Comp question

[SaraHillman]

Or she is trying to hide a profit from the IRS.

Jean, you may have something there, the house was "off market" on 12/28/2007 and "sold" on 12/31/2007, end of year.

 

[SaraHillman]

Uning our Trend MLS system in SE PA, Delaware & So. NJ, one a property goes under contract, a settlement date is placed in the MLS, the price the only item visible to the Listing agent. Trend has what is called an automatic conversion. That is when the date comes along it goes into the settled status, no verification from the agent needed, just automatic. Many times when something does not settle, the agent does not want to get embarassed so does nothing or does not know how to do anything, particularly if the agent loses the listing----so why would he/she care.
Talk aboutr a system that invites errors! Trend is the most error prone (or encouraging errors) MLS system I have seen in my 35 years in real estate and appraising.
We do have to check our comps carefully. I found 12 properties last month that had over-reported prices and about 4 that has under-reported prices. Yes they got turned in for correction, but the burden of proof is usually placed on the reporting party!!!!
m2:

So now you are doing the listing agent's job too, like you need more work!

 

[Elliott]

With all due respect, I think its more important for appraisers
to stick to their knitting. Speculating on motive, filing MLS
complaints, speculating if someone is hiding profits from the
IRS is beyond our SOW. If appraisers start becoming the
MLS and IRS police, we become suspect to the general public
and it will become impossible for us to even confirm a typical
sale. I think appraisers have a certain reputation with the
general public for keeping information confidential and
primarily helping lenders and the public with the valuation
of real estate, nothing more, nothing less.

 

[SaraHillman]

With all due respect, I think its more important for appraisers
to stick to their knitting. Speculating on motive, filing MLS
complaints, speculating if someone is hiding profits from the
IRS is beyond our SOW. If appraisers start becoming the
MLS and IRS police, we become suspect to the general public
and it will become impossible for us to even confirm a typical
sale. I think appraisers have a certain reputation with the
general public for keeping information confidential and
primarily helping lenders and the public with the valuation
of real estate, nothing more, nothing less.

I agree to a point. This was a bad one. Thanks, Elliott.

 

[SaraHillman]

Update: MLS removed the sale after review. It was not a good sale.

 

[PropertyEconomics]

With all due respect, I think its more important for appraisers
to stick to their knitting. Speculating on motive, filing MLS
complaints, speculating if someone is hiding profits from the
IRS is beyond our SOW. If appraisers start becoming the
MLS and IRS police, we become suspect to the general public
and it will become impossible for us to even confirm a typical
sale. I think appraisers have a certain reputation with the
general public for keeping information confidential and
primarily helping lenders and the public with the valuation
of real estate, nothing more, nothing less.

Our MLS requires reporting of suspicious sales, false information, etc. its part of the requirment of membership.

 

[William Rightsell]

I do hope your MLS system has fines for such things ... only when you hit someone in the wallet will their actions change and this brokers actions should change quickly.

This is true - our MLS charges a whopping $5 for "mistakes"...

Its so trivial even the MLS board doesnt go after the offenders.....Not worth the time it takes the secretary to make the phone call and log in the money IF they ever get it - the $5 that is!!!


todd

 

[Mike Kennedy]

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ELLIOT.....................If I am even in Nevada I might have to strangle you. I just smacked my screen twice and then spend 30 seconds trying to figure out how a bug got under my screen......nice avatar....not. :new_2gunsfiring_v1:

Don't be so harsh Tim - my Newfy Bear sits patiently each morning beside my desk just WAITING for His Playmate to appear then - licks the lil bug. He'll be heartbroken if the Bug dies.

p.s. anyone know where I can get a drool-proof water resistent monitor?