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The Comp Pics Rule Anyway?

Discussion in 'General Appraisal Discussion' started by Appraisal Time, Jun 20, 2011.

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  1. Appraisal Time

    Appraisal Time Member

    0
    Jun 9, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    I was talking to another appraiser and he thinks its a waste and at times really puts the Appraisers life in danger to get comp photos. And I think he has a point.

    We all know that we are required to at least visually inspect the comps from the street and like he said the best representation of the property is at the time of the sale. So other than it being required by the client in the scope of work or the occassional wrong pic of the comp in the MLS, why should pics of the comps have to be taken?

    And yes, I know some will say that when they went to drive by and take the pics of the comp it was torn down or extensively remodeled into a different kind of property. But like the other appraiser was saying, the sale happened based on the house that was there, so regardless of what was done to the property after it was purchased, the important things is what happened at the time of the sale and the improvement on the property at the time of purchase.

    So just throwing it out there for discussion, other than the client requesting it, why do pics need to be taken? How many of you feel that way especially with the current climate of homeowners being home in the middle of the day, maybe going into forclosure, and not wanting anyone taking pics of their property? I would appreciate all comments, but Please be more creative than the typical "Well if you're there, why wouldn't you take a pic".

    And I'll say it again....Apart for your particular client requiring it in the scope of work.....in other words, other than for that reason.....Like the appraiser I was talking to feels, Are original comp photos truly needed?

    What do you think? Thanks Everybody.
     
    Last edited: Jun 20, 2011
  2. CANative

    CANative Elite Member

    528
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    FHA states that the purposes of original appraiser taken photos is to demonstrate that the scope of work has been followed.

    It's funny that this has been an FHA requirement for at last 5 years and Fannie/Freddie have not adopted this requirement (which makes good sense.) I think they know that they are getting reports with MLS photos and the appraisers are falsely signing "did inspect the comps from the street" when they really aren't. They know the impact on appraisal fees if appraiser had to actually do what they said they did.
     
  3. Appraisal Time

    Appraisal Time Member

    0
    Jun 9, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia

    You are very right. You make a good true statement. Good Point!
     
  4. J Grant

    J Grant Elite Member

    542
    Dec 9, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    USPAP does not address photos and nothing in USPAP requires photos. It is a client requirement and imo an outdated one...there is such good overhead maps now that show ext obs or what is in the neighborhood plus it is more dangerous to drive comps now etc. Some clients accept MLS photos and some stress they want originals, though if gated community and can't access they will accept a gate photo and then MLS photos of the homes.
     
  5. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    If you don't drive the comps you're risking a misleading appraisal. Brokers will not always tell the truth and they most likely will not disclose that manure depot across the street, nor will they disclose the fact that the house is located on hair pin turn where the headlights shine right through the master bedroom. You don't learn the neighborhood of your comparables either. Laziness. And a satellite picture isn't always enough to show the details I stated above. If you regularly don't drive the comps than you regularly produce misleading reports, imnsho.
     
  6. Riick

    Riick Elite Member

    67
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    ^^^ Sometimes I have to wonder if anyone but me READs the original post. ^^^

    FWIW, except for the fact that most MLS photos are small & of low resolution,
    & are thus fairly crummy photos, there is no good reason to take your own comp shots.

    .
     
  7. J Grant

    J Grant Elite Member

    542
    Dec 9, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Driving the comps is good, having to take photos of them when there are MLS photos is a stupid req.
     
  8. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    As long as you're actually driving them, than I don't care if you take a photo or not. Of course, skippy will take advantage of that and NEVER drive them, and we'll all suffer as a result. I personally think driving them is one of the best verification sources you can have, YOU.
     
  9. JTip

    JTip Senior Member

    251
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Maybe up until 2-3 years ago.

    I know, as an agent, all my listing photos are taken with my cell phone. 3.2 mp provides ample resolution for a 4x6 photo. My old phone had 5mp and zenon flash, great phone for photos.

    In this backwoods area of mine, agents are finally putting up quality photos after years of pixelated garbage. If the client want original photos (or original for FHA like CAN said), this will be reflected in the fee.
     
  10. leelansford

    leelansford Elite Member

    48
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    IMHO, FHA has the requirement for original comp photos because FHA does not trust the appraiser to do what he/she is supposed to do.

    I understand why it is that FHA has the requirement.
     
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