Using MLS Photos

[Deleted member 130081]

I could not figure out why a 2,000 SF home built in 2005 was selling for so little. Next door was this vacant gem in terrible condition.

View attachment 28484

Sort of proving my point for me. You knew the sale was selling for less than it probably should have in a typical market before you went out there. I would not have a problem trusting your judgement in the matter. My feelings on the comp photo matter are based on a cost/benefit analysis. That is not the same thing as saying driving comps is useless. I just think in a world of limited funds for valuations, personally driving comps is a poor use of resources when all is considered.

 

[Peter LeQuire]

We keep coming back to this: the SOW - and the certification - in the GSE forms is not to "drive the comps"; it is to inspect the comps. The issue of complying with the SOW and certs is not one that lends itself to a "cost/benefit analysis": if that analysis convinces an appraiser that it isn't worth it to inspect them, don't accept assignments that require you do do so. Simple. Find clients that don't care whether you inspect the comparables.

 

[JTip]

I just think in a world of limited funds for valuations, personally driving comps is a poor use of resources when all is considered.

$50 an hour driving in your area beats digging ditches.

 

[Michigan CG]

................. I just think in a world of limited funds for valuations, personally driving comps is a poor use of resources when all is considered.

This is a fancy way of saying your fees are too low.

 

[TC]

Do generals drive by all their comparable properties? Golf courses, each 30 story mixed use tower, every restaurant? Hmmm....doubt it....

Those rich SOB's play on the golf courses while we lowly res guys caddy.

 

[djd09]

Generally, yes, if they are in the same market area. Depends on the market the property fits in.

So there is no requirement? Why?

 

[Terrel L. Shields]

Those rich SOB's play on the golf courses while we lowly res guys caddy

I just gave away 246 golf clubs to First Tee. They were my cousin 's and the kids will put them to good use. He built them and there is also enough heads, shafts and handles to make another 100 or so.

 

[Michigan CG]

So there is no requirement? Why?

It is called Scope of Work. It is part of USPAP. On the 1004 form it is a certification that one signs.

When one does a private party appraisal on a residential assignment it is not a requirement that one inspect the comps from the street.....unless one certifies they do so.

 

[TC]

Here's the deal. You sign your report stating you looked at the comparables, end of argument. Choose to or not, it's up to you.
I personally think it's a waste of time, but it's required, deal with it.

 

[Deleted member 130081]

This is a fancy way of saying your fees are too low.

What a deep and thoughtful response.