Lender/Investor requests Listing & City Record Info.

[John "Corky" Harry]

I am not sure if this is a good analogy, but it is sort of giving your prescription glasses to someone who does not have your same eyesight. Some the abbreviations, catch phrases, etc. can mislead someone who is not use to interpreting them. Also, you know agent love to round, 1830 SF to 1900 SF, etc. Beautiful home, just needs a little love, etc. He! He! 8)

 

[Mountain Man]

:lol: :lol: Good point Corkster.
Except in my experience, that rounded up 1900 SF house is usually listed as almost 2500 SF. :roll: Which includes the 900SF basement! :x

 

[KD247]

Why this is such a big deal? When I've had clients request copies of my data sources, it's usually so that the appraisal can be more easily (less expensively?) reviewed. With some appraisers actually fabricating comparable sales, it's not a completely unreasonable request.

Most MLS systems have some sort of abreviated report that can be released to the public. Although this requires a little additional work, it becomes just another business decision - the same as when a client requires interior walls on every sketch, a listing on every report, or some special addendum. If the client is worth the extra work, do it. If not, refuse work from that client.

 

[Blue1]

In my area the local MLS has a truncated listing that can be sent to a client. No problemo!!

 

[Pam]

Once again, we've done it to ourselves. The lender/investor community has begun asking for the listing of the subject property because, although the form asks for "any current listing," appraisers seldom provide it. When the lender/investor requires a copy of the listing, it is discovered (for example) that the appraised value of $119,000 is on a house that is currently listed for $74,000.

Or the investor asks for a copy of a listing that the appraiser swears doesn't exist, that the house is not currently listed, although the realtor's for sale sign is clearly visible in the photo (usually next the the appraiser's car). The listing is for $60,000 and the appraisal is for $80,000.

Or the appraiser says the zoning is SFR, the highest and best use is SFR, there are no significant adverse influences near the subject. The subject is 6 bedrooms, 4 baths and about 1,000 sq. ft. larger than any of the comparable sales. The major arterial location is obvious from the location map. The lender requests the listing, and lo and behold, it's zoned commercial and the current and anticipated use is as an adult group home.

One last one, a "SFR" on an acre and a half, parking lots from adjacent commercial businesses are visible in the photos. All the comps are located in subdivisions (curvy streets, cul de sacs) and on 8,000 +/- sq. ft. lots. Subject is on a major arterial. A call to the local zoning authority reveals the subject is zoned commercial. A copy of the listing reveals the "average in every way SFR" to be a teardown for commercial development.

I say, give them the listing. You have nothing to hide and it adds valuable information to your report. If you don't want to give the listing itself, give a 12 month listing history, with prices and dates.