How do I get an acceptable verification source for a client?

[Fernando]

The best verification source is the doc # as recorded from the county. Other 3rd party sources get these doc numbers from county and publicize it.
I always wondered about calling agents and talking people as sources. They can be lying. Am I just paranoia.

 

[sputnam]

The best verification source is the doc # as recorded from the county. Other 3rd party sources get these doc numbers from county and publicize it.
I always wondered about calling agents and talking people as sources. They can be lying. Am I just paranoia.

They could be lying... but that's not your problem. Your job is to get and document your verification.

 

[Tom D]

prior to the internet, there was no easy way to get info, except by picking up the phone. big area here with MLS books and somebody published a big property book with public records info & updates.
now we have to much minutia for everyone to think they are an expert.

 

[Terrel L. Shields]

Our public records in both OK and AR are very up to date. Rarely over a week behind. So specify what public record. Post the book and page of the deed, and on AR deeds counties are now required to provide a separate voucher for the deed stamps, stating the exact transaction price and deed stamps purchased.

For comps, I have the MLS sheet, the assessor field card, deed, mortgage (which not too infrequently actually exists even when the Realtor claims it is a 'cash' deal). And the mortgage tells you at the bottom who the lender is if FNMA Freddy or FHA. And there is usually a check box for "VA Rider" if VA. If anything is unavailable call the agent selling. And if not listed on your MLS, google the address and often it will lead you to an MLS that is out of the area, or has past listing info, even when sold outside the MLS.

 

[Fernando]

They could be lying... but that's not your problem. Your job is to get and document your verification.

I hope my peers not like you. It is my problem. I have to verify to make sure verbal sources are accurate.

 

[andrew81]

Do I speak to the agent and ask for the sales contract or how do I get this information for the client?

Using a pending sale as a comparable call the agents and/or buyer/seller to gather information you believe to the correct. If, attempts to gain the pending price and terms is unsuccessful, then, report your attempts and report the listing price with the appropriate market derived list price adjustment.

If, you are talking about getting the subject of your report is a purchase transaction the lender is required to provide the sales contract. If, attempts to gain the sales contract is unsuccessful, then, report your attempts and report the best information you believe to be correct.

 

[andrew81]

I hope my peers not like you. It is my problem. I have to verify to make sure verbal sources are accurate.

Doesn't matter when you let you let the AMC/lender tell you what information to use. Please remember, your report is supposed to be your unbiased opinion, not influenced by the lender and intended users.

1. Use public and private data sources to gather information.
2. Verify it with the owner, buyer, seller, agents, or whoever.
3. Do not call the lender/users and blindly use what they say is the correct information.
4. Use your knowledge and experience to provide your opinion of differing information.
5. Remember, your appraisal is your opinion.

 

[sputnam]

I hope my peers not like you. It is my problem. I have to verify to make sure verbal sources are accurate.

Fernando... read USPAP. There is no requirement to be accurate. You are required to use your best efforts. You are required to support your opinions and conclusions. You are not required to be correct. Obviously, most of us want to get it right... but as I clearly said... If they lie to you... there is nothing you can do about that. You keep notes about who you talked to, when, and what they told youi.

 

[Raven59]

1. Party to the transaction - seller, purchaser, lessor, lessee. 2. Realtor, management company, or other third-party participant. 3. Public sources.

Courthouse and MLS records in the transaction are secondary to the parties involved. More than hard numbers from secondary sources are needed to answer the question of one's motivations. However, tracking down parties to the transaction is extremely difficult to do in the day and age of cell phones, as finding numbers is next to impossible.