MLS Comp Photos WTF!

[CANative]

The properties included in the 1004MC are supposed to be "comparable" i.e. properties a buyer of the subject would consider.

Should the appraiser inspect and photograph all of those?

 

[Webbed Feet]

The properties included in the 1004MC are supposed to be "comparable" i.e. properties a buyer of the subject would consider.

Should the appraiser inspect and photograph all of those?

The Straw Man Argument:

1. Topic A is under discussion.

2. Topic B is introduced under guise of being equivalent to topic A.

Topic B is usually a distorted version of A. It can be set up in several ways, including:

1. Misrepresenting the opponent's position and refuting the misrepresentation, giving the appearance that it was the opponent's position which has been refuted.
2. Quoting an opponent's words out of context — i.e. choosing quotations which are intentionally misrepresentative of the opponent's actual intentions.
3. Presenting someone who defends a position poorly as the defender, then refuting that person's arguments - thus giving the appearance that every upholder of that position (and thus the position itself) has been defeated.
4. Oversimplifying an opponent's argument, then attacking this oversimplified version.

3. A participant (usually the one who introduced B) attacks B, as if it were A.

This sort of "reasoning" is fallacious, because attacking a distorted version of a position fails to constitute an attack on the actual position.

Hence, arguing that market data that is meant to be used for trending purposes of the market = market data that is in fact being used to arrive at a specific opinion of value, is a straw man argument. The arguement is ignoring that the two different intended SOW for each different phase of the assignment is not the same. Instead, attempts to treat the two as the same, when they are not, in an effort to suggest that the phase with the higher level of research required should be allowed to be reduced to the level of research of a phase with a different purpose.

 

[DMZwerg]

The line of posts as I recall ...

Nice photo ... who owns the IP on it?
Is using it "fair use"?


So, to sum what I have seen so far:
<snipped for length>

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)? <snip>

Why are you entering 20-30 properties in the sales comparison approach grid??? <snip>

To which exact post are you referring?

I might have a bad memory, and there are over 400 posts to sift through....I thought I read you taking exception to Greg putting a long list of other comparable sales on a spread sheet in the report.

Not as far as I can tell. My point was referring to the SOW in the 1004 and its reference to inspecting the comparable sales from the street.

I think I reference all the pertinent posts above. Hope that helps in not having to sort.

 

[DMZwerg]

The properties included in the 1004MC are supposed to be "comparable" i.e. properties a buyer of the subject would consider.

Should the appraiser inspect and photograph all of those?

Was the 1004MC written at the same time as form 1004 and thus obviously included in the intended meaning of "Comparable Sales" in the 1004 SOW statement?

A one word answer to the question I just asked should be the same one for yours. :icon_mrgreen:

 

[dspur59]

Sorry but the answer is after you find the comps use actually use, you go and shoot them.

Unless their children are in the front yard playing.

I wind up having problems where the trees in front block most of the view of the house. I had one where there was a concrete block wall, 8' high at the front of the house. I used the MLS photo and they screamed about it.

 

[Chris Pierce]

I use the following - MLS Photo is more represenentive of comp than current photo (exterior remodeling). Or local tax base seem to be spnding a lot of time updating pic files, use those, or do a MLS search prior to inspection and take pic's while there. Or raise fee for photo session or dump the client. I know you pain, some clients need to realize it also.

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