Here are some things we, as appraisers, should consider when we do not have access to MLS. Rapattoni has been hijacked, rendering MLS systems across the country inaccessible.
Consider how this will impact your work as an appraiser. Review USPAP Standards rule 1-4, which requires us to gather, verify and analyze ALL information necessary to produce credible assignment results. Without MLS, do we have ALL information necessary?
On the URAR form, Certification 4 certifies that we have adequate information to produce a reliable sales comparison approach. Without MLS do we have adequate information?
Certification 12 certifies that we have access to necessary and appropriate databases, both public and private (such as MLS).
It may be possible to produce credible assignment results without access to MLS, but that will certainly take more time, lots more.
Please, please, please do not try to “disclaim” your way around this issue. If we create a report and then put a disclaimer in that report that it is, “subject to change once MLS is available,” we are basically admitting that we don’t think the assignment results are credible.
Communicate with your clients. Let them know that this MLS outage, which is affecting lenders and agents as well as appraisers, might mean they will have to wait for an appraisal.
As we learn more, we’ll report that information to you.