edwin.jones, Home Seller in Dayton, OH

Do banks and appraisers only use comparables that are listed on MLS?

Asked by edwin.jones, Dayton, OH Fri Jan 17, 2014

This question was asked from http://www.trulia.com/homes/Ohio/Dayton/sold/22080620-1449-A…

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5
Appraisers may use public tax records if solds listed in the MLS are not applicable to the subject property. The Appraiser's goal is to present a market snapshot of a particular property for the client they are working for during a certain time frame.
1 vote Thank Flag Link Sat Jan 18, 2014
Thank you
Flag Sat Jan 18, 2014
Great point!

Since accessing recent sales on the MLS is probably handy and easy, anyone having an appraisal done would be well advised to cross reference the appraisal information with the tax records to be sure that "good comps" were not overlooked.

I would think that appraisers would focus their attention on the tax records since all transactions will go through this service. IMPORTANT point...sales on the MLS do not represent all sales transactions.

Good post....

Bill
1 vote Thank Flag Link Sat Jan 18, 2014
Good Question. As a lender in Ohio, I have seen them use the MLS and also County Records when completing appraisals.
Flag Sat Jan 18, 2014
Absolutely not....appraisers and banks use the best information available, information that is most similar to the subject property and recently sold.

Bill
0 votes Thank Flag Link Thu Jun 5, 2014
No. Appraisers can use any comparables, ever if they are properties cold by owner. I will say most use only comparables form the MLS if possible, but if they cannot find more than 3 in the MLS, they will look into the county records as well.
0 votes Thank Flag Link Thu Jun 5, 2014
Appraisers generally try to create a market snapshot at the time of appraisal. Appraisers generally use MLS and county records when determining value. For instance, in 2007 in Oakwood my house appraised for $242k and in 2012 it appraised for $145k. It all depends on what the market is looking like at the current time.
0 votes Thank Flag Link Thu Jan 23, 2014
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