Verification Source.or lack thereof

[BlueDog007]

I am doing an appraisal in a high end gated community whereas the local/on-site real estate office does not utilize MLS. The listing agent provided me with a list of sales from their internal sales database in which I went through and found good comparables. However, these properties all sold in July of 2007. I can not verify them on the county website or MLS tax records.

Furthermore, the agent explained their office does not provide copies of HUD statements for any of their sales. I do have a spreadsheet which indicates the price, closed date, square footage, bedrooms, baths, etc...everything I really need.

I have always been under the impression I needed a public document or HUD statement for verification. I do not have any other way to verify these sales and these are by far the best available comparables......

Suggestions?!?!?!?!?

 

[Terrel L. Shields]

humm...I'd at least state the obvious. So, can you go to the court house and pull up the deed? Our clerk posts those the day they are recorded but the assessor lags about 2 weeks or will lag the whole month of August because the Board of Equalization will be in session. It will cost you a trip to the courthouse, but even though thats 20 miles away and gas is $3/gal. I went this week once and wouldn't hesitate to do so again. Also, I look at the mortgages associated with the deed and double check the interest rate, term, amount loaned, etc.

 

[Renee Borne]

Find out what title company they use and confirm the sales (the agent should know). Just because it is not on-line doesn't mean that it has not been recorded (some counties or city will only give info by mail if they do not have the staff). I fax over my request to the title company and they send written info back and that goes into my work file. On your grid put the title co's name in verfication source.

 

[John "Corky" Harry]

Just like Terrel said. Go to the courthouse and verify the sale. Maybe knock on the doors of some of the comps and speak with the owner. Explain in the report how you verified the sales.

 

[BlueDog007]

I just searched the Deeds online and didn't find anything. It's a little tricky though meaning that you need some information to start your search with, other than the address and tax parcel number. You need the buyers name or a Deed Book and Page, in which I have neither. So no luck there!

The spreadsheet from the on-site office is well organized and states the sales price and date. What if I stated their office as the verification source and commented about this situation in the sales comparison comments. Would this be considered acceptable?

 

[Otis Key]

I just searched the Deeds online and didn't find anything. It's a little tricky though meaning that you need some information to start your search with, other than the address and tax parcel number. You need the buyers name or a Deed Book and Page, in which I have neither. So no luck there!

The spreadsheet from the on-site office is well organized and states the sales price and date. What if I stated their office as the verification source and commented about this situation in the sales comparison comments. Would this be considered acceptable?

Let me guess...........you're doing this on the Fannie 1004, revised version - right!?

Have you read the certification that you sign? You were just told above what we do.

 

[Vegan702]

Go knock on the doors and find out their names. Go to the recorders office if you have to. But just relying on information from the builder doesn't seem right to me. How do you know if they really closed or not?

 

[John "Corky" Harry]

Ric, are there grantors books and grantees books in the courthouse? Ask the clerk. Tell the clerk the name of the subdivision and they will be able to help you. I would not use the sales office as my only verification source. I don't even want to go there as to why.

 

[Lloyd Bonafide]

What data sources do you use for public records? Here, Realist or NDC Data will have the data on-line within about 7 days of closing. I would either verify the info at the courthouse or with the Assessor, or I would wait a couple of days until the until the closing data is available on-line. There is no way I would trust the builder.

 

[BlueDog007]

The information is NOT coming from a builder! When I stated "on-site", I meant the resort island sales office. Other agencies sell here too, but this on-site office has the monopoly for this community. The information provided is deemed reliable as I have used it numerous times before, however, I was able to verify their sales previously due to the fact those sales were 1-3 months old and had made it through the process. I have NEVER had a problem verifying their information.

If you state your verification source as the real estate office name, and also list the agent's name whom you spoke with, retain the information in your workfile along with their handwriting stating "Homes that have closed in 2007", what else could you possibly do if the assessor doesn't have the new information yet?

I guess the last alternative is to drive to the county courthouse and find the new deeds. That is........if the attorney has recorded them yet. I have seen them take several weeks just to do record the deeds.

Data sources are MLS, MLS Tax Records, On-line County Records.