Comments on: Verifying MLS Shown Sales Price

By: Diana N

Diana N — Fri, 16 Oct 2020 19:33:36 +0000

In reply to carroll watson.

I’m talking about recorded deeds, not assessors information.

By: carroll watson

carroll watson — Fri, 16 Oct 2020 19:25:46 +0000

In reply to Diana N.

if you will read line 10 on page 5 of the URAR you will recognize the public records will not CYA LOL.

By: Jo Ann Meyer Stratton, IFA, SRA

Jo Ann Meyer Stratton, IFA, SRA — Fri, 16 Oct 2020 19:00:27 +0000

We have the Affidavit of Property Value that is recorded at close of escrow here in Arizona. That Affidavit is signed by both the Seller and buyer. I get a copy from the county recorder’s office and use the purchase price stated on that Affidavit. If it doesn’t match MLS, I contact the agent. The other problem in my specific area is that 46% of the sales are FSBO in my main county and 64% in the other one. I search the internet for listing in some type of FSBO website and Zillow. Many of the FSBOs have more photos and more description than a typical MLS listing. The seller is very anxious to describe any thing that they think might encourage a potential buyer. The listing also has phone numbers most of the time for additional verification. Data bases like Core Logic , etc. don’t have all the sales and the correct information. The local MLS does not police listings, so it is not very reliable.

By: Diana N

Diana N — Fri, 16 Oct 2020 15:57:22 +0000

I always verify sales price with public records it’s called CYA LOL.

By: carroll watson

carroll watson — Fri, 16 Oct 2020 14:33:58 +0000

In reply to GWIS.

Line 10 on page 5 of the URAR should be the guiding light on verification. Regardless of the difference observed between those 2 data sources stated. Yes, they can in some instances be a verification, however they don’t address the motivation of the buyer or the seller. Yes, it is easy to just rely on the MLS or the tax records but they don’t meet the requirements on Page 5 of which you certify and agree when you sign the form on Page 6.

By: Baggins

Baggins — Mon, 12 Oct 2020 21:40:37 +0000

In reply to GWIS.

Some of these concerns are mitigated by mandated state forms which require clear disclosure of concessions, and disclosure rules through both state regs and MLS group regs.

This is where automation works against the appraiser. It only takes a few minutes to verify, however is necessary in your particular location. Then it takes approximately 30 seconds to type all that data into the grid accurately. Or per the software guys, just map the data, automate the process, outsource the duty, and call it a day.

By: GWIS

GWIS — Thu, 08 Oct 2020 03:48:52 +0000

I call the listing or buyer’s agent on each comp regardless if the public records agree. Don’t assume the public record is correct either. I have had agents give me the full story on the price in several occasions in which their closing statements say one thing and the public records say another. You should be calling the agents to make sure of any concessions which may or may not be indicated. BTW, concessions will not be discussed in public records. Also, about 1 in 30 comps, an agent will tell me about a seller-to-buyer concession agreement that did not show up in the MLS that often take place after closing to reimburse repair costs or whatever. About 1-10 comps I see do not have the right price. About 1 in 10 omit any concessions, or have the wrong concession amount. Again, don’t assume the public records are correct either. Make a sale profile discussing the comp and the transaction and with whom you verified the details. Then discuss the comp as it relates to the subject. It takes longer, sometimes much longer, but it is due diligence to get it correct.

Oh, and to the author: You assume the MLS price is incorrect. Why not call the agent to verify if this is the case? It takes the same amount of time to call the MLS to claim the price printed is incorrect as it does to call the agent to verify. I would rather verify and be confident than just assume I am correct. We all know the definition of ASSUME don’t we?

The author’s example claiming, or asusming the MLS price is incorrect. On the contrary, it could be correct. You said it was higher than public records. It could be the MLS did not disclose a concession. If it is a repair concession, perhaps the condition rating needs to be readdressed. Not all concession are for closing costs.

By: Julio E. Sune, Jr

Julio E. Sune, Jr — Wed, 07 Oct 2020 21:16:58 +0000

MY #1 RULE—

Always verify, never assume, and always use supported facts and figures.

Keep it simple

By: don

don — Wed, 07 Oct 2020 19:24:45 +0000

The buyer, the seller, the agent sometimes have different views of the price and other things. Not infrequently the agent delivers the package where negotiations continue.

By: Bill Johnson

Bill Johnson — Wed, 07 Oct 2020 15:20:59 +0000

When others make a living teaching appraisers how to churn out 4 to 9 appraisals a day while spending as little as 30 minutes doing a review (thank you Philippines), it’s no surprise that others are skipping the truth while they seek profits over principles.

Seek the truth.