Appraiser Must Provide Specific Source. Avoid "Public Records....

[Gobears81]

This isn't as much of an issue on the residential side, but in IL, the transfer declarations are the best way to confirm what a property actually sold for. It will show the total price paid and a deduction for personal property. Some buyers play games with the PP allocations, and you might see the real property price at half of the total price, due to the inclusion of a few tables and chairs. The revenue stamps on deeds will reflect the real property price and the assessor's website will also usually only show the real property price, though some counties will list both prices. Some counties are trying to make it more difficult to view the PTax forms, with privacy concerns of the buyer/seller being the rationale, but some types of appraising (understandably) requires that we view these forms. Costar will often list the real property price recorded on the deed as the total price paid, and I'll occasionally see another appraiser use a sale that they had clearly just gone to the assessor's website to confirm the sale, as it doesn't reflect the total price.

 

[Vermonter]

"Data Source(s)" field- MLS number with DOM
"Verification Source(s)" field- Fill in the actual Parcel ID number and add "/Visual" or sometimes "/Appraiser" and add their details to the addendum. This is if I got comp details from a fellow appraiser. Rely on this mainly for ANSI GLA, basement layout and concessions.

 

[ZZGAMAZZ]

"Data Source(s)" field- MLS number with DOM
"Verification Source(s)" field- Fill in the actual Parcel ID number and add "/Visual" or sometimes "/Appraiser" and add their details to the addendum. This is if I got comp details from a fellow appraiser. Rely on this mainly for ANSI GLA, basement layout and concessions.

Flashbacks to APA style guidelines that required more attention to detail than the content itself, of research papers. Yuck [with a caveat that industry formatting does not pertain to Fernando...]

 

[Terrel L. Shields]

erifying the sales price with the agent who input the sales price is like asking a fisherman about the biggest fish he's caught.

Exactly why I kept a Missouri license only one year. Not worth begging the broker for details he put in his MLS sheet. And if not a broker in MO, they didn't want to talk to you at all. Homeowners would get irate if you asked them.

 

[chad hampton]

So we're saying that realtors put bad information in the MLS all the time? I would agree.

Yet we are asked to trust them to do quality work doing appraisal inspections?

 

[chad hampton]

When you call realtors for info, don’t the realtors tell you to go look in the MLS?

 

[ZZGAMAZZ]

When you call realtors for info, don’t the realtors tell you to go look in the MLS?

Only if I ask about info that I overlooked [unless you're going to the need to further confirm a sale, per requirements, of a MLS listing-- confirming confirmation of a source of confirmation by the author of the source!!!] Hmm maybe the appraisal process is imploding by the weight of inordinate governance that creates a stodgy target for automation..

 

[Fernando]

So we're saying that realtors put bad information in the MLS all the time? I would agree.

Yet we are asked to trust them to do quality work doing appraisal inspections?

Even 3rd sources from appraisers, I have to review especially the Q and C. What I would consider C4, another appraiser considers C3.
As long as we're consistent with the comps, we should be fine.
Fannie wants us to be absolute with the data but consistency (regardless of ANSI) in reviewing subject to comps is upmost in analyzing.

 

[Fee4me]

B4-1.3-07, "Data and Comparison Sources," Sales Comparison Approach, FNMAE Selling Guide, indicates that
"The appraiser must state the specific data source . . . and refrain from using broad categories, such as public records . . . "

Realist is the baseline source of what I previously referred to as "Public Records," which I changed to "Assessor" after becoming aware of the standard cited above.

But I recently realized that the "Property Details" data available via the CRMLS 'Parcel#" link isn't the Assessor profile, per se, as confirmed today by CRMLS Customer Support, which described the "Property Details" info as Assessor-based info that is guessied up with info from various other sources including CRMLS, etc..

Maybe 1/10000 possibiity that the info above means anything to anybody, but I shall revise my template to describe the source accordingly [just in case anybody comes gunning for me someday.] Regards.

I wouldn't cite Public Records if I were actually getting the data from a 3rd party, and I think this is exactly why they implemented this. However, I feel this requirement is somewhat ridiculous because "Public Records" means data from public records, e.g. recorded deeds, county appraiser's records, etc. I shouldn't have to state Volusia County Property Appraiser's Office and The Volusia County Clerk of Court, but I guess

 

[ZZGAMAZZ]

I wouldn't cite Public Records if I were actually getting the data from a 3rd party, and I think this is exactly why they implemented this. However, I feel this requirement is somewhat ridiculous because "Public Records" means data from public records, e.g. recorded deeds, county appraiser's records, etc. I shouldn't have to state Volusia County Property Appraiser's Office and The Volusia County Clerk of Court, but I guess

Kinda interesting IMO after being a college student on n off for 3 decades is that the concept of reference sources isn't discussed very often, although probably addressed throughout USPAP.