What Do You Consider To Be Data Sources And Verification Sources?

[djd09]

"Hello, is this Sally Realtor? "I'm calling to find out if 123 Elm Street sold for $155,000?" "I don't know, whatever it says in MLS." "Well Sally, I need you to verify the amount." "Like I said, the amount in MLS is what it sold for." "Ok, thanks, and when did it sell?" "Sh it, I don't know, two months ago." "Well, did it sell on 7/4/17 as it indicates in the MLS?" "I guess. Hey I got an appointment and I have...." "Okay Sally, just one more question, about the terms and the motivation of the buyer and seller, and concessions." "Hey, I've got to go, goodbye."

We must of been talking to the same realtor.

 

[Tom4value]

Remember appraising before the internet? We would go into real estate offices to look at the comp books. They came out once a quarter. Four times a year, the "most recent sales" in the books were 3 months old. During those times, Assessor's records and B+T were the only source for recent sales.

 

[Tom4value]

Remember appraising before the internet? We would go into real estate offices to look at the comp books. They came out once a quarter. Four times a year, the "most recent sales" in the books were 3 months old. During those times, Assessor's records and B+T were the only source for recent sales.

Verification of which....

Subject....
Or
Sales and listing/pending comps????

both!

 

[Michigan CG]

My god....
If you folks did half as much as you profess to do....
You wouldn't complete more than 2 reports per week....
HAHAHA................

Suggest you read post #14. Then pull out that USPAP book you have, or refer to it on your computer and check out Standard 1-4.

THEN, go to your copy of Appraising Residential Properties, Fourth Edition and check out page 316 (or an earlier edition if you don't have the 4th).

That will give you four references that you are doing it wrong.


















(I am guessing UC doesn't have a current USPAP available and doesn't have the 4th Edition).

 

[NachoPerito]

"Hello, is this Sally Realtor? "I'm calling to find out if 123 Elm Street sold for $155,000?" "I don't know, whatever it says in MLS." "Well Sally, I need you to verify the amount." "Like I said, the amount in MLS is what it sold for." "Ok, thanks, and when did it sell?" "Sh it, I don't know, two months ago." "Well, did it sell on 7/4/17 as it indicates in the MLS?" "I guess. Hey I got an appointment and I have...." "Okay Sally, just one more question, about the terms and the motivation of the buyer and seller, and concessions." "Hey, I've got to go, goodbye."

Doesn't really go like that.

More like this

"Looks like you sold this house two months ago for $200k is that right?
Any concessions?
What kind of shape was the home in?, was the roof ok, any other issues with deferred maintenance
Is the basement all finished area? What degree of finish? Were ceiling heights adequate? Did it stay dry?
I saw that the seller financed the sale, did they give a rate similar to what a bank would give?
I saw that there was an attached garage plus a detached 3-car garage, what did the detached garage add to the value in your opinion?
Can you give me an opinion on the value bump from the Lake View?
I see you said, will entertain all offers, was the seller in a rush to sell the property?"

I don't need to confirm the date of sale.

Just to reiterate, I don't ask these questions for all properties, just when I need to know the answer. Much of the time I can look at a listing and have all the answers right there.

 

[Michigan CG]

Doesn't really go like that.

More like this

"Looks like you sold this house two months ago for $200k is that right?
Any concessions?
What kind of shape was the home in?, was the roof ok, any other issues with deferred maintenance
Is the basement all finished area? What degree of finish? Were ceiling heights adequate? Did it stay dry?
I saw that the seller financed the sale, did they give a rate similar to what a bank would give?
I saw that there was an attached garage plus a detached 3-car garage, what did the detached garage add to the value in your opinion?
Can you give me an opinion on the value bump from the Lake View?
I see you said, will entertain all offers, was the seller in a rush to sell the property?"

I don't need to confirm the date of sale.

Just to reiterate, I don't ask these questions for all properties, just when I need to know the answer. Much of the time I can look at a listing and have all the answers right there.

Just stop making sense, it confuses some folks.

Between the two of us we provided four sources on the proper way to verify, some are in denial.

 

[djd09]

Unless the realtor sends it over on paper, phone verification is all hearsay. Good luck defending that in court or in front of the board.

 

[Michigan CG]

Unless the realtor sends it over on paper, phone verification is all hearsay. Good luck defending that in court or in front of the board.

The dumbest thing I have read in an appraisal discussion in years. Verification is completed and put in the work file along with the way it was obtained.

If you appraise a 2-4 unit property do you make the Realtor send you something in writing when you ask about rents?

If you call about concessions do you make the Realtor send it to you in writing?

If you are inspecting a property and the neighbor tells you the back yard had six inches of water in the back yard do you make him put it in writing?

AND........you have obviously been in a court situation that was very hostile where your report was reviewed by an expert. In court setting the expert will question you about your verification of information and as Nacho pointed out there are established standards as to what is expected. I added two more to his list. Experts will make you look very bad if you don't do the job correctly.

 

[Elliott]

I always remember one of my first AI Residential courses. The instructor was talking about verification. He was on the stand and asked by the opposing attorney if he had verified the sale. He said, "Yes."
Then the attorney asked him, "So how did you verify the sale." And he explained he looked up the buyer's phone number and called them.
Then the attorney asked him, "So how do you know you were talking to the buyer and not somebody else?"
He didn't have an unimpeachable answer. I would think "verification" should include a sit down and two pieces of photo ID, at a minimum.

 

[Elliott]

Nacho Perito said,

Doesn't really go like that.
More like this
"Looks like you sold this house two months ago for $200k is that right?

No it goes more like this:

"Hola, soy un tasador y necesito verificar tu compra reciente. Lo siento, no entiendo inglés. Eso está bien, entiendo español. ¿Así que usted y su esposo compraron recientemente una casa en 123 Elm Street? Sí, eso es correcto, pero ya no quiero hablar contigo porque me asustas. Por favor, no cuelgue, solo tengo una cuota más preguntas. No adios."