Sitex.com-Retrospective Reviews

[Doug Smith SRA]

Anyone using Sitex.com? The company is called Sitex Data Corp. The have coverage in Montana whereas not many other data providers do?

Any other data providers you know of doing work in rural out of the way States like Montana? We are non disclosure state and have low population so not much available.

BTW I got my third Retro review today, appraisal date 6/22/99. This makes three is just three months. The report had the sitex.com report included into the addenda. The appraisal order titled " RETROSPECTIVE FIELD REVIEW REQUEST." Subject property showed a loss against the mortgage at an REO sale of $26,000. These types of appraisals are coming fast and furious and they have not seen anything yet.... This is going to fun. If they think $26,000 loss is bad wait til they see some of the dillys we have seen...

Thanks,

 

[Oregon Doug]

Doug - I had never been requested to do a Retrospective Appraisal Review unitl about two months ago - I've had four requests since then.

It looks like some of the lenders are trying to find scapegoats to cover their losses - and who better to blame than the appraiser (with E & O).

I expect that we'll see more of them in the future.

Don't know Sitex.com

Oregon Doug

 

[TC]

I used Sitex for a free trial and then signed up for a year. Some counties I appraise in are not on-line, Sitex has the legal info I need without going to the courthhouse. It seems to be a pretty good deal for 3.50 a pop.

TC

 

[Doug Smith SRA]

Doug:

As I understand the process, the Retroactive Reviews are being done to move the mortgage failure liability back to the point of origin. If the mortgage was sold and it was supported by a lousy appraisal, Fannie MAE or who ever bought the mortgage will attempt to move it back to the originating lender.

Some of the homeowners doing a refinance tell me sometimes their mortgage has moved on to three and four companies. So in some cases this is an extended food chain.

However, I agree with you sometime down the road, they will start going after the appraisers. But it is a hassle to sue an appraiser, it is costly, it is time consuming and bottom line is a lot of appraisers are in the "no blood from a turnip" philosophy of not having E & O insurance.

Right now I think appraisers are immune to liability for loan failures but that could change.

Appraisers need to review the costs of doing Retroactive Reviews and start off on the right foot charging fees commensurate with the work involved. I have a full time typist setting up a three year data base of sales on Access as well as a foreclosure property data base. 135 mortgage seizures in my community of 32,000 last year.

How many out there are asking their MLS providers to keep three years of sales in the data base? Mine turned a deaf ear.

 

[graindart]

Doug,

What type of information does Sitex.com have for MT? I thought that they just had the assessment stuff, which you can just get online at the MT GIS site for free. Do they have something else there also?

 

[Doug Smith SRA]

Graindart:

Don't know yet. I signed up for free trial and they have not registered me yet. I rely on Montana Cadastral now but sometimes have trouble locating if the name is not available. Sitex is accessed by address.

Doug

 

[graindart]

I know what you mean about trying to find records if you don't have the owner's name. I went to the FTP portion of the site and downloaded the complete county data file. Now when I don't have the owner's name, I open the large data file with a text editor (Ultraedit is good) and just do a search with whatever data I do have. Then the owner's name is on that same line and I just plug it into the Cadastral website.

 

[Thomas N. Morgan]

Doug,

We tried to get ours to hold the data for 3 years, but 2 is all they will do.
Like your Avatar! I have the same "I Will Appraise Your House For Food" cartoon on my bulletin board. Do you remember what magazine it came from? My copy is reversed....white on a black background.

I've done no retrospecive reviews. Did do one retrospective appraisal.
The lender got a certificate of title on only part of the land the borrower owned. The mfg home is mostly on the part the lender didn't get in the foreclosue action. Borrowers flew the coop. Probably don't know they still own the mfg. home.

Regards,

Tom

 

[Farm Gal]

I also am being asked to do more and more of these, particularly Fannie/modulars...

We are particularly fortunate in having access to an excellent MLS with great retospective data... The one thing it does NOT do well is provide current listings at the time of retrospective effective date.
With a little perserverence one can get an idea, but nothing concrete.
Particularly in certain areas, or with atypical properties, the listings of that time that might tell the tale best are not to be ferreted out unless you are 1 lucky or 2 very very dilligent in researching data.
~~~~~~~

Much of our coverage area HAS no MLS at all, which poses a whole different set of issues when doing a retrospective, as old county data is entirely unavailable. (amny countys keep 3 years of sales and after that you are entirely at the mercy of selectablity runs that may or may NOT :evil: be complete) What are you all doing about these???