MLS data--Proprietary, not-releaseable?

[airphoto]

jtrotta,

I don't wanna sound like I'm harassing you, but with all the lil characters and the writing style I've had a difficult time following what your intent was in the above post ..

I believe the answer to what you intended to say is embodied in the following quote from paragraph #2 of the Appraiser's Certification to the URAR:

"...I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct."

This is a 'representation' not a guarantee of the accuracy of the information. No appraiser is expected to guarantee the accuracy of anything he did not personally lay his eyeballs on. We're all relying on 2nd or 3rd party representations .. hence the MLS disclaimer and our own disclaimer, per above.

 

[Farm Gal]

I quite agree that MLS information alone should not be used for data on sales!

My USPAP compliance addendum also states that 'the source believed more reliable was used'.

To further cover myself I add in my standard comments that "Main level GLA is usually taken from country records which are believed to be more reliable, below grade finish is usually taken from from MLS records (many people do not report additional finish in thier basements), and the upper floors in all cases from the source deemed more reliable. In the case of conflicts (in our area the county uses a 'percentage' for upper level measurements on homes wiht partial second floor finish) the appraisers curbside viewing supplimented with conversation with one or more persons knowlegable about the sale was used... "

This works fairly well in those cases where a realtor actually measures and has an opinion or idea of the actual size, but certain realtors take all of their data from the county: unknowing that county 'measures' are percentage based estimates! Before full computerization in our area those estimates were limited to 1/4, 1/2 or 3/4 of main level. Many of those older measures are still in existance.

If I can see or guess at an upper level that doesn't make any sense with either source I avoid the sale and explain why. Appraiser detective service at work again!

 

[Richard Carlsen]

Lee Ann

You are fortunate that you have reasonable access to county records that provide you with that data but in our market, that data is not always available within a reasonable time. And what do you do when your service area encompasses 9 different counties? In addition, I have seen too many cases where the township data was incorrect. One of my own houses, built in 1954 had a full basement. In 1995, a check of the township records showed it built on a crawl space. In 41 years, they could not get it right?

I think that the MLS data I have from 7 different MLS systems, all with current information taken within 1 year for the purpose of selling a property and that I have judged to be one of the best sources available for information on sales in the market is more than adequate to use in a sales grid and is adequate to reasonably estimate the value. It is, after all, an opinion and not the truth.

Back to the football games!!!!!

The Pack will be back!!!!!!

 

[Farm Gal]

You are fortunate that you have reasonable access to county records that provide you with that data but in our market, that data is not always available within a reasonable time.

Some areas' county data is now online, some areas we still pull open a file drawer and looking at the pictures stapled to the corner of the files.

And what do you do when your service area encompasses 9 different counties?

I swear: a LOT! We cover 8 counties, and some areas have more reliable realtors and some have great county appraisers and some have mix of both! That's where us detective sorts come in. Wouldn't it be dandy if they just had the right stuff for us to use?

..too many cases where the township data was incorrect. ... In 41 years, they could not get it right?

Depends on who bothers to bring it to their attention: I always make a courtesy call to a homeowner if I find wildly inaccurate county data.

Recent tax protest on my aunt and uncle's house: had sold 4 times in 5 years under assessed value. Initially adversarial meeting with Co appraiser went from highly hostile to very apologetic in a hurry. Gave her short list of needs to be fixed items, all the old listing sheets, pictures of the partial basement (Co. had full), painted cement walls and peeling stick on vinyl ('finish' in basement), and proved 1F1Ha Bath (Co had 2F1H).
Told her I wasn't appraising, just giving her the correct data she needed to do her job right. She posted a 29% decrease! Cut the taxes by a bundle! So in 45+ years no one else noticed??? Not entirely county's fault!

...reasonably estimate the value. It is, after all, an opinion and not the truth.

:lol: Truer words were never spoke! :lol:

Back to the football games!!!!! The Pack will be back!!!!!!

Um good luck there... I quit watching football when Joe Montana moved from SF. The glory days were gone bye-bye and it wasn't fun anymore!

Lee Ann

 

[Tom Hildebrandt]

Interesting topic and great comments

My cut on MLS data used in a report. If you obtain the data legally, ie, pay dues etc, then you can report the information so collected to any client who has legitimately retained you to provide professional appraisal services.

My cut on verification of data. You need to verify only to the extent that it is required to appropriately solve the appraisal problem. If the DOM is a significant element of the solution to the appraisal problem, or if a specific level of verification of the DOM is typical in your market for that specific type of an appraisal problem, you need to verify at least to that level.

The key issue is to determine the appropriate scope of work necessary to solve the appraisal problem.

Regards

Tom Hildebrandt GAA

 

[Mike Garrett RAA]

As a broker/member of the Board of REALTORS® for the past 30 years...I can tell you the data belongs to me since I pay for it. Using it in an appraisal is no different than a member providing it to a listing or buying client. The lenders are our clients.

Days on market are available on both the sold data sheets and the property history...something we all should be checking to comply with USPAP. I use both MLS and public records to verify sales.

VA requires days on market on both the subject property and comparables as part of the appraisal report. Any relocation work also requires days on market. For that reason, it is standard policy in my shop to include it on all appraisal reports.

I almost have to laugh about confidentiality when it pertains to MLS since they make the data base open to the public on the internet here. The sold information and subsiquent CMA data is restricted to members BUT we can use it for our clients.

 

[Dave Smith]

Folks, I have a question!!!

Why am I a Realtor, spending over $750.00 per year for the MLS data if I can't use it as my source of comps in my day to day appraisal activities? Do you mean to say I can't put anything in my appraisals that came from the MLS?

I can't get very much sales data any other way in my neck of the woods so if I can't use the MLS data I might as well hang it up and retire to Happy Valley, a place where underwriters are not going to be allowed.

MLS information goes into Realtor.com so it goes world wide in a flash. The sold information is of public record. That is why deeds get recorded, so the public knows about the sale. In Wisconsin the recording includes the amount of the transfer fee, which if divided by .003 equals the sale price. I can even access my county computer from my desk to get the sold information.

Are you saying I can't use the MLS information in my reports in any way, shape or form? I've been doing it since our MLS was formed in 1978 and not one person has ever said STOP!!!!! Wow, double wow!!!

I'm amazed and darned near speechless.................... but not quite!!! But I am really confused!!!