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Eff Date of Data Sources?

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Greg davenport

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Mar 30, 2004
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Certified Residential Appraiser
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Arkansas
Does anyone have a written explanation of what this date is for NON FHA work?

I doing a review that has the Eff Date as the date of the report, but the last time the data source (assessors sales book)was printed was 9-26-2008, and the last sale recorded was on 6-26-2008. (yes 90 days of no sales being recordedm2:)

The date of the report is 9/22/2008 and the prior printing of the book was on 5/26/2008.

This is an area with no MLS or online tax records. everything is courthouse work.

I know what FHA says, but this is NOT an FHA report.
 

RSW

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Tennessee
I would think the date should have been 09-26-2008 since that is the most recent update of the assessor's sales book.
 

Don Clark

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Jan 17, 2002
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Virginia
I would think the date should have been 09-26-2008 since that is the most recent update of the assessor's sales book.

That is exactly the date Fannie Mae said they wanted when the forms were revised. In some cases, the effective date of the data souirces is almost impossible to find out.
 

Rice Brewer

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Dec 14, 2004
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Certified Residential Appraiser
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Arkansas
"The "effective date of data sources" shown above is the date we checked said sources and is not the effective date of said sources as that date is unknown and is not obtainable."
 

Restrain

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Jan 22, 2002
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Certified General Appraiser
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Florida
The effective date is the date you checked. If data sources run behind, as is common, just explain. For example, it is not uncommon for tax records not to show the foreclosure into the lender when the sale out of foreclosure occurs, especially if it's a rapid turnover.
 

JTip

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Oct 12, 2004
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Certified Residential Appraiser
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Pennsylvania
Our SpecPrint book, public records data, is delivered to the office the last week of Feburary every year. My effective date for my data is 2/2008. To put today's date in the report seems misleading. The same book is available for public use at the courthouse. If you would ask the employee to verify the books info against the computer then I guess you could call the effective date that day since it was verified.
 

Greg davenport

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Joined
Mar 30, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
The effective date is the date you checked. If data sources run behind, as is common, just explain. For example, it is not uncommon for tax records not to show the foreclosure into the lender when the sale out of foreclosure occurs, especially if it's a rapid turnover.

BUT in this case, his effective date was 9-22-2008, and the house next door closed on 5/30/2008, and was not used. Based on the way you say to list the effective date, It LOOKS like he choose not to use this as a comp, and hit a much higher ($20,000) value. As a reviewer (with true local knowledge), I'm not sure if this sale was available to him or not, but based on what he has for his date, I have no choice but to believe it was, his date says it was.
Still no one has given me a written definition from Fannie Mae on this. Does one exist?

If not, why not just use what FHA says?

Effective Date of Data Source(s)
• Enter the date the data was published or updated by the source. For example,the local MLS may update their database multiple times during the week or month whereas property transfers recorded at the local land records office may take six or eight weeks after settlement. The property transfer records may have an effective date that is eight weeks earlier than the appraisal date and the MLS data is within one week of the appraisal date.

That just make sense, I guess that is why Fannie has never bothered to commitment on it.
 

Greg davenport

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Mar 30, 2004
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Certified Residential Appraiser
State
Arkansas
"The "effective date of data sources" shown above is the date we checked said sources and is not the effective date of said sources as that date is unknown and is not obtainable."


Sorry Rice,

I disagree. Every court house (assessors) we deal with has a date, if nothing else we just ask the assessors the last time they updated the deeds.
Both ARcountydata and Actdatascout (and pro) give a update date on the screen for the county, and pulaski county updates records on a daily bases for the on line records.
Both Carmls and EZmls update daily also. I'm not sure about the MLS for your area. I do not belive that saying a date is unknown or not obtainable is valid.

Do you at least explain how you tried to get the date?
 

Greg davenport

Thread Starter
Member
Joined
Mar 30, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
That is exactly the date Fannie Mae said they wanted when the forms were revised. In some cases, the effective date of the data souirces is almost impossible to find out.

Don

Do you know if they ever published anything stating that fact? I have been looking, and have never been able to find anything.
 

Peter LeQuire

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Jan 3, 2005
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Retired Appraiser
State
Tennessee
The data source for public records commonly used in this area posts the dates through which the various counties have updated their records. Those dates vary by county, and may range from as little as a week to a couple of months. MLS data is more current. My understanding of the requirement concerning data currency is that we're to report the date the data source (MLS or whatever) gives as the date its most recent data was publiched.
 
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