MLS data--Proprietary, not-releaseable?

[Anonymous]

I usually ignore lenders/UW's requests for 'days on market" as I believe this data, collected from subscribers, collated by the MLS and then is disseminated either electronically or hard copy to PAYING members for their internal consumption.

The lender/UW is NOT a paying member and is not entitled to this
information which they had no part in underwriting, am I correct?

I tell them that the data I use is from public/county courthouse sources, which monthly publishes a "comparable sales list" on transfers in the market. They do not gather 'days on market' as the preponderance of sales are between parties without the services of a agent. I tell them I am confident that the county data, verified by field check is reliable for property valuation.

thanks to all, and *only* a farm and a ranch tomorrow!!.

 

[Jo Ann Meyer Stratton]

I do post the exposure time of all my comparables, the total amount of time that includes each listing with different agents and the time it was for sale by owner. It provides valuable information to me and gives the reader a clearer understanding of the market for the subject. If it has taken similar properties over six months to sell for $50,000---the subject isn't going to be worth $75,000! In the paragraph I write about each comparable, I also discuss the original asking price (whether FSBO or realtor listing), whether it had several reductions or increases and the final asking price. Again, that provides info to both me and the reader. I also describe the listing or for sale by owner history if it has been on the market in the last few years, even if that sale attempt was over 12 months ago. In my very steady market, if it didn't sell for $50,000, then again it is not going to be worth $75,000, now that the listing has expired. If any physical changes were made to the subject after it went off the market, I also discuss that bit of info. And I do this for every report I write, whether it is a relocation, URAR, 2055 exterior, REO, etc.

 

[jtrotta]

Frank, would have to agree with you on the MLS requirement for members only issue, as I believe it falls under the confidentiality rule Secondly we're not required by anyone to provide this information, as from time to time it has been noted to be inaccurate (in my area) and in actuality, may create a misleading report, therefore I do not include that information. If the Lender really needs it, then they should order a BPO for that particular venue and see if an agent is willing to jepordize their relationship with their Board; I won't, it's hard enough getting on as an appraiser now :!:

I'm sure it is different in each state as to what the MLS rules are, but in our area it is defintely a no, no

 

[Mountain Man]

My MLS board doesn't publish days on the market in the listing. Don't know why, it just is not in there. DOM is not available in public records, so I say N/A or Unavailable.
Mell.

 

[Doug Ellwood]

Frank, doesn't the majority of your information in the sales comparison approach come from MLS? Why would including the DOM create an issue? It shows the reader the exposure time to the market. I do agree the accuracy is not always there.

 

[Richard Carlsen]

Our MLS publishes DOM on every sold but I do not include it and I have never had an UW come back and ask for it.

If I wanted to use it I could as the MLS data is there for the use of the members and that I am (Including being a member of the Board of Directors for the MLS). This is not confidential information in the sense covered under the privacy act. This is data that is owned by the MLS and made available to the members to use in their business. The use of DOM in an appraisal is not a breach of any confidentiality or an invasion of privacy. It is a simple statement of fact of the number of days from the listing of a property to the closing of a property. If an owner does not want this info put out, he can request the listing not be distributed to the MLS. Since he did not so request, the information about the listing and the sale become the property of the MLS and the use that it was designed for.

If DOM is confidential, then selling price, location, S.F., bedrooms, etc. are confidential and private and we should not be using them. Preposterous!

 

[Fred]

If DOM is confidential, then selling price, location, S.F., bedrooms, etc. are confidential and private and we should not be using them. Preposterous!

Richard, that's why the jails and courhouses are jammed with appraisers who used MLS data.

 

[Pamela Crowley (Florida)]

:lol: :lol: :lol: :lol: :lol:

Good one Steve!

 

[Richard Carlsen]

Richard, that's why the jails and courhouses are jammed with appraisers who used MLS data.
[/quote]

Come on Steve. Name me one appraiser in Michigan who, in good faith used MLS data and ended up convicted of something or did time in jail. Cite me one case where a homeowner has filed suit against an appraiser for using MLS data in an appraisal. I think any cases would be hard to come by.

We are allowed to use data that we consider being reliable. MLS data in my market is such. Since we have mostly part-time assessors, the data is not always reliable or timely. The last time I tried to get data from an assessor was in October of last year. I made two calls and left messages. I still have not heard back. Should I wait to finish the appraisal or proceed with MLS data material? I think the answer is obvious.

I remember when I was selling real estate in the Kalamazoo area. Every CE class would have the instructor issuing warnings about lawsuits and jail time. Finally, one of the students asked him to cite a case where such a lawsuit had taken place in our state. He could not. All he could cite was an obscure case in California (The same state that let O.J. go free and made the cops out to be the bad guys). Need I say more?

My concern is that in when we do our jobs in fear, we shortchange our clients. We owe our clients the use of the best data available. I for one will not walk in fear of someone filing suit over such an issue.

There are too many real things to be careful of in the appraisal business. This is not one of them.

 

[Pamela Crowley (Florida)]

Uhmmm,

Richard, I think Steve was being 'funny' as in dry sarcastic. I could be wrong. I though it was funny.