MLS Sales Data and Appraisals

 

Update Your Sales to Keep Comps Current

 

Are you entering all your sales into MLS in a timely manner? If not, PLEASE make sure you do so going forward – and here’s why:

  • Appraisers pull data from a variety of sources when researching comparable sales for their reports, and the availability of sales data on the MLS is crucial!
  • With inventory currently at low levels, properties are selling before they hit the MLS and this data may not become available in public records for 90 – 120 days after closing.
  • Help us all avoid appraised value problems by making sure that your sales are available for appraisers to review.
  • Due to Appraiser Independence Requirements, lenders are not able to discuss value with appraisers at all; however, nothing prohibits the real estate agents from talking about this with the appraisers and providing them comps.
  • VanDyk Mortgage always encourages the agents to provide comps and to meet the appraisers out at the properties for the inspections.
  • Regardless of what lender a buyer is working with, make sure that YOU are the contact for the appraiser.

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