First American and MLS

[Pamela Crowley (Florida)]

Interesting - Is First American mining the MLS data for their AVM???
What do you think???

http://biz.yahoo.com/prnews/020508/law032_1.html

 

[Ray Ohler]

Pam, here the MLS (TReND) uses First American's Database for the tax records also. First American now has a "new tax search" and an "old tax search", based on looking at the refinements made it could very well be that that is EXACTLY what they have planned. There will still be a need for some appraisals even if AVM's take off and I cannot think of any reason that they won't. Even the IRS is going to rely on AVM's for "offers in compromise" made to settle delinquent taxes. You know the drill, delinquent taxpayer wants to refi, the property is worth mega dollars but he tells the appraiser doing the appraisal for submission to the IRS that it is virtually WORTHLESS. Well, with some of the garbage I have seen come out of AVM's, the delinquent taxpayers could have some problems.