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!