Rels changes the Market Condition Summary

[Elliott]

Apparently feedback caused Rels to change their MCS form.

"The revised Market Conditions Summary will be required to be completed on full conventional and home equity appraisal products as of 8/1/08 (exclusions include FHA, REO, PMI, Desktops, land and bond program appraisals). "

Rels seems to have found a lower cost provider in my market so I
haven't done a MCS, but are yous appraisers charge for the MCS??

 

[Elliott]

1234567890

 

[Elliott]

0987654321

 

[Elliott]

1234567890

 

[Tawfik Ahdab]

"Based on the data utilized in the report, calculate the time to sell current inventory:
_______ Current Listings ÷ ______ Average sales per month during preceding 6 months = _________ months to liquidate inventory"

Who wrote this?

If it's months' supply they're after, they better get the formula right.

Active / Sales in the past 12 months = years' supply

Years' supply X 12 = months' supply.

"The appraiser estimates that property values over the past year and within the defined neighborhood boundaries are:
□ Increasing (____%) □ Stable □ Decreasing (____ %) Provide analysis and data to support the property value trend indicated"

Just as with the Fannie form, there is no methodology given for calculating changes in property "values". Many appraisers report changes in the mean or median sale price, but that's not the same as calculating changes in values.

This form is about market analysis and not appraisal.

How do you appraisers who have minimal if any training in market analysis "provide analysis and data to support the property value trend"?

 

[Lawrence R.]

Wow. I bet if I worked for RELS I would care right about now.

 

[Couch Potato]

Wow. I bet if I worked for RELS I would care right about now.

Same here. :new_all_coholic:

 

[OCApp]

how much do they pay?? if it's enough, i'd be interested. some management companies pay at or very near market rates. and as for the absorption rate formula on the form, looks ok to me.

 

[Mr Rex]

They typically pay sheet. Recently did one, demanded fee increase or remove the requirement for the BS form. They accepted the fee increase and I still lost money. That form is the biggest POS I have seen in a while, it took as much time CYAing that form in other places as it did to fill the thing out. Never again. Burn me once, try again, I don't think so. Its obvious they employ hacks that need handholding,

‘Get your stinkin’ paws off me, you damned dirty ape!’

 

[Mike Kennedy]

totally Redundant Requirement - data should already BE in an appraisal report.