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Pulling Deeds On All Comps?

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Joshua Fookes

Junior Member
Joined
Jan 15, 2003
Professional Status
Certified General Appraiser
State
California
Are you guys pulling the deeds on all of you comps for prior sales? It this normal or is the info you get from MLS and other data sources ok for sales dates/price/etc.

The reason I am asking is that I had a URAR kicked back because lender wanted prior doc numbers on all prior sales. I thought, look I told you when they sold, what they sold for and if there was any thing that was worthy of comment beyond a normal home sale. They have monkeys to pull lame info like that. It's not like I was being misleading, I gave the info, why were they being so picky?

What are they afraid of?

Josh
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Joshua-

Give em what they want and raise your fees. Too many additional expenses & increased work load while expecting us not to increase our fees is unrealistic.

-Mike
 

J in Florida

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Florida
J-

You can tell them there's this thing called the Internet. Maybe they've heard of it. That way, they can look it up themselves, see for themselves, and stop Jerking you around. If you were lying, they could find it pretty easily.

And spare me the mantra that they can't sell the loan without it.
 

Bob Stainbrook

Sophomore Member
Joined
Jan 3, 2003
Joshua,
I too had one of these last month. The UW from Wells Fargo interpreted the new federal rules as 36 months on the ubject and comp's. I explained to them that the new law says 36 months on the subject ( helps spot but not completely flipping ). Told the UW that there was a charge of $ 50 per comp on top of original bill. She said fine so I called one of the girls at the county tax office ( whom I treat better than my own mother since my county is not online ) and she gave me the info over the phone. I did send her a gift certificate for a nice local eating establishment since this same UW wanted 3 additional comps @ $ 75 each and I billed them $ 875 for a standard URAR with 6 comps and a 36 month look back for the comps.
:beer: :beer:
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Joshua:

I use "Data Quick" for Doc numbers. It costs by the minute and I charge at least double if asked. I always include a standard comment to the effect: "Realtors are licensed professionals and the local MLS holds them liable for all data. Therefore, sale dates, sale prices and all salient information regarding comparble sales is considered to be accurate and reliable."

BUT if they insist......Charge them.....
 

Joshua Fookes

Junior Member
Joined
Jan 15, 2003
Professional Status
Certified General Appraiser
State
California
I'm liking the sound of that chargin them thing. Cause it aint like I'm looking for things to do with my time. I'll print this little conversation up and show it to my Sup.

Blue, I like the wording of that, might use that one.

Josh
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
"Realtors are licensed professionals and the local MLS holds them liable for all data. Therefore, sale dates, sale prices and all salient information regarding comparble sales is considered to be accurate and reliable."

Unfortunately, I'd be lying if I said that. My MLS doesn't fine them for anything and the MLS data is absolutely loaded with MIS-information. :( :twisted:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
There is absolutely no requirement to provide that data per USPAP. Now if you want to do it, charge accordingly. I don't and won't.
 
W

walt kirk

Guest
We are only required to comment on prior sales information normally used in the appraisal process. If you normally check deeds than by all means include doc numbers. You use MLS data the MLS number is ok. If an underwriter wants you to do extra work, charge for it.
 

Tom McDowell

Member
Joined
Jan 19, 2003
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
North Carolina
In NC document stamps are recorded on the deed. If you confirm your data you will have a copy of the doc stamps and deed reference in your files. You don't have to report this but you do have to confirm your data. When I was in private practice it was policy in my shop that all appraisers pulled deeds on all comparable sales as well as the subject. Since I have become a review appraiser I find that I was in the minority. If you confirm your data and have the information then why not give it to them. yo can charge for the additional information.
 
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