Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > General Appraisal Discussion
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 06-20-2011, 11:41 AM
Appraisal Time's Avatar
Appraisal Time Appraisal Time is offline
 
Join Date: Jun 2009
Location: Jimmy John City
State: Virginia
Professional Status: Certified Residential Appraiser
Posts: 842
Default The Comp Pics Rule Anyway?

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.
__________________
Just so you know, all earned realities begin with dreams!!!

Last edited by Appraisal Time : 06-20-2011 at 12:31 PM.
Sponsored Links

  #2  
Old 06-20-2011, 12:01 PM
CANative's Avatar
CANative CANative is offline
 
Join Date: Jun 2003
Location: Ukiah, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,887
Default

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.
__________________
You have been removed from this discussion.
  #3  
Old 06-20-2011, 12:29 PM
Appraisal Time's Avatar
Appraisal Time Appraisal Time is offline
 
Join Date: Jun 2009
Location: Jimmy John City
State: Virginia
Professional Status: Certified Residential Appraiser
Posts: 842
Default

Quote:
Originally Posted by CANative View Post
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.

You are very right. You make a good true statement. Good Point!
__________________
Just so you know, all earned realities begin with dreams!!!
  #4  
Old 06-20-2011, 01:03 PM
J Grant's Avatar
J Grant J Grant is offline
 
Join Date: Dec 2003
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 23,549
Default

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  
Old 06-20-2011, 01:12 PM
AnonApprsr's Avatar
AnonApprsr AnonApprsr is offline
 
Join Date: Jan 2008
State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 6,285
Default

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.
__________________
Anonymous Appraiser
Certified Residential
FHA Approved
  #6  
Old 06-20-2011, 01:27 PM
Riick's Avatar
Riick Riick is offline
 
Join Date: Aug 2007
Location: DuPont: "Better Living through Chemistry"
State: Delaware
Professional Status: Certified Residential Appraiser
Posts: 9,075
Default

^^^ 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.

.
__________________
We try to be cynical, but it's so hard to keep up these days.
  #7  
Old 06-20-2011, 01:49 PM
J Grant's Avatar
J Grant J Grant is offline
 
Join Date: Dec 2003
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 23,549
Default

Driving the comps is good, having to take photos of them when there are MLS photos is a stupid req.
  #8  
Old 06-20-2011, 01:53 PM
AnonApprsr's Avatar
AnonApprsr AnonApprsr is offline
 
Join Date: Jan 2008
State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 6,285
Default

Quote:
Originally Posted by Riick View Post
^^^ Sometimes I have to wonder if anyone but me READs the original post. ^^^
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.
__________________
Anonymous Appraiser
Certified Residential
FHA Approved
  #9  
Old 06-20-2011, 01:59 PM
JTip's Avatar
JTip JTip is offline
 
Join Date: Oct 2004
Location: Central PA-Altoona-State College
State: Pennsylvania
Professional Status: Certified Residential Appraiser
Posts: 4,002
Default

Quote:
Originally Posted by Riick View Post
^^^ 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.

.
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.
__________________
I are serious appraiser, this is serious thread.
  #10  
Old 06-20-2011, 02:43 PM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,665
Default

Quote:
Originally Posted by J Grant View Post
Driving the comps is good, having to take photos of them when there are MLS photos is a stupid req.
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.
__________________
Lee Lansford, IFA
"My opinions & my opinions only!"
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 11:30 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93