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Lender's Data Source

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Ken Martin

Thread Starter
Freshman Member
Joined
Jan 15, 2002
Completed an appraisal a few weeks ago for a refinance. Thought all was well until a few days later I received a fax from the lender indicating the homeowners thought the appraised value was low and would I further research the sales. The lender included a printout from an internet site SiteXdata.com and asked why I did not use one of the sales. Good question? It was not in my MLS search at the time I did my initial search. However, when I checked the specific address they requested. There it was. Used it, and updated the appraisal. While this site does not produce a market value for a property, it does indicate a range. Not sure what the cost of this service is, but apparently it is used by some lenders and the data appears to be accurate down to the Deed Book and Page Number of the properties. Just thought this might be of interest to all.
 

John SRA

Junior Member
Joined
Jan 19, 2002
Ken,

We do quite a bit of review work for large national lenders. It is common for a request for a review to be accompanied by sales data that the client found through an independent search. We are often asked to specifically address these sales (for example, a request might say, "The following sales were found in the subject's subdivsion. None of them were included in the appraisal. Reviewer must comment on these sales.)

I don't think most appraisers know how carefully some clients are reviewing reports.

Have a great day

JC
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Ken, ..... I guess I'll have to go check out that site. (unless it costs too much ). The last time I was presented with client's data was in February. Sure enough they had 2 of the sales I had summarily rejected...because the homes were 500+ sf larger above grade and the sales were pressing the 6-month time window by mere days, and I had stuff within last 2 months and within 200 sf. The other choices I was sent then were sales from 11, 15 and 18 months before, the very data which gets kicked out when WE initially use it. Of course, too, they were trying to meet the homeowners' estimate which was $50K higher than I came in. I wonder how many times a client sends one their data in order to get the appraiser to LOWER his or her value opinion. Probably never happens.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I wonder how many times a client sends one their data in order to get the appraiser to LOWER his or her value opinion. Probably never happens.

Ross,
The one and ONLY time that I've had a lender ask me why I didn't use about a half-dozen comps from the area, they were all fixer-uppers that I had thrown out for that reason. The subject home had been through quite a bit of remodeling (which I had explained in detail in my report), and so had the comps I had chosen from the same neighborhood.
This has happened to a couple of my appraiser buddies down in Denver as well. Our best guess is that the borrower has questionable credit or cash flow, so they want to cut their risk by lowering the loan amount.
 
B

Bemis Pownall

Guest
I HAVE SEEN REPORTS FROM THAT COMPANY(SITEX)
VERY DETAILED, THEY PICK UP EVERY SINGLE TRANSACTION AND WITHIN 1 WEEK AT TIMES.
SCARRY TO THINK OUR CLIENTS HAVE ACCESS TO BETTER DATA THEN WE HAVE. I HAVE SIGNED UP W/SITE X JUST HAVENT HAD THE TIME TO LEARN IT, FAIRLY PRICEY TOO. EXPENSIVE LEARNING CURVE.
:icecream:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
How do you know if it was "an arms length transaction"? How do you know the interior condition of the property?

My response is...."I use the MLS because I know the property was offered to the general market, I have someone who was physically in the property that I can talk to about the transaction."

"We can research our public records directly on the internet HOWEVER it is very tedious and time consuming. 75% of all sales go thru multiple listing. When all else fails, send me the comp data and I will look at it!"
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Dang it Mike that was gonnnna be my question when I read the opening. Tell the lender your going to increase your fee so you'll have the money to get this other Data system That MIGHT get ONE or TWO House values changed Or ask if he'd just give U the money direct. I suppose if we look at enough data & talk to enough people we could say from all the data looked at & all the opinions offered the REAL value is. _____ Please fill in number needed.
 
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