MLS dates more important than ever!!!!!!!

By
Real Estate Appraiser with Sulamo Appraisal Service

The listing and pending dates in MLS are more important than ever to be accurate. 

Appraiser are required to report the days on the market for the subject and comparables along with analyzing typical marketing time and the changes in marketing time.  Yes lots of data is now required and being reviewed more closely than ever before. 

In April of 2009 Fannie Mae is requiring a new form be added to appraisals which will require even more indepth analysis of marketing times and market conditions.  In markets were there are alot of sales incorrect information on one property will not skew the results like it will in markets that are seeing few sales. 

Underwriters and reviewers are pulling market data and comparing it to the appraisals and when the information they get does not match the appraiser is contacted to clarify the information or correct it.  So this slows up or stops the loan closing!    Keeping the process smooth makes clients happy, increases repeat and referral business.

So be watchful of pending and close dates in your MLS listings so we can all work towards a smooth  process and happy repeat clients!

Comments (5)

James Engel
Keller Williams Realty Beverly Hills - Beverly Hills, CA
KW Beverly Hills

Very good to know Cynthia. I was told that there was going to be some changes on MLS...

Dec 01, 2008 10:05 AM
Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Hi Cynthia;

Very good information we all need to know, I thank you.

Dec 01, 2008 10:19 AM
Bryan Schroeder
Equity Generation - Salem, OR

Very Important from the lenders perspective thanks for sharing

Dec 01, 2008 10:33 AM
Cynthia Sulamo
Sulamo Appraisal Service - Folsom, CA

James, Anthony and Bryan

Thank your for stopping by!  I think it is so important we all work together well and keep each other informed.  These "little" things can be the difference between a close date  and satisfied client or not.  With loan programs changing so rapidly missing a close date can mean missing a loan program.

Dec 01, 2008 10:49 AM
Tim and Pam Cash
Crye-Leike (Sango) - Clarksville, TN
Real Estate Professionals - Clarksville TN

Cynthia, wow - thanks for the heads up.  Good info.

Dec 01, 2008 11:43 AM