Publish Appraisal as Public Record??

[The Warrior Monk]

On the residential side, most of our mortgage work is for private banking services. I can assure you that many of these homeowners would have an absolute fit if floor plans of their homes and appraised values of their real estate assets were public record. For many, it's a security issue, in regard to both personal safety and protection of assets.

 

[Mr Rex]

I can assure you that many of these homeowners would have an absolute fit if floor plans of their homes and appraised values of their real estate assets were public record. For many, it's a security issue, in regard to both personal safety and protection of assets.

Would be a boon for the burgalary industry, pull a sketch off the web of someones room layout, plat etc.:Eyecrazy:

 

[Terrel L. Shields]

"Making our reports public would allow someone to see all our data for free. Without the expense of data collection, they could underbid the appraisers doing all of the legwork."

Exactly. An out of state appraiser, without doing any research, could by pulling a few recent appraisals from the clerks office, do a passable job of appraising a house similar to the subject. Just find a house that has sold in the neighborhood within the past 90 days or so and pull the report. 4 instant sales.

 

[Stephen J. Vertin MAI]

As asked by the original poster to keep this in the realm of residential appraisals I shall do so. As an appraiser I have no problem with posting appraisal reports as public records. I understand the objections of this practice by rural appraisers. I am sure some have to do similar research as commercial appraisers. However, as a consumer I would strongly object to someone posting a layout plan of my house. This comes from living in a major metropolitan area where there are a hundred thousand crack heads and perverts within 10 miles. I will use my best grammar "It ain't ever going to happen here".

Further as someone pointed out you could not have one practice for residential reports and one for commercial. There truly is a lot of confidential information in commercial reports where I can honestly see why owners would not want it posted. Someone else recommended putting the appraisers name and business information amongst the paper work. That is actually a pretty good idea. It would also help appraisers. Could you imagine having the ability to talk to the people that appraised your comparables. It would help make reports substantially more accurate and cut out having to speak with bias brokers.

Steve Vertin

 

[William Rightsell]

Lots of good points being made....the floorplan issue being a good one. I didnt think about that, as I never draw interior floorplans anymore - havent in years.

I still think some type of form with a summary of the raw data would be good. A one page form generated by the appraisal software package with the pertinent subject and sales data - sans adjustments and comments/analysis. And of course the appraisers value estimate and name/license number.

Im just trying to think of a way that OBVIUOS fraud could be detected by our peers. Those cases where you were involved and you didnt want any part of it - then you discover it closed anyway!!! And then nobody wants to talk about it.

As for who might pay for all this - well - the banks for starters. They tell Congress they are all for mortgage fraud detection and prevention, and at the upper regulatory levels they may actually be. Let them put thier money where their mouth is and contribute. The recording fees for a one page document sure wouldnt break them.

And this could be something that might be adapted for commercial reports as well...raw data reporting. In NC, im pretty sure commercial property purchase prices and sale dates, etc are public record. If it transfers and is recorded its public record.

Comments???

 

[The Warrior Monk]

Would be a boon for the burgalary industry, pull a sketch off the web of someones room layout, plat etc.:Eyecrazy:

Another thing I forgot to mention is that our clients require us to take take interior photos of homes. More reason not to make these public record.

I've even noticed some MLS listings (along with the photos) vanish when purchased by high-profile persons.

A workable solution might to hold the files at a storage facility, such as what is done with records for court cases, or with DMV data. Info could be released under FOIL with the proper redaction, as defined under some hertofore unenacted legislation.

 

[Mr Rex]

Sure would make for an easy Oceans 14 in the Hamptons.

 

[Hall McClenahan]

Wow

How much better would AVM's be if we gave them public access to three years of our appraisal?

lets see, your neighbors house appraised for zzz last month, and the house behind you appraised for xx two months ago, the house across the street appraised for xx last year. now mathamatically............

 

[Austin]

Put Your Money Where Your Mouth Is!

I want to make a wager no one will accept. You people that think this is a good idea, why not post your last appraisal on this forum and let us take a look at it?

Thread closed.....end of discussion. :new_all_coholic:

 

[hastalavista]

I agree with Steve V., but Austin really hit the nail on the head.