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MLS Comp Photos WTF!

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by New Orleans Guy, Sep 28, 2009.

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  1. New Orleans Guy

    New Orleans Guy Junior Member

    0
    Feb 8, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
    I once again have a request for me to replace two photos in a report since they appear to be MLS photos, which yes they are, I admit it. What I am wondering (bring flames if you must). How to always have fresh comp photos in every report. For example, the homeowner says "my house is in O.K. shape, a good size, and 3 beds, 2 baths". Obviously he does not know the GLA size of his house, which is understandable, he just lives there and does not care what the "GLA" number means. I look for possible comps that I will need and see that from the range of 3/2 homes in the area there are 28 possible comps from 1200-2300 sqft. I notice that 2 don't have MLS photos so to be safe I go to those after my inspection to look at and take photos of them. Now it's back to the office, 30-45 minutes depending on traffic. Input my sketch, find the GLA size, think about the condition of the subject, then find the 3 or more comps that BEST FIT the subject out of the 28 that sold in the area. After finding them, adjusting them and working up a nice report with low adjustments, am I supposed to take the 1-1.5 hour round trip to photograph the comps I just used? OR, and I supposed to take all 28 comp photos when I am in the neighborhood? I always like to follow USPAP and be as accurate and professional as possible, so I would love to hear how this is done.

    P.S. I am very familiar with the subject area and have appraised about 7-8 homes in the same neighborhood over the last 2-3 years. So yes I am competent to work this neighborhood.

    P.S.S. This is about half rant for me, but I am open to suggestions
     
  2. Vegan702

    Vegan702 Senior Member

    0
    Feb 24, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    Drive by your comps and you will always have fresh comp photos. Do you not drive by your comps?
     
  3. LI-Appr

    LI-Appr Senior Member

    0
    Nov 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Sorry but the answer is after you find the comps use actually use, you go and shoot them.
     
  4. Metamorphic

    Metamorphic Senior Member
    Gold Supporting Member

    59
    Mar 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Print either to paper or a PDF all 28 comps. After you inspection sit in your car or a loclal starbucks and calc the gla. Then pick the comps you'll use. Then go shoot them. All of them.
     
  5. TJSum

    TJSum Elite Member

    16
    Nov 12, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    It is part of the job, you can choose to shoot all the possible comps when doing the inspection, to avoid second trips, or you can go back 2 or 3 times routinely. I have found over my many years, it pays to shoot all possible comps the first time. You should be able to narrow them down with common sense to an acceptable number.

    Maybe if all appraisers shot their comp photos, the fees would not have been driven so low by those who cut this corner to justify taking a lower fee.
     
  6. 444nutman

    444nutman Senior Member

    34
    Jun 20, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Take a laptop with you. Sketch the property and then search for your comps.
     
  7. Rhino

    Rhino Junior Member

    0
    Jul 10, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    I ABSOLUTELY AGREE!!!

    :peace:
     
  8. LadybugLover

    LadybugLover Junior Member

    0
    Sep 30, 2007
    Professional Status:
    Licensed Appraiser
    State:
    California
    Yep, that's what you do - pack up that camera and head back out to take the photos - many times we've discovered wrong photos in the MLS info - I want to know exactly what I'm looking at - what the neighborhood, the houses next door, etc. look like of my comps, not just a hopefully correct MLS photo.
     
  9. Workbox

    Workbox Elite Member

    2
    Mar 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    There are times I would observe 3-5 homes in one day, no comps. After I conclude with the condition of the subject, I analyze comparables using MLS maps with Birds Eye view or other map source for location description and would pick my comps and then the next following day would take pictures of between 7-15 comps per subject. I just get up early in the morning, come home mid afternoon, finish some that evening and the rest the next day. There have been times when I find new comps because the ones that I have made no sense after-wards. So I just go out and take new ones, but I do let the client know if it's going to make me a little late. Some do not mind Active Listing Photos, but I do try to get those even when I am on site.
     
  10. Josh Shapiro

    Josh Shapiro Member

    0
    Jan 17, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    7-8 homes in the past 2-3 years does not necessarily mean that you are competent!
     
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