Freddie: MLS Photo

[Tom D]

Does CU drive by the comps?

yes they do. they drive by the other appraisals that had the same comp photo. CU can tell if the same photo was ever used.
not to make you rural guys jealous, but all of my comps are usually within a 4 block radius in this big city. after a hundred years i do the photo shot always, so that maybe a hundred times i've seen that street. although, some of the lesser valued areas i need to count the hookers, pushers & zombies for the location factor.

 

[DTB]

"I viewed the sale from the street at some point in time over the past several years!"

Now you got it Petey, just like your ZAIO zones. Except I got paid for doing my reports.

 

[Non Sequitur]

"I viewed the sale from the street at some point in time over the past several years!"

Don't laugh, it's a common justification.

 

[DTB]

yes they do. they drive by the other appraisals that had the same comp photo. CU can tell if the same photo was ever used.
not to make you rural guys jealous, but all of my comps are usually within a 4 block radius in this big city. after a hundred years i do the photo shot always, so that maybe a hundred times i've seen that street. although, some of the lesser valued areas i need to count the hookers, pushers & zombies for the location factor.

I hope the 4 block radius isn't around where you live.

 

[djd09]

Some will not leave the textbook fantasy world.

 

[Pittsburgh Pete]

Now you got it Petey, just like your ZAIO zones. Except I got paid for doing my reports.

I thought you couldn't hack it and were out of the biz?

 

[residentialguy]

Wow...some have some pretty good memories where they remember the condition and exact views and other variables of every house in every county they work in.

 

[DTB]

I thought you couldn't hack it and were out of the biz?

Couldn't hack it? I don't even know what that means. If moving on to more lucrative endeavors mean I couldn't hack it, OK I couldn't hack it.

My posts stated if and got. Future and past tense.

 

[djd09]

ZAIO zones

What are zaio zones?

 

[hastalavista]

I like Danny W's idea: Ideally, It should be up to the appraiser to determine if driving by the comparables is necessary or if relying on other sources is good enough. There are some situations where I think it is necessary to drive-by, and some I think it really isn't necessary. Of course, I take on the full risk of missing something if I choose not to drive-by. I'm willing to accept that for some assignments.

However, I don't have a problem with the lender requiring the appraiser to drive-by the comparable. Since the industry is moving toward more streamlining, and presuming at some stage of the game the ability to not drive-by a comparable will become more an acceptable option, for those lenders/assignments that require a personal drive-by with original photo, that should be a higher fee vs. those assignments that don't (SOW).

But, just because I don't think I need to drive-by a comparable doesn't provide the justification for me not to do drive-by if that is what I've agreed to do. I just make sure I charge appropriately for those assignments (I do a lot of non-lending work where I don't need to drive-by the comparables. Works fine for those intended uses & users).