MLS Comp Photos WTF!

[New Orleans Guy]

Time to hit the hay and get ready to pony up for another 200+ miles in the saddle. Yep, got the Mazda all oiled up with a new filter, set of wipers and and $0.65 in the coin slot for the 36 ounce soda pop down at the Circle K gas station. Doin' three houses, driving through three to four counties and then calling it a day. All this after I go to the gym to burn off the McDonalds i had for dinner this evening. All ya'll have safe a pleasant day.

Is that Mazda an RX-7? I am huge Top Gear fan myself. They say his blood is part antifreeze too.

 

[G-man]

Is that Mazda an RX-7? I am huge Top Gear fan myself. They say his blood is part antifreeze too.

Yeah, I wish. I drive this.

Top Gear Rules!

 

[G-man]

But I really wish I drove this!

 

[New Orleans Guy]

But I really wish I drove this!

That's an american car I would buy. I miss the 88 RX-7 convertible I had a few years ago. I swapped in a turbo engine and it was nice and customized. It did look kind of funny when your appraiser pulls up looking like the Fast and the Furious but it made driving comps actually fun.

 

[carol109]

Your appraisal report states that you have viewed all comparables. I have never understood why ANY appraisal contains MLS photos when this is an absolute requirement. Yes it's allowed...but when someone claims they "viewed" the properties personally and then sticks in all MLS photos, you know they're probably at least fibbing a little bit. I don't know how many reports I reviewed that had MLS photos that were bad, bad, bad. You can't see the RR tracks next door, or the yard that backs to a party story. If you are not viewing, you are asking for trouble down the road.

 

[Elliott]

NOG axted, "....then find the 3 or more comps that BEST FIT the subject out of the 28 that sold in the area. After finding them, adjusting them and working up a nice report with low adjustments, am I supposed to take the 1-1.5 hour round trip to photograph the comps I just used? OR, and I supposed to take all 28 comp photos when I am in the neighborhood?"

If you had developed a system, then you wouldn't have to go back. Having done this
over 25 years, its better to keep sales information updated and available before
you do the inspection. The way I do it, I have a sales file that has 'sheets' arranged
by geographical areas that has current to year old sales. When I do the inspection,
its just a matter of 'tickling' through the file and selecting potential comparables,
driving by them and taking their pic. I don't take 28 pictures, only 3 to 5, or less.

 

[Mike Garrett RAA]

My software archives the comps, photo once...use over and over again.

 

[Joyce Potts]

My software archives the comps, photo once...use over and over again.

So therein lies the real crux of this thread for me. I've probably driven by hundreds of thousands of properties in my 25 years of appraising. So does that fact meet compliance standards with regard to driving by or viewing the comps for every appraisal I do, even though I don't re-view them as of the 'effectve date' of my appraisal?

If the answer is yes, as Mr. Garrett suggests, what difference does it make where the current or old source of the photo comes from?

Discuss.

 

[Fritz in NY]

MLS photo is possibly better

If you think about it, the MLS photo was taken when the property was listed, current condition/market. Our photo's are always "after" the property has been fixed up, re-sided etc, showing the reader a different view that what was there when it sold.

5 reasons to use MLS photos:

1. You can't see the structure from the road, and/or posted/no tresspass signs.
2. It is lake front, Realtor took photo from the lake, all we can do is take the rear photo unless we bring our own boat.
3. Subject was a "board up", forclosed, REO or whatever, and now has been completley renovated.
4. Subject is in a gated community with no public access.
5. MLS photo is simply better than what we could take. (time of day, digital blur, tree/leaf cover).

Yes, I personally have inspected the comparable, or it's street, or have passed it hundreds of times over the years. And I know there is no RxR tracks, gas stations, detrimental external issues, but if there is a better photo use it. I hate AMC's that insist you take a photo for the file anyway, a photo of what, trees......

 

[Vermonter]

How about this....USE BOTH. Argument resolved.

I do one page of MLS pics and one page of my own. The client can see any improvements/deferred maintenance since the date of sale or the pics of trees and obstruction from the street.

BTW, about 80% of my comparable pics from the public right of way are of trees.