Lender/Investor requests Listing & City Record Info.

[John "Corky" Harry]

Hey everybody. Just received an interesting request. The client (mortgage co.) called an asked for me to fax over the listing info. and city record data of the comparable sales that where applied in the appraisal report. I asked why and they replied because the investor requires it. Even though I have 110% confidence in my report, naturally I am reluctant to do this. City data would be o.k. but the listing data is not. My reasoning is that city data is public, the listing data is not. Also, as everyone who uses listing data (MLS, etc.), it takes a "trained professional" to interpret some of the data provided by the agents on the listing. Can an investor, who knows nothing about my market, reliably interpret the listing info? Even though I pay a fee to have access to this information, do I have the right to give it (in it's format, not on a grid) to someone else. I am thinking about calling the local MLS office and asking, however, I would like the forum's opinion first. Thanks. 8)

 

[Pamela Crowley (Florida)]

I would have your local MLS provider issue you a statement regarding who can be handed their listing information. Then, send that statement to the lender.

 

[Mike Garrett RAA]

Although it is an unusual request, it is not uncommon. I would comply with it ...if you wish to retain the client as a customer.

 

[Larry Lyke]

What your CLIENT is doing for the Investor is doubting the appraisal and doing a Review on the cheap.

Apparently the Investor doesn't like what the UW is telling him about the property appraisal. Or has faxed the Investor the appraisal.

Private Investors buy the 'cream out of the stream' which is generally headed to Fannie Mae -- but at a premium for premium stuff.

 

[rtubbs]

Corkster, dump the client and find a new one (if you need one). My thoughts are, if they want the MLS listing, let em subscribe to the service. I quit doing work for folks like this. Of course, you have to make that decision.

Ron in Alabama

 

[jtrotta]

Interesting post, as I recently read another post that states, the MLS services are now putting their data on line; soon your inquiry will become a mute issue. Attempts are currently being made to use the computer & internet on wrist watch type screens, so you can be tied to a "screen" of some type from birth.

If anyone thought we were being lax before 09/11 - just give a few more years - and without personal contact of any type, yall will be able to live in a cacoon. How depressing 8)

 

[bradellis]

I see no problem with this request. MLS data ia already legally public- despite efforts by some boards to keep it private. The courts have already ruled on this.

If you are confident in your appraisal, there should be no problem here. Just give it them.

Brad Ellis, IFA, RAA

 

[Red Blumenstock]

Maybe I am missing something here. Listing information is really pertinent in an appraiser's analysis, particularly for trends. If you use the MLS for comparables, why not use it for listings? If you have a problem with the MLS copies, why not simply paraphrase?

 

[Joe Birrell (NY)]

They are playing cyber-detective and don't believe your data. Giving them
inaccurate, fraudlent, misleading, and nonsensical MLS listings will prove nothing (yes, ALL LISTINGS fall into this category, at least in my area).
As somebody else already stated, let them subscribe to it. After reading some of the posts, I can now understand why I'm suddenly getting this request (only recently has this started). I remember once a long time ago, when I suddenly started getting requests for below grade finished basement/cellar sketches. I asked why ? Response, "other appraisers are doing it". Another thing, while I'm on a rant, is requests for a 5 year sales history on residential properties (which the "investor requires")- another new thing going on out there. I provide appraisal reports with a set number of documents for a fixed price, which does not include title searches, or providing MLS documents.

 

[Tom Hildebrandt]

Corkster

Sure, you can "send" your client anything in your file that you want, and anything additional information that they request.

Just remember, they already have what they paid for, presumably a URAR summary report or such. What they want is more data for which they were not willing to pay for up front. Such requests are not uncommon, whether you decide to charge for the extra service is up to you.

Remember also, USPAP requires only that you provide sufficient information for your client to understand the report and for the rport to not to be misleading for their use. If in your report, you have sent sufficient information for the client and any intended users to understand the report (not the appraisal) for the specific use that they ordered the work product, and the report meets the guidelines of your client as provided at the time they hired you, you have met your obligation under USPAP. In theory under USPAP, for a summary or self contained report, clients do not even have the right of access to your files unless you agree to something else.

Regards

Tom Hildebrandt GAA