MLS Comp Photos WTF!

[Couch Potato]

I once again have a request for me to replace two photos in a report since they appear to be MLS photos, which yes they are, I admit it. What I am wondering (bring flames if you must). How to always have fresh comp photos in every report. For example, the homeowner says "my house is in O.K. shape, a good size, and 3 beds, 2 baths". Obviously he does not know the GLA size of his house, which is understandable, he just lives there and does not care what the "GLA" number means. I look for possible comps that I will need and see that from the range of 3/2 homes in the area there are 28 possible comps from 1200-2300 sqft. I notice that 2 don't have MLS photos so to be safe I go to those after my inspection to look at and take photos of them. Now it's back to the office, 30-45 minutes depending on traffic. Input my sketch, find the GLA size, think about the condition of the subject, 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? I always like to follow USPAP and be as accurate and professional as possible, so I would love to hear how this is done.

P.S. I am very familiar with the subject area and have appraised about 7-8 homes in the same neighborhood over the last 2-3 years. So yes I am competent to work this neighborhood.

P.S.S. This is about half rant for me, but I am open to suggestions

This post is a joke, isn't it?

 

[The Dog]

I once again have a request for me to replace two photos in a report since they appear to be MLS photos, which yes they are, I admit it. What I am wondering (bring flames if you must). How to always have fresh comp photos in every report. For example, the homeowner says "my house is in O.K. shape, a good size, and 3 beds, 2 baths". Obviously he does not know the GLA size of his house, which is understandable, he just lives there and does not care what the "GLA" number means. I look for possible comps that I will need and see that from the range of 3/2 homes in the area there are 28 possible comps from 1200-2300 sqft. I notice that 2 don't have MLS photos so to be safe I go to those after my inspection to look at and take photos of them. Now it's back to the office, 30-45 minutes depending on traffic. Input my sketch, find the GLA size, think about the condition of the subject, 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? I always like to follow USPAP and be as accurate and professional as possible, so I would love to hear how this is done.

P.S. I am very familiar with the subject area and have appraised about 7-8 homes in the same neighborhood over the last 2-3 years. So yes I am competent to work this neighborhood.

P.S.S. This is about half rant for me, but I am open to suggestions

I am going to say it again

IS ANYONE WONDERING WHY OUR PROFESSION IS HELD IN LOW ESTEEM?m2:m2:m2:

If you were in the State of Oregon, you would certainly have a talk with Mr. Keith (our administrator). Read what you certify and don't sign, UNLESS IT IS THE TRUTH.

And please take an APPRAISAL 101 class, forget everything you know and start fresh training with a QUALIFIED APPRAISER TO TEACH YOU.

 

[The Dog]

Mr. Panzavecchia, I'm not going to read any more of this thread than your first post.

If you are doing the above while the SOW that you signed off on is the one on the 03/2005 URAR form, you should consider turning in your license and getting out of the business.

After answering the original post I read all of the other posts. And once again the DUCK nails it.

PLEASE TAKE HIS ADVICE AND HELP THIS PROFESSION (a vocation requiring knowledge of some department of learning or science)

 

[David Molenaar]

Just one more reason to use a comp's data base. Once you have taken the photo of the comp, its good for the next report you are doing in that area. Saves time & money.

 

[Couch Potato]

Just one more reason to use a comp's data base. Once you have taken the photo of the comp, its good for the next report you are doing in that area. Saves time & money.

Only if the next report is of a similar house and no better sales have closed since you did that job is any "savings" realized. Even then, the savings is not in the photo, but the other data about the sale.

It can easily save 45 seconds per sale. :new_all_coholic:

 

[Joyce Potts]

Just one more reason to use a comp's data base. Once you have taken the photo of the comp, its good for the next report you are doing in that area. Saves time & money.

I'm guess I'm the only one not getting this. How is retaining and re-using a comp in your database any different than using an MLS photo of a property--What is the point? Is the appraiser supposed to actually VIEW THE DAMN comp? If so, who cares what picture is used? Or is the appraiser allowed to use an old photo in THEIR data base of a year old old comp that just recently resold and using that old photo without driving by it as of the effective date of the appraisal?

I've driven by thousands of properties countless times so if I pull the photo from ANY DATA BASE, am I USPAP or FNMA compliant? Can I honestly say I drove by the comp?

 

[Hamlet]

I'm guess I'm the only one not getting this. How is retaining and re-using a comp in your database any different than using an MLS photo of a property--What is the point? Is the appraiser supposed to actually VIEW THE DAMN comp? If so, who cares what picture is used? Or is the appraiser allowed to use an old photo in THEIR data base of a year old old comp that just recently resold and using that old photo without driving by it as of the effective date of the appraisal?

I've driven by thousands of properties countless times so if I pull the photo from ANY DATA BASE, am I USPAP or FNMA compliant? Can I honestly say I drove by the comp?

Exactly! The purpose of those photos is to prove that the appraiser did drive by those comps on or after the effective date of the appraisal. Sure there may be times that the photo taken at the time cannot be used, but it better be in your work file to 1) be sure you are completing the SOW for the assignment and 2) CYA.

I seen the wrong photo placed in MLS numerous times. I've seen some pretty creative photo taking from Realtors and sometimes those photos do not show what the appraiser would necessarily see on viewing the comp for themselves.

 

[Carnivore]

The answer is wether the picture is contemperanous with your new appraisal of some other subject. Typically a sale up to one year is used. If your using a new sale of the previous comparable then I see a need to drive by it again to update you data base.

That does not mean the data base of physical data and pictures is not valuable. Its all relative.

 

[NC Appraising]

I'm sorry, but the least important reason to drive by the comp is only to take a picture. m2:


Why do we drive by the comparable sales? Just viewing Google Earth and the MLS doesn't cut it. Driving by them gives one the "feel" for the neighborhood, one that a potential buyer would get. A computer can't give you that "feeling" .

- observe the exterior condition. verify the MLS, new roof, brick veneer full, is it really that big, pool, etc.

- some projects have various phases with very differing quality and price points.

- view. what kind of view do they really have. full, seasonal, distant water view, etc.

- location. corner lot, backs up to an area that affects the value. the sale has nasty neighbors, and maybe this is the reason it sold for 10K and you just couldn't figure out why. busy highway, airport noise, other external issues that one couldn't determine by viewing an MLS photo.

- to verify other information, such as the garage type, side load really 3CG?, does the rear yard slope so bad that it takes away from the utility/enjoyment, thus takes away from value. Thats why it sold for 12k less and took more DOM than the other sales

- does it really have a basement?

- does the home still exists

- is it the same home as shown in the MLS photo?

- landscaping, curb appeal.

If one is to damn lazy to drive by the sales, why don't you just let the bank order an AVM?

 

[LI-Appr]

I have used the same comp many times for different appraisals. I shoot it every time. First it is easier to work off of one canister of photos. Second it is in my work file for each assignment it is used for.