Comp photo new requirements

[Tom4value]

3.6 still requires comp photos. It just doesn’t require an original photo from the appraiser. It just requires a photo that adequately helps the reader understand the adequacy of the comp (my words). That could mean your photo, MLS photo, Assessor’s photo or Google Earth.

It does NOT mean don’t go to the comp! You are still responsible for determining accuracy. If it comes back to you that the comp is adjacent to a toxic waste dump and you didn’t account for it, you can’t claim, “I didn’t have to go there”. It is mainly for if the house is not visible from the street, kids are in the yard or you passed by the house 20 times and know it.

 

[Airstream]

3.6 still requires comp photos. It just doesn’t require an original photo from the appraiser. It just requires a photo that adequately helps the reader understand the adequacy of the comp (my words). That could mean your photo, MLS photo, Assessor’s photo or Google Earth.

It does NOT mean don’t go to the comp! You are still responsible for determining accuracy. If it comes back to you that the comp is adjacent to a toxic waste dump and you didn’t account for it, you can’t claim, “I didn’t have to go there”. It is mainly for if the house is not visible from the street, kids are in the yard or you passed by the house 20 times and know it.

Yes, you are still responsible for what is around the comparable. But now with Google earth and overhead photos all over the place on line, that can be determined without driving by the property. 25 years ago that wasn’t possible. In fact I have seen people sun bathing in their backyard from an overhead photos on-line. A friend of mine who is an appraiser had one of his clients tell him he doesn’t need to drive the comps. Now that may not be true for all clients. Right or wrong that is what we have now.

I recently turned down an appraisal because the overhead photos showed that it was basically a junkyard.

 

[Digger88]

Truist Bank hasn't needed this for a long while so much better that way. What I notice in Total comp exchange is almost no one clicks on comp pics bc they leave out tons of info almost universally. You drove the comps great, you left of 2 enclosed porches, a detached garage and a pool bc the lazy listing agent was too slack to put it in the listing.

 

[Airstream]

Truist Bank hasn't needed this for a long while so much better that way. What I notice in Total comp exchange is almost no one clicks on comp pics bc they leave out tons of info almost universally. You drove the comps great, you left of 2 enclosed porches, a detached garage and a pool bc the lazy listing agent was too slack to put it in the listing.

Total comp exchange has lots of wrong information on it. Most of the time it is because the appraiser didn’t read the MLS carefully and didn’t check with public records. Some of those comp photos are actually original photos and not MLS photos, and they STILL get stuff wrong. Maybe it is their secretary putting in the grid information. Baths are upstairs instead of downstairs, GLA is wrong, garage count wrong, quality, condition, etc. I swear in my area appraisers don’t read the quality of construction description very carefully because I see all kinds of wrong analysis. But the MLS today has so many more photos than in the past. I often have 30 to 40 photos of a comp. Rear pictures, front, baths, kitchens, etc. In fact I catch more stuff on the photos then what the agent has for a description.

 

[djd09]

Its not really a change in photo requirements; its a change in the required SOW.

In the certification for form 1004/70 the appraiser must certify that he/she complied with the stated SOW, which includes inspecting the comparables from at least the street.

View attachment 111407

View attachment 111408

That is not included in the 3.6 URAR.

so much for the appraiser deciding the sow...and how do our competitors do it...you know the unlicensed mortgage broker appraiser...no photos required not even the subject property i cant stop laughing

 

[Zoe]

so much for the appraiser deciding the sow...and how do our competitors do it...you know the unlicensed mortgage broker appraiser...no photos required not even the subject property i cant stop laughing

You wish it was that easy. You Sir are responsible for SOW. Nobody else.

 

[djd09]

their pre printed forms are like a pill...instead of making you better they keep making you ill

 

[Tom4value]

A lot of discussion about the false and/or incomplete info in the MLS and MLS photos. In addition to public records in your verification toolbox, you have one more valuable source, a call to the listing broker.

“Ah, but they lie!” Remember, as a comparable sale, the transaction is complete and the broker already paid. They no longer have an incentive to be candid and are free to be honest about the good, bad and ugly.