comp photo madness

[cotterboy]

Doing 1004 on a RURAL lake view property on five acres. 4 decent sales spread out over 200+ miles of road. Have used all comps at least 3 or 4 times and all are in my database. I took pictures when they closed or the 1st time I had to use them. I might have taken the photo last year if sale closed in say June. 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.

 

[G-man]

Been there, done that.

Yes, this is an ongoing item for some AMC's and "underwriters". One of my clients has a requirement that "all comp photos must be taken within the time frame of the assignment". I do try to comply with this when I'm in an urban/suburban area, but like you, I do a fair amount of rural assignments, with comps spread over several tens of miles. I have been including my own, original photos as well as MLS photos, as well as a statement that yes, I did in fact drive by the comparable sales. The one problem I have is that one of my local MLS systems now uses how resolution photos, so it is impossible to tell whether it is an original photos or MLS. This may be something appraisers will have to consider when accepting new orders in rural areas and what is "customary fee" if we have to re-drive every sale in every market for every appraisal that we do.

 

[Lloyd Bonafide]

I know some of them have some silly rules, but they can't argue with this: the most accurate depiction of the comp is a photo shot on the day the property closes. The next best would be one shot shortly after or shortly before the COE. A picture taken 6 months later is just not as good.

 

[NORTON]

Yes, this is an ongoing item for some AMC's and "underwriters". One of my clients has a requirement that "all comp photos must be taken within the time frame of the assignment". I do try to comply with this when I'm in an urban/suburban area, but like you, I do a fair amount of rural assignments, with comps spread over several tens of miles. I have been including my own, original photos as well as MLS photos, as well as a statement that yes, I did in fact drive by the comparable sales. The one problem I have is that one of my local MLS systems now uses how resolution photos, so it is impossible to tell whether it is an original photos or MLS. This may be something appraisers will have to consider when accepting new orders in rural areas and what is "customary fee" if we have to re-drive every sale in every market for every appraisal that we do.

YEP...SOMETHING TO CONSIDER!

 

[Terraform]

Wow, 200 miles! You have done past appraisals with comps 200 miles apart? wow...I couldn't imagine! How much narrative do you provide in regards to the difference in markets when taking comparables from 200 miles away! I think the drive time would pale in comparison with the time of geographical competence that you would need to prove.

 

[Randy G]

Wow, 200 miles! You have done past appraisals with comps 200 miles apart? wow...What kind of fees are you getting?

Reading comprehension a slight problem? He said "4 decent sales spread out over 200+ miles of road." He didn't say they were "200 miles apart."

:new_all_coholic:

 

[Terraform]

QUOTE=Randy G;2101456]Reading comprehension a slight problem? He said "4 decent sales spread out over 200+ miles of road." He didn't say they were "200 miles apart."

:new_all_coholic:[/QUOTE]

I don't usually respond to these posts but you should think through your posts when speaking in a condescending manor. You may "think" your reading comprehension is sound, but your mathematics....crap. What if your "road time was 197 miles north with your other three comps 1 mile apart north. Thats uh comp 200 miles apart from your subject.

 

[zydeco2go]

Wow, yet again

It never ceases to amaze me that so many that reply on here are downright mean and hateful. For you haters....your life has gotta be miserably wonderful as far as you know. BE HAPPY!

 

[RSW]

I always consider the travel time to shoot my comp photos when I do rural appraisals and when I quote my fees.

 

[Flakey]

the most accurate depiction of the comp is a photo shot on the day the property closes. The next best would be one shot shortly after or shortly before the COE. A picture taken 6 months later is just not as good.

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?