MLS Comp Photos WTF!

[NC Appraising]

What? m2:

Talk about an exception to the rule, good grief. Were speaking of typical mortgage appraisals. Is the sun still yellow or does once in blue moon pass by it ?


Hopefully the day has come where the builder who owns the lender or mortgage company or any builder can't cherry pick the same old appraiser to appraise every home in the same project. You got 80K in upgrades, sure costs equals value, thats market value!! Ding, the appraisal comes in 2K over the contract price. THIS IS IN NO WAY SPEAKING OF YOU, KEN B.

 

[Ken B]

I'm just being difficult.

It's not that my situation was "an exception to the rule" as I followed the rule. My example was just an illustration of what may appear to be a violation of the rule being not.

We tend to make assumptions to the negative rather than the positive. I suppose that is human nature in many cases.

 

[Kevin Mc]

I was wondering if I was the only appraiser left who took comp pictures because every review I do has MLS photos in it.

You are not alone and I have this conversation with members of the LI Gang on this forum weekly. I suppose if one is to get a report back in 24 hours driving comparables isn't an option. Why be stickler over details like SOW certifications Donna? Get with the program and quit insisting on dinosaur guidelines. Old school is out.:icon_mrgreen:

 

[Kevin Mc]

We tend to make assumptions to the negative rather than the positive. I suppose that is human nature in many cases.

Human nature perhaps. The viewing of 100s of appraisals with nothing but MLS photos may have more to do with it. It is so common it is scary Ken. I have no problem with appraisers using MLS photos provided they disclose that fact and include their field photo as well. That rarely happens. It is corner cutting method employed by lousy appraisers. Anyone who does reviews sees it more often than not.

 

[Ken B]

I understand that it is a shortcut.

But, of itself, I'm not sure that it is indicative of a lousy appraiser.

I always thought the best indication of a lousy appraiser was someone who typed in ALL CAPS.

 

[Terrel L. Shields]

I shoot my own comps. I save the photos. I use them time and again. I don't have to use MLS photos although I may if the vegetation or something prevents me from getting a decent shot.

I am not above pasting pix over aerial maps and/or posting several pix overlain. And I use a wide pix shot in narrative since i can stretch the box as wide as the paper.

 

[Deleted member 77547]

Mr. Panzavecchia,

When I do an inspection and the house isn't what I thought (or told it was by the owner) I will:

1) scrap driving the comps altogether knowing I'll have to go back anyway. But before I do that.....I will

2) Do it old school. Visit the nearest Real Estate office and see if they would be so kind as to let me use the MLS system. I've never been turned down. Actually, I ask for someone who is experienced in the specific area I'm working in, tell them what I'm working on and most of the time they're willing to share some backstories on the comps and other shop talk....especially in the middle of the afternoon when nobody's there.

 

[Baldwin]

Just my 2 cents.. In many cases, I have appraised a property months after another appraiser. When I get there, the HO tells me, "wow, you spent an hour here taking notes, measuring, photos of everything, you know, all the stuff we're "supposed" to do for the inspection. Then they show me the last appraisal that was done where the appraiser was there for less than 5 minutes on an interior inspection. Wow, the GLA is the same as the county records and they never bothered to measure the home. The GLA is totally wrong, now that is a case of ignorance and incompetance. I agree with all this stuff about comp photos but compared to all the incompetancy out there with skippy appraisers' I find the MLS thing to be the least of the worries. I still agree, we sign we saw the sales, we need to see them.

 

[Kris Chase]

I disclose the MLS photo and state that the propery cannot be located without specific directions or that the property address is not marked at the road.



Similarities in acreage, topography, views, improvements, proximity, etc., etc. I look at MLS photos (interior and exterior), sometimes get non-MLS photos from the agents, talk to non-listing/selling agents familiar with the property, etc, etc.

Many properties are on private dirt roads, miles and miles off any paved highways. Unmarket forks, no property addresses. Look what Dennis DeSaix posted and he's describing a little urban wilderness rather than a what amounts to a huge, remote wilderness.

I agree, sometimes I just CAN'T find the sucker! There are some homes in rural areas that the homeownerd don't want you to find. I usually make my best effort, and if I need to use the comp, will explain about the MLS photo.

 

[TC]

I understand that it is a shortcut.

But, of itself, I'm not sure that it is indicative of a lousy appraiser.

I always thought the best indication of a lousy appraiser was someone who typed in ALL CAPS.

No, it's the guys that don't put the MLS number of the comps on the grid.

TC