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

[Michigan CG]

The 1004 report asks for a data source(s) which in UAD world is the MLS number although that could be different in some areas. Then the 1004 form, the next line asks for the Verification Source.

What do you consider to be a Data Source and what do you consider to be a legitimate Verification Source?

Do assessor records count as Data Sources, Verification Sources or maybe both in some instances?

Are assessor records enough as a verification source to abide by Standard 1-4 for the typical residential assignment in your opinion?

So you think that verification with only public records is enough?

 

[Terrel L. Shields]

What do you consider to be a Data Source and what do you consider to be a legitimate Verification Source?

MLS or CH records may be your original source. If Realtor involved, a quick call or text may be necessary, but in cookie cutterville when comps are tightly range bound, its pretty certain you are safe, and USPAP says you should be satisfied with what you go with.

Do assessor records count as Data Sources, Verification Sources or maybe both in some instances?

Yes, but if not in MLS, I want to see the deed and mortgage papers

Are assessor records enough as a verification source to abide by Standard 1-4 for the typical residential assignment in your opinion?

For Fannie, etc.maybe no, but most assignments, again further investigation is a must if something doesn't look right.At a minimum I would want deed, mortgage, AND for the property to look "right"

do you think that verification with only public records is enough?

USPAP and secondary market standards say "yes" when that's all you have...
FHA is pretty much the gold standard.
The Appraiser must verify transactional data via public records and the parties to the
transaction: agents, buyers, sellers, Mortgagees, or other parties with relevant information.
If the sale cannot be verified by a party to the transaction, the Appraiser
may rely on public records or another verifiable impartial source.

 

[jay trotta]

Many years ago when starting in the RE business, my mentor explained (walked me thru it many times-ex Marine, drilled into me on every Listing for 6 months) what was needed (research, deed history research, liens & maps) and where to find them; I have always followed his old ways. In todays marketplace, it would probably be considered overkill, but after all these years, a hard habit to break. (TS) agreed but I probably do more for my own piece of mind and won't trust anyone else to do research for me; to date found more inaccurate data on line than anywhere else, including public records that have not been checked in person.

 

[bnmappraisal]

Data source: I generally (almost always) use MLS, but if FSBO then the seller (maybe buyer)

Verification: County Prop Appraiser, Realtor, Exterior/Street inspection

 

[Elliott]

The data sources and verification that my peers use.

 

[Terrel L. Shields]

The data sources and verification that my peers use.

So you pull them out of the air? Seems many of my peers look at the MLS only.

OTOH, these "hybrid" products, etc. How in the world can you take the time it demands to do a thorough research of the records for the comps and still sell you soul for $40 - 100 a pop? I don't understand why the PTB seem to think we need a tedium of information for the 1004, but for their lesser products we are suppose to appraise it by memory and not support anything...or if they expect us to apply the same due diligence for a cheapo product, why do they expect the price drop to be 50% or more?

 

[Meandering]

Are such "verifications" necessary for evaluations? Seems only appraisers want such details, while clients want fast/cheap/abbreviated.

 

[Elliott]

Terrell said, So you pull them out of the air?

I asked a realtor how many phone calls she got from appraisers in the last six month, verifying sales. She said, "one." She said a few years ago appraisers use to verify concessions and call, but not anymore. The realtors nixed revealing concessions in Oregon ("Its confidential."). I don't think AVMs are calling to verify either.

 

[Deleted member 134708]

Subject:
data source 1 = me/physical inspection
Source 2 = Realist/tax records

Sales:
Source 1, MLS
Source 2 Realist/tax records.

When something doesn't match in my reports I have a section "MLS/Tax Descrepencies." In this section I say what doesn't match, what I did about it and why I'm using the source I'm using.

 

[gregb]

What are we verifying?

Terms of sale, seller concessions, date of sale, loan amount, type of loan, documentary transfer number, condition of improvements, functional utility, site utility, amenities, view. Various sources for different verifications.