Cdom Or Dom

[Tim The Enchanter]

Garbage In results in Garbage out.

Like that one that shows pending for 7 years. I have seen one.

 

[timd354]

These do vary from MLS to MLS/Board to Board. For Example Ft lauderdale/Palm Beach the timeline for CDOM is gaps up to 9 months while Miami is gaps up to 4 months. Still discussing comprise to a point somewhere in the middle so the info for the overall data can be based on the same "rules"

That is exactly why the UAD uses DOM instead of CDOM....some MLS systems used to reset the CDOM "clock" after as little as 14 days off of the market, while some required 9 months or more to reset the clock.

 

[Howard Klahr]

That is exactly why the UAD uses DOM instead of CDOM.

But strict application of dom can reflect misleading results as well. The best bet is to a) understand your data source; b) look at the actual property listing history; and c) include these items as part of the verification process. Youll be amazed at what youll find out

 

[Deleted member 134708]

So if you make a time or market conditions adjustment, you don't use contract date to closing date?

I use closing date of comp to 30, 60, 90, 120 days of effective date depending on what data dictates. To make simpler for this conversation, comps closed date to effective date.

I don't know contract dates, they aren't given out. The only constant I have is closing to closing to closing vs. closing vs. closing. Even if I did know the contract date I would never use it anyway. No real sense in me arguing it since it is not a data point that I could legally get anyway. But no way would I adjust 3 months when was in contract and then double dip and adjust another say 3 months from close to effective date.

I'd blow any appraiser out of the water who uses time adjustments based on contract date and surprised GSE's haven't been sued for recommending this.

No clue how you are legally getting contract date, but let's say it is 05/01/17 and closed 08/01/17. The appraisal came back on 07/01/17 $10K less than contract, contract renegotiated on 07/20/17.

No way you know the contract date of 07/20/17. You are using the incorrect date of 05/01/17. So now you are double dipping.

That is fraud and being told to commit fraud by GSE's too.

 

[Deleted member 134708]

That is exactly why the UAD uses DOM instead of CDOM....some MLS systems used to reset the CDOM "clock" after as little as 14 days off of the market, while some required 9 months or more to reset the clock.

No way would I ever use strict DOM. That is misleading. on 90 days, off 5 days, on 90 days, off 5, then sold in 60 days. I'm reporting, 240 days. Misleading to say only 60.

I explain why and what.

If was off more than ~31 days then I'll use just the DOM and won't count the prior listing but will mention it.

 

[residentialguy]

I use DOM as shown in MLS, unless I use CDOM as shown in MLS

Do they give you both? I'm sure they must...but then again, lol

DOM is a UAD requirement.

 

[residentialguy]

No way would I ever use strict DOM. That is misleading. on 90 days, off 5 days, on 90 days, off 5, then sold in 60 days. I'm reporting, 240 days. Misleading to say only 60.

I explain why and what.

If was off more than ~31 days then I'll use just the DOM and won't count the prior listing but will mention it.

No, it is misleading to state CDOM in the form that requires DOM. You can explain the CDOM in your notes, but the form is strictly DOM

 

[Deleted member 134708]

No, it is misleading to state CDOM in the form that requires DOM. You can explain the CDOM in your notes, but the form is strictly DOM

Don't care. I do what is correct and common sense to a human. I don't follow rules that are illogical. I have free will.

 

[residentialguy]

Don't care. I do what is correct and common sense to a human. I don't follow rules that are illogical. I have free will.

Actually, to do what is correct and USPAP compliant is to freely turn down the assignment. Nothing illogical about this. They want the DOM which is UAD requirements. UAD compliance is something that you agreed upon when you accepted the assignment. Your comments are part of the appraisal. Look at my example above...it shows the complete history of the comps. That is a completely logical way of doing it and is UAD & USPAP compliant. Yours is neither. As a forum friend, I suggest you change your way on this...it's not even a mole hill that you're making a mountain of.

 

[timd354]

But strict application of dom can reflect misleading results as well. The best bet is to a) understand your data source; b) look at the actual property listing history; and c) include these items as part of the verification process. Youll be amazed at what youll find out

There is nothing that prevents appraisers from reporting CDOM in their reports....in the comments sections or in an addendum and I would encourage appraisers to do exactly that. However, the UAD specification requires the DOM not the CDOM to be reported in the sales comparison grid and when an appraiser agrees to do a UAD appraisal, the appraiser must follow the UAD specification.