Corelogic - Price Distribution Of Comp Transactions

[jay trotta]

Received this today;

CoreLogic | FNC has determined through extensive consultation with our auditors, that some of these taxes apply to some of our products and services. We will be required to collect appropriate taxes going forward. Based upon the billing address that you have provided to us, this process will be required for products and services provided to you through AppraisalPort, InspectionPort, and/or TitlePort.

CoreLogic | FNC will begin collecting sales tax on eligible transactions invoiced on or after June 1, 2017. These charges will begin appearing on your July invoice. Sales tax charges accrued prior to this billing cycle are being taken care of by CoreLogic | FNC.

Based on CoreLogic | FNC analysis, FNC transactions in the following states are subject to sales tax:

Arizona – Transaction Privilege Tax

Connecticut – Sales and Use Tax

District of Columbia – Sales and Use Tax

Indiana – Sales and Use Tax

Massachusetts – Sales and Use Tax

New Jersey – Sales and Use Tax

New York – Sales and Use Tax

Pennsylvania – Sales and Use Tax

South Carolina – Sales and Use Tax

Tennessee – Sales and Use Tax

Texas – Sales and Use Tax

Utah – Sales and Use Tax

Ohio – Sales and Use Tax and Ohio Commercial Activity Tax (CAT)

Washington Sales and Use Tax and Washington Business and Occupation (B&O)


Should you have any questions about this, please reach out to our support group at (888) 963-3330 or via email at support@fncinc.com.

Sincerely,

CoreLogic | FNC Communications

 

[Joe Flacco]

Ya think?

That's really some savvy lingo. At one time, AVMS's were referred to as unique "alternative" products as they were cheaper and faster and predicted to become more accurate - to me they are suggesting a turn around - that an Appraisal will become the unique product. When I think of unique I think more in terms as noun



But I suspect they are thinking differently about the implications of the meaning of unique;
which is to restrict, confine or keep within limits by establishing limits:

I think, maybe I think too much about some things, but for sure I know what I think about Corelogic and their agenda.

You are right. It it putting the AVM front and center and saying traditional appraisal is a better unique alternative if needed.

Anyways, I just thought it was interesting and made me wonder what my personal comp price distribution chart would look like.

 

[Ahhhh Yeahhhh]

An appraisal requires 3 comps. When you have 3 comps it is not generally possible to balance the number of sales above and below the subject's price.

Besides.... Who looks at comp sale price when selecting a comp anyway?

Maybe this is a result of all those UW requests.... Appr prvd 2 addl cmps sprt val.

UW's think support means "sells for more than X".

 

[Terrel L. Shields]

When comps indicate a lower value that kills the deal, so does Corelogic include the data from reports where the deal doesn't ĉlose?

 

[Ahhhh Yeahhhh]

When comps indicate a lower value that kills the deal, so does Corelogic include the data from reports where the deal doesn't ĉlose?

I doubt it, those reports and the reports done for dead Refi's get thrown away. No loan, no file. Or what about the millions of cash deals where the buyer orders their own appraisal....

 

[asimz]

View attachment 32254

http://www.mortgagenewsdaily.com/05302017_appraisals.asp

A recent review of three-quarter million purchase-loan appraisals completed in 2015 and 2016 showed 69.1 percent of the comps used in those appraisals were priced higher than the subject property and 30.9 percent were priced below it.



I thought this was interesting. The data seems to suggest that comparables are being selected by price.

That very well could be Or it could be that homes prices started increasing during this survey. My area saw a 23% increase in value since 2013. But more than likely it's a combination of both.

 

[Joe Flacco]

That very well could be Or it could be that homes prices started increasing during this survey. My area saw a 23% increase in value since 2013. But more than likely it's a combination of both.

I actually thought about increasing prices and how it would impact comparable selection. I think that would probably result in more comps with unadjusted sale prices lower than the subject's price since positive market conditions adjustments would be made to bring them current as of the effective date.

I don't know how to explain 70/30. I think it should be close to 50/50.

 

[Joe Flacco]

I'd like to see if the price distribution of comps is the same or different in appraisals for refinance purposes.

 

[Meandering]

[I thought this was interesting. The data seems to suggest that comparables are being selected by price.

Error in correlation.

With so many places reported upswing in markets in the same time frame, choosing the most recent sales in an increasing market will give you higher and higher priced comps.

It's not rocket science, it's the smoke and mirrors that keeps real estate values increasing, instead of stable over a decade.

.

 

[Dale Smalley]

The BORG likes that kind of data.