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

[Terrel L. Shields]

Data sources are public sources, ie assessor, MLS, Realist, county docs, etc.

Actually, you could have the transaction from your own report or the buyer/seller, and confirm the sale with a deed, etc.

 

[Terrel L. Shields]

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.

Here older Hmong spoke French and very difficult to converse....illegal Hispanics don't answer the door & you rarely have a phone number to contact. About half the agents won't answer the phone, return text or email. D-F destroyed the info sources I cultivated in personal interaction with bankers.

 

[djd09]

The dumbest thing

Oh ok. The most misleading thing i have read on here is from you. Is TimD a lawyer? Can i call to verify that? Did you?

 

[ucbruin]

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.

both!

I do remember those days....
Rarely went to the Real Estate offices....
Besides scanning the books....
Was your primary purpose to get the names and phone numbers of agents involved in the sale?

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).

Don't whine about stalking.....

Whenever I take/took my 7 hour USPAP CE course, the most current USPAP book is/was provided (in office or online)...
Aren't you given a copy when you take your USPAP CE?????

The appraisal book is different...
You are correct sir....
I don't own a copy.....

 

[Deleted member 130081]

FNMA Selling Guide excerpt:

"Data and verification source(s) for each comparable sale must be reported on the appraisal report form. Examples of data sources include, but are not limited to, a multiple listing service, deed records, tax records, realtors, builders, appraisers, appraiser’s files, and other third party sources and vendors. The appraiser must state the specific data source (such as tax records or deed records), and refrain from using broad categories, such as “public records.” Data source(s) must be reliable sources for the area where the subject property is located.

Examples of verification sources include, but are not limited to, the buyer, seller, listing agent, selling agent, and closing documents in certain situations. Regardless of the source(s) used, there must be sufficient data to understand the conditions of sale, existence of financing concessions, physical characteristics of the subject property, and whether it was an arms-length transaction.

It is acceptable to obtain comparable sales data from parties that have a financial interest in either the sale or financing of the subject property; however, the appraiser must verify the data with a party that does not have a financial interest in the subject transaction. For example, if the real estate agent of the subject property has provided comparable sales data, that information must be verified through another disinterested source. "

Anyone care to point out where it says we must use one source for data and a second and separate source for verification in every instance in the text above?

 

[ucbruin]

Both...and not just odd ball ones.

7 sales, each considered similar to the subject in physical characteristics.....
$80K, $100K, $101K, $102K, $103K, $103K, $125K...

$80K and $125K odd ball sales....
Why even bother to call the seller and buyer....
Because you're not going to even consider them...

The other 5 sales.....
Are you really going to tell me that you are going to track down both the seller and buyer of each of the 5 sales to ask them to provide you, a complete stranger, their motivations for wanting to sell and wanting to purchase the properties?????


I have to declare shenanigans!!!!!

 

[Elliott]

I've had sellers tell me a pack of lies about their project and they eventually went into foreclosure. Does USPAP require I believe what somebody tells me? "Yup, yup, the seller told me there were five offers, all above list price by $25,000, but he took the one that had a buyer introduction letter that touched him."

 

[TRESinc]

When I bought my house last year, it was advertised in MLS as having a fireplace. In fact it did have a fireplace, but had no flue or chimney, which had been capped for some reason by a prior owner and all chimney stuff removed when it was re-roof a few years ago. It was basically a housefire waiting for someone to ignite some kindling. Realtor didn't even realize it until I brought up the fact that there was nothing on the roof that resembled a flue or chimney. So, I negotiated the price down by about $5k. And the home inspection found some other issues that resulted in additional credits. None of that was in the MLS sheet, only a call would reveal what actually happened. Relying on my sale without verification would result in over-appraisal of a similar home.

so now we have market support for $5k fireplace adjustments in CA

 

[Tom D]

well, if 50% of us are doing verification as defined per the 1935 written appraisal handbook, and CU is starting to spit out appraisals now with the other 50% doing 'minimal' verification, then how accurate is a CU appraisal? oh wait, CU don't have USPAP, state boards, or need to prove anything. sometimes i look back at the golden age of appraising and think how some of those 1935 appraising theories are still hanging on, especially with FHA. and now CU becomes more smarter that a 5th grader appraiser. my favorite verification question is 'hey, are you guys here all day on this corner selling, or just early morning?'

very enjoyable thread.

 

[reviewbe]

so now we have market support for $5k fireplace adjustments in CA

You're welcome.