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CRMLS 1004MC Solution

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TABLE OF CONTENTS

Introduction ............................................................................................................................................................ 2

Getting Started .................................................................................................................................................... 2

Search For Comparables In Matrix ......................................................................................................................... 3

Exporting Comparables From Matrix ...................................................................................................................... 4

Creating a 1004 MC Report ..................................................................................................................................... 5

FAQs – Frequently Asked Questions ....................................................................................................................... 7

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INTRODUCTION

Thank you for downloading and using the CRMLS 1004 MC Solution. The CRMLS 1004 MC Solution is a Microsoft Excel template that is designed to provide an automated and integrated method for obtaining information needed to complete 1004 MC addendums for standard residential real estate appraisals. This User Manual will walk you through exporting comparables from the CRMLS Matrix platform, using the CRMLS 1004 MC template, and will briefly cover some basics about the results that the CRMLS 1004 MC template generates. GETTING STARTED

The CRMLS 1004 MC Solution is a Microsoft Excel template. Each time you need to complete a 1004 MC addendum for a subject property, you will create a new Microsoft Excel spreadsheet based on the CRMLS 1004 MC template.

Make sure that you have downloaded the CRMLS 1004 MC template and saved it to your computer.

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SEARCH FOR COMPARABLES IN MATRIX

1. Log into the CRMLS Matrix platform and perform a search for comparables, selecting the appropriate statuses, date ranges, and criteria.

Note: Appraisers must decide which criteria to include for the best comparison.

2. Review and select the properties you want to use as comparables. You can check individual listings or, to use all the properties click “All”.

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EXPORTING COMPARABLES FROM MATRIX

1. Select the listings you want to export.

Note: You have the ability to export up to 500 listings.

2. Click Export button.

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3. Select Don’s 1004MC as the Export File format, then click Export.

4. Follow the prompts on the screen to save the exported file to your computer.

CREATING A 1004 MC REPORT

After you have exported your comparables from the CRMLS Matrix platform, follow the steps below to create a new 1004 MC report using the CRMLS 1004 MC template.

1. Open the spreadsheet containing the exported comparables from Matrix and copy the data.

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2. Open the 1004MC Solution spreadsheet and paste the comparables data starting in Column A24.

3. Your data is imported to the 1004MC Data Sheet. Review the data carefully.

Note: Keep in mind that the data exported from the CRMLS Matrix platform is only as good as the users who enter it. Lot sizes, Years Built, and other figures may be missing or may have a value that seems out of range. If a data element seems out of range, it’s up to you to research it and make the appropriate changes. If a data element needs updating, edit the data directly on the sheet in the Data tab. Use your expertise as a Real Estate Appraiser to ensure that each property in your data set is appropriate to use in comparison to your subject property.

4. Enter the Address/File# details in cells B10.

5. Confirm that the current date is displaying correctly in the “Date of Value” filed in cell B13.

6. Review the date in the Results tab and the 1004MC tab.

7. Print the report.

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FAQS – FREQUENTLY ASKED QUESTIONS

So, what do these results really mean? And how are they calculated?

The 1004 MC is designed to give a high level view about what is generally going on in the market surrounding a subject property. In order to do this, the program looks at all the homes that have been listed and/or sold at any time within the past year, and within the search criteria for your subject property, (these are all the properties in your 1004 MC Export).

Next, some basic statistical information is used to make some broad generalizations about the overall market conditions.

The program looks at each of the properties from two points of view; first, as Listings, and then again as Sales. In order to come up with the analysis, the 1004 MC breaks the past year up into three unequal periods. The first period is the oldest 6 months. The second period is the 3 months following the first period. Finally, the third period is the most recent 3 months.

In each time frame and from each point of view, the program looks at each and every property to see if it “counts”. Generally, in order to determine if a property counts, the system establishes an “activity period” for each property. The activity period always begins on the Listing Date. The ending date of the activity period is determined by the status of the property at the time you run the 1004 MC Export.

For example, the ending date of the activity period for an Active property would be the Date of Value. For a property that is pending, its activity period would end on the date it went pending.

Note: A property may go through any number of status changes over the time it is in the MLS. Some of these statuses may take the property “off the market” for some period of time, BUT THE PROGRAM CAN ONLY CONSIDER THE DATA IN THE EXPORT! So, for the purposes of the 1004 MC analysis, a property is considered “on the market” from the Listing Date until the date it achieves a status that takes it off the market, if it is listed in such a status in the 1004 MC export.

What is the Median Comp Sale-to-List Price Ratio?

This is one of the most misunderstood statistics on the 1004 MC. To put is simply, this is the median of the ratios, and not the ratio of the medians.

What this means is that the program calculates the ratio of the Sale Price to the List Price for each and every property that sold in your data set. It then calculates the median of those ratios.