Comments on: 12/3/2009 Appraisers Video Tip Of The Day: How Do You Handle Shadow Inventory? http://www.realestateappraisertips.info/news-appraisers-need-to-know/1232009-appraisers-video-tip-of-the-day-how-do-you-handle-shadow-inventory/ Tips For Working Harder On Your Business Than In Your Business! - Where We Share Solutions That Help Appraisers Advance Beyond HVCC - Where We Learn How To Become Local Trust Agents In The Housing Markets We Serve!! Tue, 11 Oct 2011 23:04:04 +0000 hourly 1 By: Ryan http://www.realestateappraisertips.info/news-appraisers-need-to-know/1232009-appraisers-video-tip-of-the-day-how-do-you-handle-shadow-inventory/comment-page-1/#comment-236 Ryan Thu, 03 Dec 2009 14:21:45 +0000 http://www.realestateappraisertips.info/news-appraisers-need-to-know/1232009-appraisers-video-tip-of-the-day-how-do-you-handle-shadow-inventory/#comment-236 Interesting stuff, Bill. Thanks so much. Interesting stuff, Bill. Thanks so much.

]]> By: MAry Thompson http://www.realestateappraisertips.info/news-appraisers-need-to-know/1232009-appraisers-video-tip-of-the-day-how-do-you-handle-shadow-inventory/comment-page-1/#comment-235 MAry Thompson Thu, 03 Dec 2009 13:26:39 +0000 http://www.realestateappraisertips.info/news-appraisers-need-to-know/1232009-appraisers-video-tip-of-the-day-how-do-you-handle-shadow-inventory/#comment-235 All valids points! We do make a comment on the 1004MC about not really knowing if all the MLS listings and closings are showing if they are foreclosures or short sales, because as you stated, many realtors may only show them as "corporate listings" or Vacant or Fixer Uppers. We also show the number of expireds and withdrawn listings and median days on the market to show that days on market is skewed many times because when a Realtor relists the homes they days on market count starts all over again. So short of checking the courthouse records on all of those sales in the past 3, 6 and 12 months as reported on the 10045MC form, you really do not know how many are really foreclosures and that is just with the MLS data. There is no source that I am aware of that pulls only courthouse record sales for this same type of data. We do check courthouse records for comps in addition to MLS sales and listings and then we can tell if they were foreclosure sales. But we don't always know if they were short sales. We also state on the 1004MC that the numbers are limited by what is input into the system and therefore errors in analysis can occur. You know ...Garbage in garbage out, etc. So short of checking with the Courthouse on the number of Sales on the courthouse steps or Sheriff sales and checking with some of the largest Banks on the amount of inventory in your area that they have on the books and have not yet listed, we really have no way of knowing how many "shadow properties or inventory" is out there. We can see as we drive by if there are alot of boarded up homes or vacant homes in the area and report on those, but as for how many are out there not being listed and what their worth and impact is on the subject property...it is almost impossible. If you hear of other ways apprasiers can figure this one out, let me know! All valids points! We do make a comment on the 1004MC about not really knowing if all the MLS listings and closings are showing if they are foreclosures or short sales, because as you stated, many realtors may only show them as “corporate listings” or Vacant or Fixer Uppers.
We also show the number of expireds and withdrawn listings and median days on the market to show that days on market is skewed many times because when a Realtor relists the homes they days on market count starts all over again.

So short of checking the courthouse records on all of those sales in the past 3, 6 and 12 months as reported on the 10045MC form, you really do not know how many are really foreclosures and that is just with the MLS data. There is no source that I am aware of that pulls only courthouse record sales for this same type of data.

We do check courthouse records for comps in addition to MLS sales and listings and then we can tell if they were foreclosure sales. But we don’t always know if they were short sales.

We also state on the 1004MC that the numbers are limited by what is input into the system and therefore errors in analysis can occur. You know …Garbage in garbage out, etc.

So short of checking with the Courthouse on the number of Sales on the courthouse steps or Sheriff sales and checking with some of the largest Banks on the amount of inventory in your area that they have on the books and have not yet listed, we really have no way of knowing how many “shadow properties or inventory” is out there. We can see as we drive by if there are alot of boarded up homes or vacant homes in the area and report on those, but as for how many are out there not being listed and what their worth and impact is on the subject property…it is almost impossible.

If you hear of other ways apprasiers can figure this one out, let me know!

]]> By: uberVU - social comments http://www.realestateappraisertips.info/news-appraisers-need-to-know/1232009-appraisers-video-tip-of-the-day-how-do-you-handle-shadow-inventory/comment-page-1/#comment-234 uberVU - social comments Thu, 03 Dec 2009 10:18:13 +0000 http://www.realestateappraisertips.info/news-appraisers-need-to-know/1232009-appraisers-video-tip-of-the-day-how-do-you-handle-shadow-inventory/#comment-234 <strong>Social comments and analytics for this post...</strong> This post was mentioned on Twitter by apraisrtwitrlnk: RT @appraisertips 12/3/2009 Appraisers Video Tip Of The Day: How Do You Handle Shadow Inventory? | Real Estate Appra... http://bit.ly/5xh9EG... Social comments and analytics for this post…

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]]> By: Tweets that mention 12/3/2009 Appraisers Video Tip Of The Day: How Do You Handle Shadow Inventory? | Real Estate Appraiser Tips | Home Appraiser Tips! -- Topsy.com http://www.realestateappraisertips.info/news-appraisers-need-to-know/1232009-appraisers-video-tip-of-the-day-how-do-you-handle-shadow-inventory/comment-page-1/#comment-233 Tweets that mention 12/3/2009 Appraisers Video Tip Of The Day: How Do You Handle Shadow Inventory? | Real Estate Appraiser Tips | Home Appraiser Tips! -- Topsy.com Thu, 03 Dec 2009 10:16:39 +0000 http://www.realestateappraisertips.info/news-appraisers-need-to-know/1232009-appraisers-video-tip-of-the-day-how-do-you-handle-shadow-inventory/#comment-233 [...] This post was mentioned on Twitter by Bill Cobb, Appraisers Twitrlink. Appraisers Twitrlink said: RT @appraisertips 12/3/2009 Appraisers Video Tip Of The Day: How Do You Handle Shadow Inventory? | Real Estate Appra... http://bit.ly/5xh9EG [...] [...] This post was mentioned on Twitter by Bill Cobb, Appraisers Twitrlink. Appraisers Twitrlink said: RT @appraisertips 12/3/2009 Appraisers Video Tip Of The Day: How Do You Handle Shadow Inventory? | Real Estate Appra… http://bit.ly/5xh9EG [...]

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