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LANDSAFE: Comparable Sales Data Verification

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Timothy Fierek

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Apr 24, 2002
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Wisconsin
Anyone receive this document from Landsafe. It indicates the appraisers responsibility of verifying information for comparables and cites Fannie Mae. In one section it indicates that if using assessment data as a verification source, that the assessor should be contacted in order to determine the accuracy of their assessment data.
Not only is it difficult obtaining confirmation about comps from realtors, I can just imagine contacting an assessor to get some information, then having to ask them how they obtained it and if it is really accurate.
It seems to me like Landsafe is just trying to create another layer of responsibility and is reading a little bit too far into the Fannie Mae guideline.

It would really help if all realtors would fill out their MLS data sheets completely and accurately. That way when verified with local records (assessment data, register of deeds, etc.) the information could be cross referenced. If there were only minimal differences, I don't think the assessment data would have to be verified. I think the canned comment that is on the most of their data forms makes some realtors lazy, to the effect of:
"The information contained herein is provided for general information purposes only and if material to the user, should be verified by the user or by a qualified expert."
Try putting that one in an appraisal.
 

Michigan CG

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Does this company also require 24-48 hour turn times?

It would be hard to verify in my county with that requirement.

In LaSalle Township the assessor is there on Fridays. London Township Thursdays, Luna Pier is twice a month...sometimes, Raisinville, Mondays and Thursdays 9-12; Berlin Tuesday and Fridays from 9-12.

Assignment in LaSalle on a Friday afternoon means report in 8 days.
 

stefan olafson

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Apr 2, 2003
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Certified General Appraiser
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North Dakota
I don't use MLS data, too many mistakes and outright lies. I use County Assessor Data that I can check in any county courthouse in NW Minnesota any day of the week. The township appraiser/assessors aren't typically available, but if the info is good enough for the county to use in their assessments, then it's okay for me.

Don't you always try verify with one of the participants to the transaction also?
 

USPAP Compliant

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Jan 15, 2002
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North Carolina
IF you use any data provided by parties with a financial interest in the sale or financing of the subject property...then it must be verified. See Fannie Mae certification # 10.


Much of the information you get (if you can speak to them) from a sales agent will be puffery, exaggerated BS. Yeah, you better verify it from a disinterested party....because the real estate agents surely are not disinterested.

Who has significant financial interest in a property? Buyer, seller, lender, listing agent, sales agent, borrower.....etc.


If you "verify" with one of the participants....then you have to verify what they supply with still another source.....per Cert. 10.
 
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Mike Boyd

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Jan 18, 2002
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Retired Appraiser
State
California
For 25 years, I have provided the MLS# and the document number for the grant deed. I have NEVER....never, never been asked for any other verification source.

However, I have reviewed some reports where the appraiser merely types in "MLS/Assessor " thinking that is all the client needs to know. Sometimes, in new tracts where they are not listed in MLS, I will verify closing information with the title company and post the escrow number. Never use "Builder" or "sales office/agent." Then I will explain that the amenities were obtained by matching the house (comparables) with the builder's brochure. I bet I have completed 15,000 appraisals using this system and it has never been questioned.
 

OSU Beavers

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Jan 10, 2007
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State
Oregon
They'll get it when its verified. Oh sure they whine about it. What do you mean my Tier Rating is only 4?
 

BFegley

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Apr 25, 2007
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Appraiser Trainee
State
Pennsylvania
In our area most of the assessments were completed in 1994. I can't imagine the assessor remembering anything more than I see on the county records about that property. I do speak with the owner, Realtor, etc.

How are other appraisers planning to address this with Landsafe?
 

Mister Ed

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Jan 24, 2004
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Certified Residential Appraiser
State
Georgia
How are other appraisers planning to address this with Landsafe?


I am not on Landsafe's list, but my partner is. He told them that the turn around time can be up to 4 weeks for reports because of their new verification requirements. In some of the counties we cover, it is hit and miss at the assessors' offices. Calling participants in the sales in some of these areas that do not even have real estate agents is tricky enough. Finding someone who is disinterested who will know details about the sale? Not very likely.
 
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