We knew it was only a matter of time. At least it seems more honest than obtaining data through mining of reports. After all, everytime we tell a lender they have to wait over a week for an appraisal we are supporting their wishes for AVM's to take over.
Wonder how the big computer in the sky will figure out the real square footage for those brokers that put in 1300, 1500 or 1800 sq. feet. Or the ones who call a JUD Code sectional a modular. Some of the garbage going in is likely to mess up the analysis. Did an appraisal for a LO on their rec home up here the other day and she told me that most of the time, the values they get from the automated system just don't work.
Maybe our future is in going around measuring all of those houses and getting exact data for the brokers so they can get real data into MLS system.
BTW, I sit on the Board of Directors of our MLS system and they will not get a "yes" vote out of me to sell our data for this purpose.
The AVM's can have all the info they desire from the MLS as far as I'm concerned. In fact I hope they get ALL of their info from them. My local MLS is about as accurate as Enrons books. I hardly ever use it anymore.
Pam, .... any chance you meant to say "AMC's" buying MLS's in your posting title ? I remember getting a questionaire faxed to me around the start of this new year from one of my former AMC clients....before they made drastic changes in their operating procedures and dealings with appraisers. It was around that time too that I learned they had more nationwide Realtors on-call to render BPO's for them than they did nationwide appraisers in the registry. That's comforting. The questionaire was asking for their vendor appraisers to "share info" and "help them out" about any and all MLS sources the appraiser worked with to access data in the counties they served for appraial work. Asked for phone numbers and contact persons names. --- Then, in the weeks and months which followed they'll nit-pick your fee and always say, after you re-quote the same known fee amount, that "they have to run that by their client". They called me a week ago to consider a drive-by out in the hills and pines west of here. She knew nothing about the house ! In last seconds of the conversation I was able to find out the address, and wrote that down. Never did call me back. Database shows it as 460 sf mobile home with 1962 year date.....and it's currently listed for sale. It has about 1000sf of additional modular add-on or frame add-on in its MLS picture, but the county data does not acknowledge the house size other than the 460sf mobile ! Very likely NOT very visible from the road through the pines and being hilly-sloped and they want a "drive-by". I wonder who they lasso'd into taking that order for a peanuts fee ? !