Help! How do appraisers get access to MLS data Or other listing, sale price, type of loan data

[Zoe]

That depends on the scope of the review. Some reviews do not require geographic competence.... just compentence. For example, if your SOW is to review for completeness, compliance, and consistency without commenting on the value of the property and without verifying data in the report. Some AMCs do that sort of review prior to sending the completed report to their Client.

I think they call that a technical review. It may be called some other term.

 

[sputnam]

I think they call that a technical review. It may be called some other term.

Sometimes it's called a technical review. Sometimes a compliance review. Either way, for a while now, reviews are governed by SOW in the same ways that appraisals are.

 

[Zoe]

Sometimes it's called a technical review. Sometimes a compliance review. Either way, for a while now, reviews are governed by SOW in the same ways that appraisals are.

I am no expert on review of any kind. In Shelby County, USPAP could definitely come into play if an appraiser is doing the appraisal without access to MLS. SOW could play a role. But credibility would also play a huge role to the client. Unless the client is a GSE, the lender selling to GSE has huge exposure to the GSE.

 

[Zoe]

The last thing an appraiser wants is violating USPAP and a GSE coming down on them if the appraiser does GSE work.

 

[Zoe]

Of course the way that ball will start rolling is GSE will tell lender this loan is yours for $X reasons. Lender will immediately go after appraiser. AMC will likely get burned as well. If lender owns AMC, that might not work as well.

 

[Terrel L. Shields]

My point is the same. If you don't know how to get data in a particular area,

You cannot get what is either not available "during the normal course of business" or what does not exist. I cover areas that simply do not have a lot of coverage. Maybe half or less of the transactions are handled by a broker and some of them may be non-MLS members. We still have one old guy who is not on the MLS and he specializes in farms. We also see a lot of property now handled via online services, or internet specialists. There are a couple of on line poultry farm specialists who work from Alabama to Arkansas and all points in between. And anyone working large farms and ranchland in the Plains knows that auctions and private treaty are the norm. Realtors are uncommon. And there is no centralized source of info outside the courthouse.

Further, the BEST data comes from the buyer and seller plus the deed and mortgage papers in the courthouse. It is more time consuming. But the MLS is a poor step-child to actually talking to the people in the transaction. I've yet to see my first MLS sheet that mentioned a second mortgage. Realist (where available) might mention FSA 50% mortgage and another source 50%...but owner mortgage carrying the downpayment? Never seen it.

I believe the OPs problem isn't that they cannot get data. They simply cannot get it as easy as thru an MLS...but if the MLS denies you access, then what are your options?

 

[Terrel L. Shields]

The last thing an appraiser wants is violating USPAP and a GSE coming down on them if the appraiser does GSE work.

The GSE is not USPAP although it tries to be. So babble on

 

[Zoe]

The GSE is not USPAP although it tries to be. So babble on

The GSE is not USPAP although it tries to be. So babble on

Okay. Babble on. LOL

 

[Zoe]

The GSE is not USPAP although it tries to be. So babble on

I forgot. You don't do GSE work. LOL

 

[sputnam]

Data doesn't exist is a different issue. Every appraiser who tried to take on that appraisal would have the same problem.