An AMC wants part of my work file

Sara,

I have had to send in the MLS listing sheet also.  I did so and didn't think anything of it (hope that was ok).  I guess they just don't trust us and need all the info. they can to verifty we are not trying to get one over on them ha,ha.

Maybe they want to call and confirm the seller's concessions, on the comparables, Just my 2 cents.

There were some discussion in the past that the mls data that is being requested has been used to compile a data base of comps which in turn has been sold to outside entities such as AVMs and providers of AVM type products.  I don't about different areas, but in my area of operation the local MLS service frowns on providing their data to non-subscribers or second parties that are not members or have a membership with a local real estate association other than buyers and/or seller clients.  Much to the point of possible termination of subscription and possible cancellation of association membership.  All the associations in AZ collectively own the MLS data systems within the state and providing such data to other such entities may be considered copywright infrindgements and/or breech of contract by the subscriber/association member.

Sara - I have run into this on reviews also.  They want MLS sheets for all of the original comps as well as replacement comps if available.  In some cases, the originals were builder sales (from 2006) - but other times, I have to put in MLS for everything.

I also just use the "Client" or "Customer" view ones - and I only copy a portion of the MLS at that - it looks like this:

So I add that as an image to the report - it only really gives them information that already have (sold date, MLS #, sold price, days on market) - but doesn't show much else.  Sometimes there will be comments which prove that the home had major upgrades which were no accounted for.

I actually have ONLY been asked to provide these for reviews and not on my actual report. 

Sara,

I've started a small campaign against providing MLS data sheets with appraisers in Northern Michigan I work with.  My firm conviction is that the only viable rationale is to build a court case against the original appraiser.  They are ordered as "Enhanced Reviews" requesting MLS sheets on the original comparables, three additional comparables with MLS sheets along with public data on all comps and the subject.  I know fo a fact that some AMC's are specializing in these products.  I have contacted various MLS boards and have generally received the decision that MLS information is for the use of the subscriber only, not the end consumer.  I outwardly refuse these assignments on the basis of:

1) Distributing MLS data is against board policy

and

2) The purpose of these reports is to once again prosecute the appraisal industry as the culprits behind the banking woes as we were forced to become licensed after the S & L crisis.

It hurts to turn away work, but if we band together, we can eliminate these requests.  I'll detail what I believe to be a major secretive plan being undertaken by the lending industry in a separate blog.