Data Sources For Prior Sales Within A Year

[B1trying]

Have a comp that transferred but was not a qualified sale for $100. If you check MLS for a prior transfer and it was not listed, is this not a data source. It is a source you checked.

 

[Mr Rex]

Not quite sure what you are asking, but just checking the MLS for prior sales or transfers is not acceptable.

 

[B1trying]

Checking both and listing both. Lender is saying if not listed don't put MLS just public records.

 

[Michigan CG]

Checking both and listing both. Lender is saying if not listed don't put MLS just public records.

If you checked MLS and public records then they both are a source. MLS is a source that shows no marketing or sale of the house. Lender is wrong.

 

[B1trying]

That is what I keep telling them. So I made a note in the analysis section to cover myself. Problem came when I am trying to upload it to their site and their propriety software keeps kicking it back. I would like to kick them. Thanks

 

[Mr Rex]

Not a hill worth dying on. You could look at it another way. The source of the transfer information is Public Records. MLS is not a source, because it did not reflect the prior transfer.

 

[DWiley]

The issue stems from UAD requirements. If you cite MLS as a data source for prior sales info, then you need MLS number, just as if you were citing MLS as a source in the comp grid above. Many "UAD checkers" don't check for that, even though it is explicitly stated in the UAD Apepndix D. So, a lot of appraisers think it is something specific to the review software when it is really a UAD issue.

 

[Dstew619]

You should be using public records data to supplement your MLS and also to verify the data. Check out NDC Data at www.ndcdata.com you can sign up for a free 3 day unlimited use trial without the need for a credit card. They also have a new buy a single county of data, no longer need to buy the entire state which will help save some money.

 

[Peter LeQuire]

It's important to keep in mind that the requirement is to report and analyze prior sales and transfers. I believe that "transfers" include a large number of transactions that are not necessarily sales (as in quit claims of a property interest), special deeds (as in executor or personal representative deeds), deeds in lieu of foreclosure, etc.

In this area, we can get access to a public records reporting service through our MLS subscription; from MPC (in one county); and, from the Comptroller of the Currency in the state capitol.

 

[jay trotta]

It's important to keep in mind that the requirement is to report and analyze prior sales and transfers. I believe that "transfers" include a large number of transactions that are not necessarily sales (as in quit claims of a property interest), special deeds (as in executor or personal representative deeds), deeds in lieu of foreclosure, etc.

In this area, we can get access to a public records reporting service through our MLS subscription; from MPC (in one county); and, from the Comptroller of the Currency in the state capitol.

Agreed, similar here, but I always check Town Hall records, this old dino. sticks with pre-computer Old School methodology; due diligence and "common sense".