Verifying Sales

[Eli]

This is off the internet too based on federal court rules so it's gotta be true:

"A statement offered as evidence of the bare fact that it was said, rather than for its truth, is not hearsay."

Remember you are backing your opinion and conclusions. The judge or attorneys can call in the agents or whoever said it for testimony if they want it, and as far as that goes, the regulators (state board,fannie)can call the realtors too.

 

[ucbruin]

This is off the internet too based on federal court rules so it's gotta be true:

"A statement offered as evidence of the bare fact that it was said, rather than for its truth, is not hearsay."

Remember you are backing your opinion and conclusions. The judge or attorneys can call in the agents or whoever said it for testimony if they want it.

I read a similar article and it gave an example of a person who states "I am the pope" when he/she isn't the pope. The example went on to say that you could bring into testimony this "hearsay" statement in order to prove that the person was not mentally competent.

 

[DTB]

Verification source: listing agent #iou

Who said the information is or isn't true? I found information here, and listing agent # iou stated it was true, thus I have verified the information with listing agent #iou. It is not hearsay because i am not saying it is true, I am saying that I heard #iou state (to me) that it was true. It could be false, but if I have done my due diligence in verifying it then it is as reliable as possible, and thus my tail should be covered. Even if I got sworn affidavits from all concerned it could still be false.

Verification is not about the truth, but in doing what when can to make sure the information is as reliable as possible. Further, for GSEs it is required.

Reconcile this with your prior bolded points, 3 & 5

 

[residentialguy]

I just wish you were as consistent in your real world "verification" process as you are in your FNMA requirements mantra to me. Anyway, thanks for drawing me back in.

We are unable to verify with the seller...you know where everyone moved to???? As far as buyers, I've tried actually tried that route...they weren't too pleased.

We can not be held liable to things that we are able to in normal course of business.


btw, you're welcome for pulling you back in Muaahhahahahahaaaa :laugh:

 

[timd354]

This is off the internet too based on federal court rules so it's gotta be true:

"A statement offered as evidence of the bare fact that it was said, rather than for its truth, is not hearsay."

Remember you are backing your opinion and conclusions. The judge or attorneys can call in the agents or whoever said it for testimony if they want it, and as far as that goes, the regulators (state board, fannie)can call the realtors too.

As someone with a law degree I have watch the discussion of hearsay on this thread with some bemusement. One of the courses that every law students takes is the Rules of Evidence, and a significant portion of that semester long course is focused on the hearsay rule. Although hearsay is generally inadmissible into evidence in court, there are many exceptions to the hearsay rule that do allow hearsay to be admitted into evidence. One of the exceptions to the hearsay rule is the business records exception, which allows the admission of hearsay that is part of business records kept in the normal course of business (In the federal courts, the business record exception is Rule 803(6) of the Federal Rules Of Evidence, which can be found here: http://federalevidence.com/rules-of-evidence
State rules of evidence have a similar business records exception).
Clearly, the statements made by a real estate regarding the subject property and/or comps that are documented in the appraisal file would be admissible under the business records exception.

 

[ucbruin]

We are unable to verify with the seller...you know where everyone moved to???? As far as buyers, I've tried actually tried that route...they weren't too pleased.

We can not be held liable to things that we are able to in normal course of business.


btw, you're welcome for pulling you back in Muaahhahahahahaaaa :laugh:

I remember the days when I had to knock on doors to gather rental data. 1 guy followed me down the block as I was walking to other units. He was not happy with me. So I feel your pain about your experience with checking with the buyer.

 

[DMZwerg]

I agree that the process is good enough for our purposes but I still believe it's hearsay. Somebody is making a claim in writing (MLS) and verbally (when we call that person to verify) but in the end we can not state unequivocally that what they wrote and said is true. Not unless we see it for ourselves.

And what do the certifications you sign say about the accuracy of the information?

Does it say that you went to all efforts to gain signed affidavits on the information gathered? :Eyecrazy:

Another example, we state who the owner is but we don't do full title searches ...


(actually, I have done the equivalent when looking for evidence of an easement on a "shared driveway", but I specialize in complex orders)

 

[DMZwerg]

Somebody is making a claim in writing (MLS) and verbally (when we call that person to verify) but in the end we can not state unequivocally that what they wrote and said is true. Not unless we see it for ourselves.

But we can state we heard them say such and thus took it into account when developing our report. We don't claim to be certain that it is true, merely that we were told such and acted accordingly (to reconcile the statement with what we observed from other sources).

 

[Delta85]

And what do the certifications you sign say about the accuracy of the information?

Does it say that you went to all efforts to gain signed affidavits on the information gathered? :Eyecrazy:

Another example, we state who the owner is but we don't do full title searches ...


(actually, I have done the equivalent when looking for evidence of an easement on a "shared driveway", but I specialize in complex orders)

As I said as far as the process WE follow in our profession goes it is acceptable. But.....it's still hearsay.

 

[Delta85]

But we can state we heard them say such and thus took it into account when developing our report. We don't claim to be certain that it is true, merely that we were told such and acted accordingly (to reconcile the statement with what we observed from other sources).

Agreed. This level of hearsay is acceptable in an appraisal report.