MLS Data for Sale - One Step Closer to Banks in Real Estate

I thought I was the only one who had become suspicious of MLS.  They dictate way too much.

This sounds like it could be another dilution of the real estate brokerage industry.

featured in the Group "Whacked!!!"

Core Logic and RPR are in a battle for the sold data. They want it and are paying for it. Our board just voted to give it to both of them.

Not sure why, but they did.

The data is not protected anyway, only time will tell what effect this has on us. I do know they will not be selling us ads of any kind.

Yep, another company with their hand in the pocket of the agent & the brokerage.  I see a return to the old LISTING BOOK as the only way to combat this takeover of MY BUSINESS.

Where is the NAR on this?  Right...why should NAR care?  They collect money from Realtors already!

Going to HAVE TO reblog this one Sharon.   I'm definitely not seeing the value add for us Realtors in this business decision by MLS organizations.

Everyone wants a piece of the real estate pie...the problem is the pie is not that big and its filling has already been diluted!

Wow.  I'm not sure about other states, but CoreLogic would have to have Maine licensed appraisers to do actual appraisals here in Maine.  I'm not seeing their "logic" or rather I suspect this decision is not based on logic.  The story does not hold water since the fact that a home is on the water would be part of the PUBLIC info here.

This goes beyond this decision not helping Realtors.  The banks have done a lovely job so far of screwing up the entire economy and enough damage to real estate markets already.  Time for the public to get involved and revolt so that they are not allowed to further run amok and do more damage.

For 25 years in the appraisal business I have been telling "war stories" of bank actions which have been publically exposed during the past few years through the failing of the financial industry and the arrogance of the lenders even after public bailouts.  For the past several years I have refused to do "enhanced reviews" whereby the lenders require, not only a review of the original report, but also three additional comparables and all MLS and public data for the subject and all of the comps.  I have also actively campaigned to try to get other appraisers to follow this lead.  We know banks have a great inventory of homes not released into the market which is increasing daily.  While an additional source of Realtor income, we also know that the lenders have gone to BPOs rather than true appraisals to establish short sale and foreclosure values.  We know that the banks have tried before unsuccessfully to enter the real estate market.  We also know that the banks are prosecuting appraisers for nearly every foreclosed property (as I predicted several years ago with the increased requirement of E & O [providing a deep pocket for collection] and the afore-mentioned use of enhanced reviews [forcing consideration of additional comparables even if not the best and providing all necessary data with which to build a case]).  We know that Chase has flooded the state regulatory agencies with appraiser complaints on every foreclosure, likely to be followed by other lenders.  We know that the 2005 revision to the 1004 down by the lending industry extended liability for non-appraisal related information onto the appraiser.  We know that, according to another post in this group, lenders are now beginning to hold back a major portion of the mortgage broker's commission for up to a year to assure the loan doesn't default.  We know that appraisers have seen dramatically increased reporting requirements with lowering fee compensation.  We know that, with the implimentation of HVCC, many large lenders formed their own AMCs to control the appraisal process while skimming additional funds off the consumer through AMC fees and reduced appraiser fees.

Based on all we know, why would we even begin to believe that the lenders are not up to something which will further line their pockets.  They want to value and sell their properties internally!