comp photo madness

[Mike Kennedy]

Bingo!

I got gigged on a review of a report I did over six months prior. The reviewer stated the condition of one of my comparables did not match what they saw in the field (I guess it never dawned on them the property may have been rehabbed). My comp photo was taken the same month the sale closed. I had no problem supporting my appraisal, but it occurred to me an appraiser using this as an older sale may have a hard time supporting an adjustment with a more recent photo in the report, or worse, make the wrong adjustment because they did not verify the sale. Also, what about that perfect comp that burned down, washed away or blew-up in a meth lab explosion just last week? Is a photo of a pile of rubble more appropriate?

Including "then" (MLS at time of sale) and "now" current driveby with EXPLANATION solves that problem. :icon_idea:

 

[ohiodoug]

The original photo thing is a bunch of crap. If you don't know the area well enough then you shouldn't be appraising there. Lloyd is exactly correct. A photo at closing is optimal, then one at listing and last would be several months after closing. Lots can change in that period of time, but I have NEVER known a seller to make significant changes to the exterior of a property after they have listed it for sale.

 

[Lisle]

If in doubt, I include a comment next to the photo in bold, "APPRAISER ORIGINAL PHOTO". I have fought this requirement and won most times.

 

[AnonApprsr]

I have NEVER known a seller to make significant changes to the exterior of a property after they have listed it for sale.

I have. They'll redo the kitchen or baths or put on a new roof if they have to, or if the first few showings go horribly and comments are made to such effects. I've seen it.

 

[CANative]

He said spread out over 200 miles of roadway. This is a lake property. Lake view or lake front comp sales can be rare and they are located where they are located. I was just reading Ray Miller's thread about his little lakefront property appraisal. I googled the named lake. It's about 2.5 miles by an average of a half mile. To drive around the lake on the winding roads might entail 40 miles of roadway. But if the subject was across the lake from the comp the distance might only be a half mile.

A couple of years ago I did a manufactured home on 200 acres. The best comp, by far, was located in a different county and about 150 miles from the subject as the crow flies. I had no problem whatsoever listing it in the comp 1 position.

 

[TJSum]

I have. They'll redo the kitchen or baths or put on a new roof if they have to, or if the first few showings go horribly and comments are made to such effects. I've seen it.

I've seen it many times too, once they start hearing the feedback from the market, reality hits them...

 

[TJSum]

The original photo thing is a bunch of crap. If you don't know the area well enough then you shouldn't be appraising there. Lloyd is exactly correct. A photo at closing is optimal, then one at listing and last would be several months after closing. Lots can change in that period of time, but I have NEVER known a seller to make significant changes to the exterior of a property after they have listed it for sale.

I ALWAYS learn something when shooting my own comp photos, ALWAYS. MLS photos are taken for marketing purposes, not valuation purposes, that alone is enough reason to use your own original photos.

Even if the comp has undergone a lot of changes since purchase, or has been torn down, that reveals or supports important information as well.

 

[TJSum]

If in doubt, I include a comment next to the photo in bold, "APPRAISER ORIGINAL PHOTO". I have fought this requirement and won most times.

One would think if explained in detail (why the photo shows a different season, etc.) and the client is assured it is an original appraiser photo that common sense would prevail. If not, time to find a new client or greatly increase your fees to them.

 

[Vermonter]

The underwriter wants new photos because they are from a different season? How do you guys handle this? This is a new one for me.

Was it in the initial request?

If not, I tell them the photos are my originals and were taken on xx/xx/xxxx.
Run into this all the time because we use the same comps over and over.

 

[Proactive]

If in doubt, I include a comment next to the photo in bold, "APPRAISER ORIGINAL PHOTO". I have fought this requirement and won most times.

BAIT (Best Answer In Thread)