MLS Comp Photos WTF!

[Lloyd Bonafide]

95% of the time I take all of the comp photos at the same time I inspect the subject property. Sometimes I might take as little as 6 pictures, sometimes 12 to 14, but I don't know for sure which comps I will use until after I have driven by all the properties anyway.

Once in a while, when I have a real odd property, and especially when I will be near the same area the next day, or I don't have the time or the motivation, I will just inspect the subject property, then regroup the next day.

 

[CANative]

Sometimes I might take as little as 6 pictures, sometimes 12 to 14, but I don't know for sure which comps I will use until after I have driven by all the properties anyway.

There are areas where it might take a week to drive by 12 to 14 properties.

Appraisers that seldom drive comps and use MLS photos as part of their regular routine are the "bad guys." Appraisers who use second or third best comps because getting the pictures of thsoe was easier than going back or spending an entire day and tank of gas to getting a picture of a driveway or corner of the comp improvements can wear the hero's cape but is the appraisal any better for it?

Appraisers who work hard to develop a real appraisal and ocassionally fudge on a comp drive-by can't wear the cape but their clients are probably getting the most reliable market value opinion.

 

[Joyce Potts]

Take a laptop with you. Sketch the property and then search for your comps.

Oh yes! With all those high paying AMC fees why can't every appraiser purchase the newest, state of the art laptop and pay all the extra wi-fi fees, etc., so they can provide the most current comparable property photo for every report for every situation.

Ever have a person sitting or standing in front of your comp that wouldn't move? Ever had a photo malfunction? Ever have bad weather or ran out of daylight or the property sat so far back off the street that you had to open a gate or otherwise tresspass on to the property to get a decent photo?

In my reviews, I see MLS photos used all the time. In my opinion, those photos are generally the least of the appraisal problem, overall. I'd rather see a well supported, honest, ethical appraisal with a few MLS or tax roll photo short cuts than a complete ***** job with all authentic photos.

I know, I know -- here it comes.

 

[Lee Lansford]

But I am, I know this neighborhood well. I know the good streets that always sell better than the bad ones, I know what condition the homes are in and I have confidence in the value I came up with. Like I said this was mainly a frustration rant. I will take the photos that look exactly like the MLS ones, except the grass is not cut. Or hopefully I will get to take a photo of a house that was completely renovated after the sale, with the garage closed in and looks totally different than what was marketed and sold a couple months ago. A totally irrelevant photo of now stucco front home with larger GLA and no garage, but it will be current. The way some do it I guess is to take several photos in the field and to only use those comps. I could not sleep well at night if I did it that way so I guess I will be taking multiple trips or drive the whole neighborhood. All of this for 66% of last years fee and if the value is not right with them I spend hours defending myself against "value reconsiderations" requesting me to consider the newer high selling comps.


The reality is that now that the AMC's own us, over (80% of my work is for them) and fees will only drop over time. I love appraising, but I am already leaning towards rehab/flipping more houses.

Better to have your own photo-image of a sales comparison that you have attested (here I assume an appraisal communicated via a current Fannie form) to having personally viewed than to stand accused of not doing as you have asserted.

 

[Stone]

What should be done in the case when a comp sale is excellent but the property cannot be found? Include it off-grid?

What does that have to do with saying what you did? Are you implying you would say you found the property when you didn't?

Do what you say, say what you do.

 

[Ken B]

How could a sale possibly be deemed an excellent comparable if it "cannot be found?"

Did somone hide it after they purchased it? Did it ever exist to begin with? The earth opened up and swallowed it? What?

 

[TEL2002]

Sorry John, you must inspect every comp from at least the street. Anything less is skippy like behavior. It is not about how many miles you can save. It is about doing the job properly 100% of the time.

 

[Robert Hronek]

Looking at 28 comps seems a little excessive. You need to better checking of data prior to inspecting the property. Look for prior MLS data and assessor data to help you narrow down the subject property characteristics. When inspecting a house you should be able to have a feel if you are dealing with a 1,200 SF or a 1,600 SF home.

For me I set up may inspection with 6 or so comps. I have them mapped and set up for a driveby after I see the subject. If the property is a little unusal and does not have good comps I will bring along additional sales. IF need be I can pick other comps to drive be. I take all my pictures at that time.

I do on occassion use an MLS photo but I explain why and I have a picture that I took on my inspection to prove I was there. I use an MLS photo when I cant get a picture due to sun angle, the home has been changed after sale, trees etc shielding view from street etc.

I think wholesale use of MLS photos leaves the impression that you did not inspect the comp.

 

[CANative]

Do what you say, say what you do.

I disclose the MLS photo and state that the propery cannot be located without specific directions or that the property address is not marked at the road.

How could a sale possibly be deemed an excellent comparable if it "cannot be found?"

Similarities in acreage, topography, views, improvements, proximity, etc., etc. I look at MLS photos (interior and exterior), sometimes get non-MLS photos from the agents, talk to non-listing/selling agents familiar with the property, etc, etc.

Many properties are on private dirt roads, miles and miles off any paved highways. Unmarket forks, no property addresses. Look what Dennis DeSaix posted and he's describing a little urban wilderness rather than a what amounts to a huge, remote wilderness.

 

[444nutman]

Oh yes! With all those high paying AMC fees why can't every appraiser purchase the newest, state of the art laptop and pay all the extra wi-fi fees, etc., so they can provide the most current comparable property photo for every report for every situation.

Ever have a person sitting or standing in front of your comp that wouldn't move? Ever had a photo malfunction? Ever have bad weather or ran out of daylight or the property sat so far back off the street that you had to open a gate or otherwise tresspass on to the property to get a decent photo?

In my reviews, I see MLS photos used all the time. In my opinion, those photos are generally the least of the appraisal problem, overall. I'd rather see a well supported, honest, ethical appraisal with a few MLS or tax roll photo short cuts than a complete ***** job with all authentic photos.

I know, I know -- here it comes.

I agree when I do a review, I only see if the photo is correct. I know most of them are MLS. The thing is with the wrong photos is if they drove the comp they would not have made so many mistakes in the report. An example is over in Serenata in Metrowest, they have those 3 story condos with garages on the first floor. I have seen countless appraisals, where the appraiser has used those as comps and stuck in a photo of the buildings without the garages on the first floor and never addressed the garage in the grid. They also never address the fact in Serenata the builder was giving the buyer $1000 a month for 2 years but that is a different story.
I am also not gonna play holy, I have used MLS photos and tax photos.
I bought my laptop for less than 500 bucks and there a plenty of places with free wifi. I take it with me every appraisal and it saves me time. I can also remotely access my office computer and as a one person shop that saves me a ton of time.
List of free wifi in our area.
http://www.wififreespot.com/fl.html