Public Record Versus MLS

[TJSum]

Seems to me the Database would use the measured GLA of each subject instead of what other appraisers call it when used as a comparable. So they should be measuring our comps GLA against what it had been measured at when it was a subject.

In our area if you use MLS GLA most of the time you will be way off as agents typically include basement finish into their GLA count. Typically appraisers in this area will use Public Record GLA and if we have something different then that, we are expected to explain why.

 

[Tim The Enchanter]

I wish for the days when CU only meant Credit Union.

 

[normando]

I use FNC and sometimes the appraiser's input data on gross area is different from public records which makes it difficult to decide which is correct. Should I go with public records since CU expects it to be?

 

[Riick]

Our Assessors include finished basements in the GLA of * most * properties. That's where the fun begins.

Gotta love it CU if it tells me that those 980 sq ft ranchers are really 1960 sq.ft. ......Please modify your report.

 

[Mike Kennedy]

How does CU work in areas where there are no public records? New Mexico is a non-disclosure state and only a handful of counties (which don't include the one with half the population) have GLA information online. Most counties the only way to get that information is to actually go down to the Assessor's Office, and even then some will still say it's not public information and will only provide the current owner and land size.

While FOIA applies to Fed records, often State, County, and Local Municipalities also use it to permit review of public records.

 

[Michael S]

While FOIA applies to Fed records, often State, County, and Local Municipalities also use it to permit review of public records.

True. In at least one county I did some work in they required you to fill out a form that was basically a FOIA request to get anything from the clerk's office (deeds, plats, etc.) or assessor's office. Considering the timing that's involved it's definitely not typical to do so in any normal appraisal assignment.

Many counties have started moving data online including GIS and at least searchable tax/ownership records. It's still very limited though.

However, when I look at public records in some states while confirming sales I'm just blown away by how much information is available. Some places have had tools to search for recent sales or they have extremely detailed improvement descriptions with the cost breakdown, pictures, and floor plans.

 

[Peter LeQuire]

Should I go with public records since CU expects it to be?

I use the most credible information source, and will resist - whether I comment or not - using a source because "CU expects" it.

 

[CANative]

Private data aggregators such as NDC, CoreLogic, etc. are not public records.

 

[bnmappraisal]

Both can be right, both can be wrong. If different from the MLS, I state there is a difference and which one I believed. I might even check google earth if I think the error is big enough. The difference in 1602 and 1620 may be only a transposition of the MLS since most of ours use the Courthouse as the SF reference.

I generally disclose any difference of approximately 50sf or more between MLS and Pub Rec. Anything less than that I consider minor. However when I do have a difference I have a comment in my report (feel free to use if you think it's helpful) and I do tweak it depending on the property/circumstances:
Note regarding the GLA of comp **: MFRMLS indicates the GLA of comp ** as *,*** sf. County Property Appraiser records indicate a GLA of *,*** sf. Per realtor/MFRMLS, the GLA of this property is deemed to be *,*** sf. The indicated source for the GLA on MFRMLS is "&&&&&&"

 

[PhillyApp]

Pick a data source that you use consistently and note that source in the report. Reconcile if there are additional sources with major variations.
As far as using MLS, I cannot rely on local agents who are known to fluff their listings adding finished basements to the GLA or just outright estimating the GLA.

In regard to the notion that the MLS was what was marketed to the public, I thought our job was to protect the public. When the MLS is off on the subject and you know this through measuring the property, do you report MLS Sq Ft or the GLA you calculated in your sketch?

For the record I run into this wall all the time, and I report what I measured and use that as my GLA in future reports...That is my standard, which is part of the scope of work listed in my reports, when I use a GLA from a previous report, I note that might differ from public record, I note that and why it differs.

I have been flagged by CU, when it was first rolled out regarding GLA and have adopted this standard.

In my market, I have seen MLS listings as well as public records that are off by 30 to 50% of the actual GLA, often the public record GLA is greater than the overall building lot, which is a red flag that cannot and should not be ignored from a rel estate professional. Agents are beginning to use public record as lawsuits from buyers have begun.