Appraisers in Arizona cracking down
Recently Wardex MLS system received a request to explain the large # of expired/withdrawn listings from their system in 2007. The request came from a group of appraisers concerned about data integrity. Appraisers use the MLS system to compile their reports. While sold properties make up the bulk of appraiser data, expired and withdrawn listings that actually show as sold in the county recorders office cause confusion amongst appraisers. (and suspicion in this instance) In a nutshell, if the MLS shows a listing as withdrawn and the county shows that same listing as sold, the appraiser wants to know why the MLS doesn’t show the property as sold.
Wardex immediately sent out a letter ensuring that the integrity of their data had not been compromised. Instead, they blamed the problem on the merger they experienced in 2006. Basically 3 MLS sytems all converged into one MLS system in late 2006 and called the new system Wardex MLS. While the MLS is probably accurate in their assessment, the fact that the appraisers even asked astonishes me. Appraisers are cracking down on all sorts of tricks from various Realtors(R). I am not only impressed that they would ask for the clarification, but also pleased they would do so.
Tags: Wardex MLS