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2nd Data Source?

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Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
As appraisers we are required to use 2 data souces deemed reliable, USPAP and FNMA I think? Well in any event I have always used 2, MLS and, for the past couple of years, NDC. Well, our MLS here in San Diego has stoped generating their own public records data and are now providing a link, for members only, to a data source called Realist. Realist is searchable, provides plat maps, sales history, mortgage history, etc...! As a non-member of the MLS I would have to pay for a membership to Realist. My question is, is this considered a second data source?
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I guess it would depend on where realist get's it's info from and their stated liability, disclaimers, etc. For instance, I have a data source that copies my county assessor's tax card info and puts it on line. They are considered to be a reliable source.
 

Dick Hemry GAA

Sophomore Member
Joined
Jan 18, 2002
I can't imagine any residential appraiser NOT using/being a member of local MLS. Assuming the members correctly & honestly fill out their input sheets, the data is invaluable and supports the public records data which, unfortunately, is sometimes incorrect since is not updated continuously.

Appraisal fees more than offset the necessity of joining your local MLS as, say, an affiliate member, non-realtor dues.

Both sources are necessary whenever possible. Unfortunately, not always available.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I can't imagine any residential appraiser NOT using/being a member of local MLS

That assumes you have a local MLS, 1. Until 3-4 yr ago, our local board had no computerized records or sold books. Secondly, 1 board requires I join as a broker member w/ high fees but not allowed to upload to the system. # 2 board requires I be only an associate, much lower fee same access to the same joint system. X the state line, I can get sold book or computer access simply because I am an appraiser. Their system is all in house, no national pain in butt like Ambiance or Moore with convoluted software that works when it takes a notion and not when it doesn't want to. RISCO is the only national software system I have used that worked well & local board dumped that to join larger group of 3 boards to cut costs - too bad we could not have talked them into using RISCO but they were both much bigger boards. But with all that, about 20% of the area I cover has no MLS coverage, only a sprinkling of sales from either the NW Ark MLS or the NE Ok MLS. About 5 Realtors are unaffiliated and it is still the trip to their office every so often to double check their sales.

There are alternatives to MLS boards. Locally we can access county records, assessor records and both in OK and AR these systems have a search mechanism. X-referencing them w/ mortgage data (avail. in clerk's site, you could bypass the MLS entirely and go to the owner or banker. I find most bankers generally willing to share data about a dwelling as a sale by faxing URAR pg 1 and a sketch. They also usually know the motivations of the buyer / seller. Also, easier to catch up with than a Realtor who rarely sits in their office and even more rarely returns calls except if you are appraising one they want to close. That's the way we did it before the MLS came along.

ter
 
A

Anonymous

Guest
If public records are indeed public, go to the source. I believe that California tax assessments are done by the county. That means that you can go to the county building for information. Here in the Garden State all tax assessment is done on the municipal level and I must visit the assessors office in each of the over 50 towns that I work in. Realist and other providers have no reliable info in N.J.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
How I miss the Assesors office in the Town. OH! How I miss Town Halls for info. Those of U that have these Info area's HAVE NO IDEA how lucky U are. This County is 4,984 Square Miles +/- Only ONE place of records with 2 employees. ANYBODY "FEEL MY PAIN" I think JoAnn S. area is even worse.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Karl,

I used to feel your pain. Now that I appraise in a more urban/suburban setting all records are online and sales are redibly available. I do remeber appraising one county that had at the west end only 5 sales in two years.

Ryan
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Actually my area, now that I have my system set up with six years of records is fun. When I go to one of the courthouses to gather info I get caught up on the latest gossip in town, have fun being a detective, etc. When I think back to the days in a large metropolitan area with all the computerized data available--I kinda shudder at the thought of how uninformed I was about the subject, the neighborhood and the comparables. This being a private detective is much more fun!!!
 
Joined
Jan 16, 2002
We have Realist in this area, it's a good as the rest of them, half-assed
at best. We are constantly cross-checking with county clerk as many data entries in Realist are not correct. County clerk told us to "get rid of it" , but
there are no viable alternatives. There is also a long lag between sales closing and data being posted, county clerk blames this on attorneys and
title people (but who knows).
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
JoAnn, Some of the most fun is explaining the area to underwriter's back East. One actually wanted me to comment on the negative affects the prison has on the area. Can U imagine they think there are negative affects. The highest paying job in the county, & being able to be located so close to your relatives, & the status symbol of either having been in or having relatives in prison, where is the negatives.??
 
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