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Providing Listing Sheets Of Comps To Lender

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Pine Tree

Junior Member
Joined
Aug 19, 2002
Professional Status
Certified Residential Appraiser
State
Maine
Hey, all you formites with CA licenses.. Is it really common for you to grid a comparable AND provide the client the raw data in the form of a listing sheet?

What would be the point of preparing a report..?? Just select three sales and send them the listing sheet and hold out your hand .. :rolleyes:

Perhaps at this early hour, I'm missing the point..

can anyone educate me?
Scratching my head, Big sigh, Wendy
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Wendy the left coasters aren't up yet, so I'll chime in. In fact, I'll bet Blue hasn't even turned in out there yet. :lol: The only time I provide an actually printout of an MLS sheet is for selected relos or REOs and the report is going out of town or state. . I don't won't to be fined by my MLS which they will do. I know some people who provide MLS sheets and see no problem; however, if they ever get fined they might change their tune. I think my risk is very minimal if the assignment doesn't have a mortgage on it and it's leaving town. my 2 cents worth. It does sound odd if they want you to grid the listing AND provide the sheet:)
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I've done this for REOs and reviews, but not as a typical appraisal. There are non-disclosure rules that apply in various MLS systems, so you might CYA before releasing them.

Roger
 

Pine Tree

Junior Member
Joined
Aug 19, 2002
Professional Status
Certified Residential Appraiser
State
Maine
It's the MLS sheets on the comps I used that they're after.. They tell me this is very common in California. My MLS subscription does have a confidentiality clause.. they tell me they need them to do a "proper appraisal check" and the loan won't be approved without them.. ( told them most can accomplish a "proper appraisal check" by reading the report. and that I don't do appraisals in CA because I don't know the market there, don't U/W have any similar guidelines about lending in unfamiliar areas?. Want me to head up your client relations department?)

I have been asked for the listing sheet on a subject ~ But that's different than the raw data the appraiser used to complete a summary appraisal report. It seems to me they are having me provide information for a desk review.. well let the desk review do his own homework.

Was just wondering if the CA folks make this a practice and me, in the East, am being a little too retentive.. Could happen.. :unsure: W
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Wendy:

I've been working with my supervisor for 3 years (first as office help, now as a trainee) and no one has EVER asked us for the MLS printouts. I agree with the other posters that the confidentiality rules of the MLS would prohibit this. If they need to verify data, they can get their title company to pull the property profiles for them. <_<

Mary
 

John Hassler

Senior Member
Joined
Jul 23, 2002
Professional Status
Certified Residential Appraiser
State
California
Wendy

I don't recall ever being asked for this in 19 years. Maybe CA underwriters just think right coast appraisers are more gullible? :p
 

Tater Salad

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
I lost a client once for refusing to give the listing sheets. It was a client that I wasn't sad to lose. They are just trying to get off cheap by reviewing in-house without MLS access. The stupid thing is, if someone will commit fraud on the report, what's gonna stop them from "creating" an MLS sheet to go with it?

You can just say no, or ask your MLS board if there is a format that can be provided. My MLS allows it 2 ways. One is a flyer-type format that agents can hand out to anybody; no truly confidential information (and not much help to the U/W). The other is to get written permission from the listing agent on the comp you want to circulate.

What a pain. I'd just fire them, and tell them that they should have informed you of this at the time of the order. I hate those back-door sup req.
 

Francois K. Gregoire

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Hi All,

Clients seem to like to make statements to the effect of "everybody else does it" or "no one ever asked for that". The decision about furnishing MLS Printouts is yours.

Don't worry about the propriety of furnishing the information with respect to MLS Rules. If you are an MLS Participant, and are legitimately in possession of the data, something similar to the language below applies:


Section 12.2—Reproduction: Participants or their affiliated licensees shall not reproduce any MLS compilation or any portion thereof, except in the following limited circumstances.

Participants or their affiliated licensees may reproduce from the MLS compilation and distribute to prospective purchasers a reasonable* number of single copies of property listing data contained in the MLS compilation which relate to any properties in which the prospective purchasers are or may, in the judgment of the Participant or their affiliated licensees, be interested.

Reproductions made in accordance with this rule shall be prepared in such a fashion that the property listing data of properties other than that in which the prospective purchaser has expressed interest, or in which the Participant or the affiliated licensees are seeking to promote interest, does not appear on such reproduction.

Nothing contained herein shall be construed to preclude any Participant from utilizing, displaying, distributing, or reproducing property listing sheets or other compilations of data pertaining exclusively to properties currently listed for sale with the Participant.

Any MLS information, whether provided in written or printed form, provided electronically, or provided in any other form or format, is provided for the exclusive use of the Participant and those licensees affiliated with the Participant who are authorized to have access to such information. Such information may not be transmitted, retransmitted, or provided in any manner to any unauthorized individual, office, or firm.

None of the foregoing shall be construed to prevent any individual legitimately in possession of current listing information, sold information, vomparables, or statistical information from utilizing such information to support an estimate of value on a particular property for a particular client. However, only such information that a Board or Board-owned Multiple Listing Service has deemed to be nonconfidential and necessary to support the estimate of value may be reproduced and attached to the report as supporting documentation. Any other use of such information is unauthorized and prohibited by these rules and regulations.

This is from the NAR Model Rules and Regulations for Multiple Listing Services. There are actually three options available to the MLS, but each says essentially the same.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Sounds like a trust thing. They don't trust you, and want you to prove the comps do exist. That's what a review is for, but they don't want to spend the $$$. So they add a last minute appraisal requirement. :rolleyes:
 

Pine Tree

Junior Member
Joined
Aug 19, 2002
Professional Status
Certified Residential Appraiser
State
Maine
Thanks for all the responses!

I agree that it's a trust thing. I offered the public web site access to MLS.. of course that didn't satisfy them.

If it had been on the original request I probably wouldn't object as strongly.


I was begining to think I was in the twilight zone.. Thanks again!

Wendy
 
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