MLS Comp Photos WTF!

[CANative]

DMZ... this is absurd. Would you expect an appraiser to drive by all of the sales considered (the entire list of 20 or 30 properties)? Because I analyzed each and every one and included them in a spread sheet presentation. What makes the difference between these sales and the ones in a grid... especially a comp 4-6 page?

HUD/FHA says all sales must be less than 12 months old but will accept over 12 month sales in the comp 4-6 grid.

 

[Lobo Fan]

How do you narrow down the list before you see the properties? I am all for being more efficient but I take 12-30 comp photos per assignment. Especially if I am starting off with dubious information about the subject. I got lucky with the one I am working on now. The HO did not know how many square feet her home was. I was able to get four useful comps out of the 13 I pulled and photographed. Tract area, not too bad. But yes, I think you should drive by every comp you are considering before the final culling process begins.

 

[CANative]

How do you narrow down the list before you see the properties?

I take a set of 5-up MLS agent sheets with me and do my best after seeing the property.

No one takes dozens of pictures out here.

 

[LindaSL]

I would have to agree with Mr. Boyd. I take between 4-7 comp shots because I narrow it down to about a dozen before I go and focus on the ones I want to use in the report after seeing the property. I didn't know there was a regulation that said you had to photograph all the comps considered and not used!

 

[CANative]

I "use" all of the sales. I just grid enough to get the job done and keep the fee and turn time reasonable for the intended use and intended user.

 

[Mr Rex]

Hey Boyd, so do you keep taking new comp photos for the FHA assignments like your buddy Brad P says is an unwritten but definite FHA requirement?

 

[CANative]

No.

And I take tons of pictures when I have tract housing in Cloverdale (or Ukiah, or Willits). "Real" photos make the report look prettier.

 

[RSW]

I usually take 4-8 sales and 4-8 active listing photos and use 3-4 sales and 2-3 listings in my reports. I did a FHA appraisal the other day and used 6 sales and 3 listings.

 

[Michigan CG]

If you perform a Cost Approach you have to determine a land value based on comparable land sales.

Does the certification imply that those also must be inspected from the street?

 

[LindaSL]

If you perform a Cost Approach you have to determine a land value based on comparable land sales.

Or you can use the county assessor's values if the comparable land sale values cannot be determined and there are no vacant land sales.