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Welcome to the new 1004

Tiffany Gibbons said:
And don't forget, we're supposed to call each agent on every sale to get the division of sales concessions, and make sure buyers agent fees are not included since realtors lump it in or its not disclosed at all. That's sure going to speed things up, right? I've been trying all day to get in a vacant house, that I have a key code to but need "permission".
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What, you don't contact the realtors now?
 
chad hampton said:
Agents in my market fill out information in the MLS. If i were an agent here and an appraiser called me, I'd tell them to look at the MLS page, the info is right there. Provided I filled it out.
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If you are doing F/F work, you sign a statement that ". I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property." The little field on the MLS sheet, whch BTW is going away, I don't think is sufficient. Also sometimes the concessins are not $$, they can be weird.

Hre is HUD's take on it. "The appraiser must verify comparable sales. MLS by itself is not considered a verification source. Contacting someone with first-hand knowledge of the transaction (listing or selling agent, buyer, seller, etc.) is the preferred method of verification." Speaking to HUD, I was told if after attempts were made, you can just document your attempts and use your best judgement. But you have to try.
 
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alebrewer said:
The listing and/or selling agent, buyer, and seller are all not disinterested third parties...
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I agree. County records, etc are ok for verifying data, however, parsing out any concessions needs to be done by someone who is a party to the transaction, because who else would know? Even cash transactions can have weird things in the conditions of sale. Its a simple email, not a long drawn out conversation. And this should have been done regardless of what your MLS system has. " I would like to verify there were $XX in seller paid concession for your sale at YY." Easy peasy.
 
chad hampton said:
Agents in my market fill out information in the MLS. If i were an agent here and an appraiser called me, I'd tell them to look at the MLS page, the info is right there. Provided I filled it out.
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Oh you trusting soul.
 
chad hampton said:
Agents in my market fill out information in the MLS. If i were an agent here and an appraiser called me, I'd tell them to look at the MLS page, the info is right there. Provided I filled it out.
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Agents here can put in concession info. But our MLS now prohibits any mention of compensation in their listings
 
In Texas, we have no way of verifying sales prices from a disinterested third party. As such, we can't strictly comply with that cert, so we have clarification statements. As an aside, I always thought it redundant to verify a sales price with the agent who entered the sales price...
 
As long as they can still put in concessions, that's what you need. I'm not concerned with commissions. They've always been negotiable.
 
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