Fannie & Freddie To Update Appraisal Dataset & Forms

[Mr Rex]

on average probably less than 3 minutes as the majority of appraisers let other sites do it for them like MLS or datamaster, and the do it incorrectly. the form asks for all sales in a neighborhood, not just those that were listed on the local MLS.



[/QUOTE]

It does? I don't see that.

Some local MLSs may be a source of appropriate data, which appraisers may be able to obtain by downloading it into a spreadsheet or using a software program designed for that purpose. Appraisers should be aware that software programs currently being marketed may pull data from the MLS but still require additional technical steps to make the data usable for purposes of the market analysis required by the addendum. While these types of programs may be helpful in gathering the data, they are not a substitute for the appraiser’s analysis. The requirements of the addendum are not intended to be so onerous that they hinder the appraiser in completing the appraisal. Fannie Mae does not expect appraisers to have advanced technical skills to obtain data in support of these requirements; we do expect appraisers to make a reasonable and conscientious effort to obtain reasonably available data to support an accurate and complete analysis.

 

[ucbruin]

Found a comparable sale in Ojai yesterday that was not in either of the MLS's that cover this area. Realist has a tab to search for comparables, this one apparently was a fsbo a block from the subject, very similar in GLA and year built. Plan to scope it out tomorrow morning.

How often does this happen?

 

[George Hatch]

Right now, FNMA cant even ask for consult from appraisers, because the organizations that do exist, are either not the right type of organization, or (and this is truly the problem) there is not enough participation in membership from appraisers. TAF is in bed with the government and is influenced by lender lobbyists. The AI is more about education and has a membership structure that is not appealing to the masses. The AGA is probably the organization that is the most known and in line with the type of trade organization that could have the right kind of voice, but appraisers, apparently including you, simply make excuses to not join up, and so they don't have the numbers to be heard. Compare all of those to the NAR.

I am no fan of Fannie, but even I know that they use an exposure draft process and solicit feedback in their process. Besides which, nothing prevents any appraiser from picking up a phone or sending an email. It's not like Fannie's staff works within a Cone of Silence. IMO, Fannie doesn't make the choices they make because they somehow don't know what appraisers want - they make their choices *despite* what the appraisers want. As you would expect of any other banking entity.

The major appraisal orgs all predate The Appraisal Foundation and USPAP. The AGA has been around for at least 20 years that I know of. I've been on this forum for many years and have seen MANY forum participants propose organizing. I've been personally involved with a couple of those efforts myself, and got nothing but criticism for it because everyone wants to be their own ARMY OF ONE.

But hey, if there's anything I can do for your efforts to organize then just let me know. Except lie for you. I won't do that.

 

[TRESinc]

Question....
Besides MLS what other sales/listing data sources do you use to get "all sales in a neighborhood"?
FSBO websites....
Craig's list......
Zillow/Trulia/etc....
Registry of deeds....
Assessor.....

If your neighborhood boundaries include zzz number of streets do you search registry of deeds street by street searching for sales????
Do you walk the neighborhood knocking on doors asking if they resident listed their home (FSBO) within the past 12 months???

At what point do you believe you have researched and FOUND ALL of the sales/listings within a neighborhood???

so you don't know how to search for sales that are not in the MLS? greg already gave you one data source.

on average probably less than 3 minutes as the majority of appraisers let other sites do it for them like MLS or datamaster, and the do it incorrectly. the form asks for all sales in a neighborhood, not just those that were listed on the local MLS.





It does? I don't see that.

Some local MLSs may be a source of appropriate data, which appraisers may be able to obtain by downloading it into a spreadsheet or using a software program designed for that purpose. Appraisers should be aware that software programs currently being marketed may pull data from the MLS but still require additional technical steps to make the data usable for purposes of the market analysis required by the addendum. While these types of programs may be helpful in gathering the data, they are not a substitute for the appraiser’s analysis. The requirements of the addendum are not intended to be so onerous that they hinder the appraiser in completing the appraisal. Fannie Mae does not expect appraisers to have advanced technical skills to obtain data in support of these requirements; we do expect appraisers to make a reasonable and conscientious effort to obtain reasonably available data to support an accurate and complete analysis.

you did read what you quoted, right? it starts with "may" and does not say "only". appraisers nationwide use realist, just as greg posted earlier, so your peers are well aware of how to find non-MLS sales.

try reading the form, then report back to us all and tell us where it states to only use MLS data. we will all be patiently waiting.here, i will make it easier for you to do.

 

[ucbruin]

so you don't know how to search for sales that are not in the MLS?

Such a sad weak response...
Even for you!!!!

 

[Tim The Enchanter]

Found a comparable sale in Ojai yesterday that was not in either of the MLS's that cover this area. Realist has a tab to search for comparables, this one apparently was a fsbo a block from the subject, very similar in GLA and year built. Plan to scope it out tomorrow morning.

I look in Realist if I am not finding enough data in MLS, but kind of as a last resort, and on a problem deal.
But if I was working a small town like Ojai, it would probably come up more often.

 

[Deleted member 130081]

I am talking about it all. Reduce qualifying standards. Separate inspection and appraisal and let non appraisers inspect the property. Those non appraisers are new supply in appraisal process.

Yes to all. If only, there was an organization of appraisers that could have some pull on these sorts of issues. For instance, a group with enough power to stand up to TAF. A group with enough power to say to FNMA, "No, we don't endorse this idea, because the idea is dangerous, and will further be advising our members to decline these types of assignments for certain purposes." A group congress might listen to, because it is not affiliated with any special interests and therefore, might actually have the support of the voting public.

Many think organizing means the ability to strike for fees. That's about the last reason I would cite for organization and truly, would oppose such an idea in pretty much any instance. An organized appraisal industry would add a level of professionalism, and be a force to shape the appraisal process, free of special interests. That future world would be worth every penny in dues. Heck, it might even save the world economy from collapse, if you want to get dramatic about it. I mean really, just think of a world where appraisers actually accomplished what we are here to do.

Instead, using a term my wife is fond of, appraisers are tools. I prefer useful idiots, but hey, pick one.

 

[TRESinc]

Such a sad weak response...
Even for you!!!!

greg already gave you one answer. i am not here to educate you. you are licensed by your state and a participant on this forum. it is expected you know what data sources are available to you and how top operate them. the fact that you don't or can't is no surprise.


-edit-

here is a shot of part of a sales search i did on a recent appraisal. pay attention to the last column.




and since you need a lesson here are some other key items to take notice of:

the pink sign in column 4 indicates that was a short sale
the red balloons indicate a closed sale
the purple balloon indicates an expired listing


see, once you learn to use the tools at your fingertips you can greatly improve the reports you produce.

 

[ucbruin]

greg already gave you one answer. i am not here to educate you. you are licensed by your state and a participant on this forum. it is expected you know what data sources are available to you and how top operate them. the fact that you don't or can't is no surprise.

I believe I listed several options....

What I asked you was how do you know when YOU'VE FOUND ALL SALES????

 

[TRESinc]

I believe I listed several options....

What I asked you was how do you know when YOU'VE FOUND ALL SALES????

do you not know how realist works? never mind, we know the answer based on your questions. here is another free lesson. realist reports ALL sales that are recorded.