not sure what you are saying here. The expiration means nothing after it expired, but while it was active, it is to be considered. You consider anything that was active at the time. That's your supply. Were there houses available on the market. Was there an over-supply? This is pertinent information.