Value for property in 1996

[Frank Lostracco]

I have an order where the client is requesting a value for a property retroactive to February 1996. The MLS goes back to 1998. How would one go about searching for comparables in this case. There are about 200 sales in the public records for the year prior to 02/96, but no description of the properties.
Would it be acceptable to do a 1998 appraisal, then adjust it for the 2 year time period? I have that data.
This is a divorce case with attornies.
Thanks,
Frank

 

[Farm Gal]

Frank -

If you can't find some old **** with paper MLS files going back into the dark ages, I would consider your method acceptable... Have you consulted your local MLS Board - sometimes they have stuff in the back closet?

Absent any other reasonable way to do the work... I'd get a client approval IN WRITING for your file and state why you are applying the method in your report!

 

[Frank Lostracco]

Lee Ann,
I contacted the MLS, and was told 10 years is it, I am almost positive that the MLS was computerized in 1996 in this area.
Thanks,
Frank

 

[Mike Kennedy]

public records - which "public records"........ site location?

 

[Frank Lostracco]

Pennsville Township, Salem County, way south of where you probably are Mike.

 

[Walter Kirk]

Frank,
PM Me, I have Gloucester/Salem MLS Books going back to the 80's.

 

[Terrel L. Shields]

Surely there are lots of brokers who were in biz then. Check with them and tell them what you need. You might offer to pay them for info and make it clear to the client you will have to buy info. Retro over 3 - 4 years is almost always a double fee for me. Anything before 1990...quadruple at least.

 

[Farm Gal]

Frank -

You might ask the MLS who has been around since the beginning of time and is most likley to have other books stashed (assuming that Walter doesn't have exactly what you need).

 

[timd354]

The first thing you do is you explain to your client the difficulties of this assignment and quote a large hourly fee, together with a large upfront retainer. If they are to cheap to pay a good hourly fee for you to undertake the assignment given the difficulties involved, you tell them to take a hike. If they agree to your fee and the required retainer, then you do what you need to do to obtain the data in your area....it may require a trip down the local land records office to pull deeds the old fashioned way. If you have data from 1998, thats fine, but how do you make a proper time adjustrment back 2 years if you have no data from 1996?

 

[DonRico]

Walter....that is outstanding! You are my hero. Do you have other counties as well??

Frank....I hope you are getting sufficient beaver pelts to cover this one.