Best data sources

[Joe Birrell (NY)]

Ditto what George Hatch said. Basically there is no such thing as a good data source (it's an oxymoron), except your own subject properties. As bad as it is, MLS is still relatively "good". Comps, Inc. and others like them are useless. We don't have beniefit of accuracy at county clerks office or assessors office like many other areas do, data cards are "blank" showing only address, sales price, lot size, and GLA (GLAs are notoriously inaccurate). It's a mess. Good luck in your search.

 

[Michael Reilly]

Thanks Joe, but lets talk about what the out of state banks use to check all of the reports we submit, the MLS data, comps inc, geo comps, nassau/suffolk profiles, red book (all local data) win2data (national) ect... I have them all. Does anyone know of other national data source besides win2data. The banks are not subscribing to all these local sources. Or are they?

Regards
Mike in NY

 

[Jo Ann Meyer Stratton]

There is not any "good" data sources out there! Two verification sources are required, one public (MLS, county records, reporting services, etc, etc, etc) and one with someone involved with the transaction--that means talking on the phone or in person like the buying or selling realtor (they leave out a lot out of their info in the MLS data) or the buyer or seller or the appraiser or the neighbor or the relative or the home inspector or a tour of the home when it was for sale yourself that has been inside the comparable near the time it sold. That is your dependable second source--a live body. When the lender across the country calls to question your info, be able to defend yourself. You can't if you have only depended on third parties. And Tom H., I normally agree with you but I will have to disagree here. Whether you are doing a full narrative that takes weeks or a URAR or a 2055 interior or a 2055 exterior only, you still need to verify with a live body as well as with a reporting service. So back to the two sources--one printed and one live!

 

[Joe Birrell (NY)]

Thanks Joe, but lets talk about what the out of state banks use to check all of the reports we submit, the MLS data, comps inc, geo comps, nassau/suffolk profiles, red book (all local data) win2data (national) ect... I have them all. Does anyone know of other national data source besides win2data. The banks are not subscribing to all these local sources. Or are they?

Regards
Mike in NY

Mike:

I don't think they subsribe to local data sources, but I have had them question me on comps that are very recent (closed same month report is being done) taken from MLS. Problem is they are playing cyber-detective and can't find comp in their data source because of time lags.


Regards,
Joe in NY

 

[Tom Hildebrandt]

Jo Ann

Thanks for your comments. You are right, we usually see eye to eye on most topics.

My point is that the requirement in USPAP for any data collection, verification and the analysis of the data is determined by the scope of work.

USPAP 2002 line 637-639 says " collect, verify, and analyze all information applicable to the appraisal problem, given the scope of work identified" in the specific assignment. We know that the scope is determined by the client, any intended users, the intended use of the work product and the purpose for which the work product is requested. The scope of work is measured "by the expectations of market participants for the same or similar appraisal assignments; and what the appraiser's peers actions would be in the same or similar assignments." USPAP 2002 lines 594 - 598).

So, if you are doing lending work, and the accepted guidelines are lending, typically you would have two sources. But those guidelines are not the same for other types of work. Hence the example I used in the prior post.

Another example, if I am asked to provide a statistical analysis of a certain population of data, using say 600 sales in a region of my home town, to determine if property values of a particular category (or style) of homes were increasing or not, I would probably select MLS data as represented by the brokers electronically. I would not verify each sale independently, nor would I expect any of my peers to verify each sale if he developed such a model. If another appraiser was selected to do the same assignment, and he selected 6 sales based on his judgment to represent the sample market, I would expect pertinent information for each sale to be verified. If I were doing the same work for litigation, I would double check the MLS with tax data and any other available source I could get.

I do not disagree with your basic premise that for the typical residential lending work two sources are usually adequate; typically my market uses MLS and county records as the two sources. I am not certain personal verification is required. In my market, personal contact is only accomplished if the verification develops contradiction or other issues are present. Then additional investigative work is done or the sale is rejected as not being reliable.

Thanks again for your comments

Tom Hildebrandt GAA

 

[Dale Smalley]

Windata is the only national data source we have. As bad as it is thats the best out there. I believe someone here posted the info for searchsystems.net which has links to many govt assessors sites.. Some are very good wih comps, gis data and ariel photos. Even Realtor.com has neighborhood sales in some areas now.

Locally I like the MLS info to get the Realtors phone number. It makes verification as easy as phone call.

Looks like AIRD does have a future if you guys will provide the verified data. Hmmmmm...... makes you think why FL is pushing the verification thing big time. Time for another AI conspiracy theory

 

[Em Tee]

Shelby:

Along with MLS, we use CMDC (we're in California). I don't know if they're national, but I believe so. They're fairly good, you can check them out at www.cmdcdata.com and they'll give a trial membership at no cost.

Good Luck.
Mary

 

[Shelby]

Thanks everybody!

Exactly the response I was hoping to get.

Re MLS accuracy, I understand that in California they are now fining realtors who enter inaccurate information -- now there's an incentive to get it right!! :wink:

I guess I'll go with MLS, CMDC, and as a third but less reliable source, Win2Data.

Thanks again!

Shelby in CA 8)

 

[Douglas Mackay]

I live in a non-disclosure state (Montana) which make data gathering even that much more of a challenge. I typically use what public records are available (property descriptions but no sales prices) and MLS data. I also talk to the broker/agent(s) about condition, basement finish etc. My very best source of data about comparables is from the appraiser for that sale.

Doug

 

[Anonymous]

I don't use Win2data or CMDC but I was curious. I called for info on Win2data and they told me it was $125.00 / month. Is this what everyone else pays? I read some comments that stated it wasn't a very good tool and was wondering why people still use it.

I noticed that CMDC covers my counties in Illinois but I haven't had a chance to call them yet. Anyone have a ball park figure on what they're paying for CMDC? Is it worth it?

See Ya