Non Disclosure States

[David Bodtcher]

I am curious to know how appraisers in non disclosure states verify sale prices. i know win2data will put an estimated sale price on there, but I believe it is just taking the 1st loan amount & adding 20% (I could be wrong). I've just added the 1st & 2nd loans (if any) together & based the accumulative loan amounts as the sale price due to 100% financing being prevailant in this day & age. Yet I cannot base this assumtion as the truth.
However, I've had to trust the appraiser's sale price listed on the appraisal. It would be nice to find out how the appraiser's themselves find the sale price.

 

[Don Jones]

David,

You ask someone that knows. You ask the seller, buyer, lender, broker, or other party to the transaction. In a non-disclosure state it is not all laid on a plate for you, it requires work, just plain old fashion work. In the rural areas there aren't even any multi-list services to rely upon.

 

[Verne Hebert]

You are located in data rich So Cal. Why are you asking this question?

You verify the sales price, and concessions, if any, as many ways as you can or have to; to get the "warm fuzzy feeling" that you know the truth. Get on the phone, and hit the pavement if necessary.

This certainly includes any parties directly privy to the transaction(s). It is a little tougher way to make a living appraising real property.

 

[David Bodtcher]

Thanks for the replies. I ask because I have seen some appraisals come through our company from nondisclosure states & was curious how they verify sale prices.

 

[Verne Hebert]

Here in Montana, at least in the more populous counties, MLS exists--This is an evolutionary blessing and the sales prices are shown.

Like all data however, this must be verified, and most importantly the verification of any concessions.

The counties assessor offices are members of MLS and have access to these sales prices also; they pump these sales back into the mass appraisal matrix and throttle their land and improvement components.

 

[Restrain]

Most times, in Texas, if there's not an MLS (smaller rural counties) we either get them from the real estate agents, or from letters filed with the various county appraisal districts. They send out letters asking how much was paid, so we have data from the buyer.

Is it correct? Who knows? However, it's all we've got, unless the disclosure bill passes.

 

[Farm Gal]

David:

This is in part why appraisers who DO NOT verify sales through some second source of information are doing a vast disservice to their cleints. Most fail to do so due to the pinch from thier cleints for time and fee... Yet another AMC just sent over a demand for service in 5 days or less... from receipt of order... Nice but not always possible to get confirmation in that time frame.


Sure they get the needed value for the cleint, but the REAL value may be overestimated due to innacruate data or concessions which are NOT recorded in a single source.

Certain Realtors (sorry to all those who wear their "R" pin ethically and proudly) deliberately under-report seller participation... It makes their sales numbers higher and justifies ever higher prices... yeah its only 2, 3 hey maybe 4% but still...

If you call them on it when you KNOW (like when it is YOUR CHILD who bought teh house) they have at the tip of their tongue: "Oopsie did I forget to go back and insert the seller concesions again?"

When the appraisers snarls YES DAMMMIT... they promise to fix the problem. two months (and who knows how many uses as a "comparables sale with no concessions" )later... it reads the same Concession =$0.00.