Anyone Else Fed Up With Realtor Based Multi-list?

[Meandering]

But really when you think about it....

So what if there is one or two in the MLS that you don't see if you're using the online services.

You're job is to estimate "typical", and one or two do not a "typical" make.

And if online advertising is the "typical" method of exposure to the open market,

Well heck, now I'm mad I just renewed my PAR for the year.

 

[JTip]

Per the PA Real Estate Appraisers Board.. "There is NO regulation that requires MLS access." I asked if public free information was acceptable if disclosed and her response was YES. I asked if I would be in violation if I relied on other sources and disclosed them in my report and she said NO.. So there it is.. In PA. it is not required to have MLS access. As for USPAP, full disclosure of where the data came from should be acceptable as well. That being said, I'm still not sure I am willing to take the risk of not having access to the local MLS.

May not be a 'state board' requirement but most, if not all, lenders/Fannie/Freddie/AMC require that the appraiser be a participating member of the local MLS (for geo-competency reasons).

My MLS covers one county and partial of two more. My 'area' is six counties, and those I do not have MLS. But being a member of those MLS services is not a prerequisite doing eminent domain work.
I do lending work in the area that my MLS covers part time.

 

[Meandering]

JTip,

Our boards have agreements. You should be able to see the stuff in our board, Cause I can see stuff from about 6 boards through one MLS and I think 3 others in the other MLS that got gobbled by Corelogic.

.

 

[Dublin ohio]

Although a free site sound attractive. What kind of search features does it have. Can you search using various parameters such as style, GLA, amenities, site size etc. If not it seems that it would take an inordinate amount of time to do a thorough search. What information does it provide. Does it show DOM, list price changes, type of financing. Does it provide expired listing information etc.etc. Would be a PIA to attempt to complete a 1004MC without active listings, expired listings, DOM. How would you provide a listing history of property unless the free site shows list price changes. Have used free sites to search for info on FSBO's. Have seen some free sites where they show that the property sold but no longer show details after a certain time period. Although the MLS I use is not perfect (mostly because of lazy agents). I have full access to all listing data. Find it invaluable in doing reviews since in goes back over 10 years

 

[Timeismoney72]

That's great, but,

How does that fit with the certifications on the Fannie Mae forms?

'Cause that right there is your specific issue, when the SOW requires use of the Fannie forms.

I don't know.. Almost all of the work I do is completed on Fannie forms and in UAD format these days. I still think that full disclosure in the report would cover it. Also, if the MLS# is available to the public and entered on the grid, I don't see how it would even be red flagged. I'm not trying to justify anything here.. I am still an associate member of my local MLS (I am a sole proprietor appraiser, no broker, no sales agent license).

 

[Meandering]

Although a free site sound attractive. What kind of search features does it have. Can you search using various parameters such as style, GLA, amenities, site size etc. If not it seems that it would take an inordinate amount of time to do a thorough search. What information does it provide.

It's not the same in small town, PA that is not very transient. Most towns, I just pull everything sold in a year and eyeball out what does not look similar to start with. After that, just read through them to throw out the odd balls, and what you have left is EVERYTHING you have to work with, without regard to size or age or lot size.

Small stable areas are just different.

 

[Meandering]

I don't know.. Almost all of the work I do is completed on Fannie forms and in UAD format these days. I still think that full disclosure in the report would cover it. Also, if the MLS# is available to the public and entered on the grid, I don't see how it would even be red flagged. I'm not trying to justify anything here.. I am still an associate member of my local MLS (I am a sole proprietor appraiser, no broker, no sales agent license).

Realtor.com gives you MLS numbers.

Every other one that you find online, you can call the agent and just ask them.

I get emails from people who saw a listing online to ask different questions about it all the time. It's a great lead source.

 

[Timeismoney72]

Although a free site sound attractive. What kind of search features does it have. Can you search using various parameters such as style, GLA, amenities, site size etc. If not it seems that it would take an inordinate amount of time to do a thorough search. What information does it provide. Does it show DOM, list price changes, type of financing. Does it provide expired listing information etc.etc. Would be a PIA to attempt to complete a 1004MC without active listings, expired listings, DOM. How would you provide a listing history of property unless the free site shows list price changes. Have used free sites to search for info on FSBO's. Have seen some free sites where they show that the property sold but no longer show details after a certain time period. Although the MLS I use is not perfect (mostly because of lazy agents). I have full access to all listing data. Find it invaluable in doing reviews since in goes back over 10 years

So far in my research over the past week or so, everything that can be done in the MLS can be done on one or more free sites. All of the same information is there, it appears as if the MLS data was copied. In some cases the photos even have the MLS symbol.. The 1004mc is a very good point.. I have not been able to duplicate the information from the MLS for this. I also do retrospective reviews so I will definitely need to look into this further. Thanks for your input..

 

[Timeismoney72]

It's not the same in small town, PA that is not very transient. Most towns, I just pull everything sold in a year and eyeball out what does not look similar to start with. After that, just read through them to throw out the odd balls, and what you have left is EVERYTHING you have to work with, without regard to size or age or lot size.

Small stable areas are just different.

Exactly what I was thinking.. Typically, I'm happy if I find one good comp.. Lol

 

[Timeismoney72]

Realtor.com gives you MLS numbers.

Every other one that you find online, you can call the agent and just ask them.

I get emails from people who saw a listing online to ask different questions about it all the time. It's a great lead source.

I wasn't sure of the rules on here with regards to mentioning sites but yes, realtor.com has excellent information. I've used it for years from my mobile to do radius searches at time of inspections to build up my comparable database.