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Non-disclosure to full disclosure

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Mark to market

Thread Starter
Junior Member
Joined
Nov 14, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
Can anyone provide insight over a state going from non-disclosure to full disclosure?

Fannie has been clamoring for NM to go full disclosure for some time. The Fannie honcho who spoke out here at one time said he wanted full disclosure, as AVMs are more reliable then humans! Currently our governor has a task force recommending that NM do so.

Is the general public hurt by outside of the state valuations?
Does the appraisal industry suffer?
What are the upsides and downsides?


Thanks in advance
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
I have feeling that many of these Data Miners are lobbing to have them removed. Just pay the right guys and WhaLa! Here in Texas there was a law that was passed to take the Sketch and picture of the house out from public records, for security reasons. It all ended up in site that you have to pay for if you want to see it. I forget the name. Just fallow the trail it all ends up in the same place. But they allow aerial photos? Mmmm, Then suddenly we have extensive online Aerial photos.

S.B. 541 adds a new Section 25.027 to prohibit the posting of appraisal records on the Internet if the information is a photograph, sketch or floor plan of an improvement to real property that is designed primarily for use as a human residence. The prohibition does not apply to an aerial photograph that depicts five or more separately owned buildings. The law is effective September 1, 2005, and affects homeowners and appraisal districts.
I forget who that one company that was the first to initialize a website right after the law passed.

Update, I think they will find a way to do it and just call it something else.
http://appraisersforum.com/showthread.php?p=1427696&highlight=Texas+sketch#post1427696

I'm already seeing AVM data that matches MLS data, and even on some tax resources.
 
Last edited:

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Is the general public hurt by outside of the state valuations?
probably not. appraisers may think they lose some business but the upside is that the quality of their work has to be improved. I mean how can you research a private sale unless you can identify it and have some real idea about the size. I trust a Realtor to tell me the truth? I hate non-disclosure. Further, photos (which our county website has) better give you an idea of the house you are appraising so you can find comps faster and easier. I found Missouri totally frustrating. Futher, it seems non-disclosure states buyers and sellers are more closed mouth meaning it has to be a Realtor sale and you have to trust the MLS and Realtor. I don't trust either. In disclosure states a lot of people are willing to talk. I tried to research a ranch sale in Mo once with a rancher whom I not only knew but had bought a registered bull from. He refused to even tell me the size of the place in acres, let alone the sales price. I finally had to discard the sale even though it was only a few miles from my subject. A huge waste of my time.

Does the appraisal industry suffer?
quite the opposite in my opinion. TRANSPARENCY is always a plus in any public record, sales transaction, or in use to verify and confirm the facts that Realtors provide you.
What are the upsides and downsides?
The downside of perhaps having more people rely solely upon public records for AVM's is more than offset by reducing the research process and increasing the transaction transparency.
 
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