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Question from Register of Deeds this morning.

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Ray Miller

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Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
She want to know just how bad the appraisal market was. I told her it was steady for me 3 to 5 a week give or take. Enough for someone that is going to retire.

She said she was crious as to why I seem to be the one of two appraisers that come in now and do research. Before there were the slump there were a few, but most called and tried to get it over the phone. (they will not give it out over the phone.) Now she says I am just about it. The other guy will only comes in about half as much as I do.

So my question is, how are these other appraisers getting the job done in this county with out going to the register of deeds office to check the information on the comparables and the subject.

How are they finding information on sales that are not listed on the MLS systems? How are they even finding the sales?

How can they comply with USPAP and not do the research on the subjects, the comparables and the market research on sales in the area?

Where would they be getting there information? Am I missing something?
 

Terrel L. Shields

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Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I started in the courthouse and we now have records on line so going to the courthouse isn't as necessary as it used to be. But in complex situations, I still go and pull records. Few newer appraisers go and some have never been in the courthouse...
A few years ago in an FHA meeting in Tulsa, a participant stood up in front of 80 people and asked the state FHA appraiser what where they supposed to do when in Creek County (only about 20 mi. from Tulsa) when they didn't have a Assessor's Parcel Number. Her remark was "I'm not driving all the way to the courthouse just to get that..." duh.
 

Mr Rex

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Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I work a couple of counties that you have to go to the Register of Deeds to research sales history, its not available online. The clerks there tell me basically the same thing, that I'm the one they see the most. I guess the other folks are just using MLS, not doing the research, and winging it under some BS "action of my peers" mentality etc. I do know that I get calls for private party appraisals from recommendations from the ROD, they have told me that they give folks my name first and then a few others so as not to appear biased, because they see me the most.:)
 

Mike Boyd

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Jan 18, 2002
Professional Status
Retired Appraiser
State
California
First American and DataQuick often show public records. Most title companies can provide PR information. You have to subscribe to DataQuick and First American.

I have not been to the courthouse since the last time I was called for jury duty. Prior to the "electronic revolution" I would occassionally go to the recorder's or assessor's office, but more often than not, the title company provided the info to me. To get the information quicker, I would call one of the agents and ask what title company they used and what the escrow number was. Then, I would call that specific title company and ask for whoever handled escrow # 123456789. They would get what I needed within a few minutes. Nowadays, most title companies have "customer service" reps.
They can provide any number of things that are useful, even neighborhood sales records.
 

Austin

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Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
Locally the Sunday paper prints all real estate transfers for the city and county. I cut them out every week and scan them into a file that I can search.
It pays to keep up with what is going on and you can't get that from the MLS, sales agents or the paper. For example: We have 10 billions dollars worth of uranium in an area of this county and they are working on mining it. All of the land sales of big land tracts recently were purchased by the Cattle Land Company. The sellers have been big city pension funds who purchase huge acreage tracts in 1992 all within this uranium area. I researched all of the sales and guess what? They are all in the uranium area and the Cattle Land Company is the uranium mining company. Gee, I wonder why they call themselves the Cattle Land Company?
All of the land values were about double the going rate for cattle land and about the same rate per acre in all sales. I suspect included were some retained interest in the mineral rights. Had I not done this research I would have never known what was going on. Any one else seeing these transfers would surmise that cattle land was really hot.

You have to read the MLS books too. I knew that sales were slow but the MLS comp sales book got much thicker all of a sudden and the sales volume stayed the same or up slightly. One would surmise sales activity was picking up and the market not stagnating. I examined the book and guess what? The MLS merged with an adjoining city and included their sales into the one book. This Sunday I saw fewer land transfers than I ever remember seeing. The local Realtors are reporting increased sales in their sales digest, due of course to adding the sales from another city but not bothering to mention that. I am about to retire like Terrell but unlike most, I am not going to rot on the vine and die a slow death. If you are going to play the game, you may as well go out at the top of your game.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
I have been performing research in the Dukes County Registry of Deeds since 1985 when they printed daily sheets for the recordings and then I pulled the deeds before they got bounded in a book. Now there are computers and an on-line system that is somewhat slow to use.

Last month I inspected a property at 2:00 PM and one of my comparable sale closed at 3:01 PM, I stated this in my report. The sale closed after I inspected my subject. Performing research in the registry gives more confident of both my subject data and the sales data. I scan a deed for each of my subjects and also a recorded site plans if available. These documents do enhance my reports.

The exposure in the registry to the lawyers who close the loans for most of the banks has provided me a network of referrals. I rarely see other appraisers in the registry of deeds.
 

Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
First American and DataQuick often show public records. Most title companies can provide PR information. You have to subscribe to DataQuick and First American.

Useless here. First American gets you an address and if you're lucky, a parcel ID.

Town clerks office is the only option, and by far more informative than even the best online database could ever be. The people working in those offices know a lot more about the properties than what's in the records and tend to have loose tongues.

I've gotten the same strange looks here though. Apparently, I'm the only one that copies the deed, plat, tax assessment and checks zoning compliance. At 10 cents a copy, there's no excuse not to.

I hope data never goes online. Keeps my inspections during town business hours.
 

JT1974

Senior Member
Joined
Dec 16, 2006
Professional Status
Certified General Appraiser
State
Wisconsin
Ray,

Sauk and Columbia counties offer subscription based online access to their register of deeds records. Perhaps several of the appraisers in your market are using that service.
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Ray,

Sauk and Columbia counties offer subscription based online access to their register of deeds records. Perhaps several of the appraisers in your market are using that service.


Thanks Jason, they use Soring. I have only done six appraisals in Sauk County in the past five years. One is now. Too close to Madison. I don't even get reviews for Sauk. Same for Columbia County. Haven't seen an appraisal out of there for two years now. Can not work for those low, low fee's they pay for those two counties. I must assume that the Madison sweat shops are making the money.

Have friend down where the wife works in sauk county, just is having a fit. He ask the appraiser how much he was getting paid, the appraiser said he thought his boss was getting $125 bucks and his split was $75. This was for a 1004. When they went to closing the appraisal fee was $475. He is on a rampage about fraud on his closing docs. Why he was being charged $475 when the appraiser got $75. The answer he got back was the appraisal was contracted through a management company and their service fees to manage the account was $350. I was waiting to post this until I had seen the letter he got back from the lender. Right now it is hear say. But if this is the truth which I don't doubt because the guy is as honest and stright as a light pole. Then we appraisers are being had big time by the AMC.
 

JT1974

Senior Member
Joined
Dec 16, 2006
Professional Status
Certified General Appraiser
State
Wisconsin
Have friend down where the wife works in sauk county, just is having a fit. He ask the appraiser how much he was getting paid, the appraiser said he thought his boss was getting $125 bucks and his split was $75. This was for a 1004. When they went to closing the appraisal fee was $475. He is on a rampage about fraud on his closing docs. Why he was being charged $475 when the appraiser got $75. The answer he got back was the appraisal was contracted through a management company and their service fees to manage the account was $350. I was waiting to post this until I had seen the letter he got back from the lender. Right now it is hear say. But if this is the truth which I don't doubt because the guy is as honest and stright as a light pole. Then we appraisers are being had big time by the AMC.

Ray,

Sounds like it might be a good time to get into the AMC business. Why get pimped when you can be the pimp? :dancefool:
 
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