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MLS Pictures

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debbie graham

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Certified Residential Appraiser
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Florida
I just reviewed an appraisal whereby ALL MLS pictures were used. This appraiser did not even crop out the MLS signature. How would this appraiser analyzed the home from the street w/out driving by. These homes could have a multitude of external factors affecting its value, good or bad.
I do try to drive by All comps, unless gated or a special circumstance.
This appraiser also did not make one adjustment for condition of interior.
and it was evident that the subject was plain Jane and the comps had gourmet kitchens with Granite. Where were all these appraisers taught??
I've seen two appraisals like this here in Florida in the last two months.
Debbie
 

jakeboeger

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California
Just because MLS pictures were used does not mean the appraiser did not drive by.

I use MLS pictures as much as possible. They are usually the best representation of what the property looked like when it actually sold.
 

debbie graham

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Certified Residential Appraiser
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Florida
Jake

That is a good point, however that should be stated in the addendum.
I have actually drove by comps on appraisals I have reviewed and found external factors that were not mentioned.
Deb
 

jakeboeger

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California
I dont doubt that external factors were not mentioned. Whether or not the appraiser actually drove by the comparables.
 

Michigan CG

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When using MLS photos would it not be prudent to CYA and include your own pictures in the report also....
 

Ed Falkowski MAI SRA

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Just because MLS pictures were used does not mean the appraiser did not drive by.

I use MLS pictures as much as possible. They are usually the best representation of what the property looked like when it actually sold

Jake - I certainly agree with you on both points. I have, on more than a number of occasions, included both the MLS photos and my own photos (as proof of my physical, exterior inspection of the comps). However, do you think that the MLS listing would tell you about the nuclear power plant next to comp 1? How about the high tension lines next to comp 3? No - MLS wouldn't tell you that. Only by doing your due diligence and driving by the comps (which, for God's sake, at least take a picture and stick it in your workfile!) would you actually be able to truly analyze the comps. Of course, don't take this the wrong way - I'm not suggesting that you don't do your due diligence, I'm just making a broad statement here.

Debbie - there are currently no laws that I know of which ban the use of MLS photos. However, it does make you scratch your head a little bit harder as the reviewer (and I've reviewed enough in my time to know that!). Is there anywhere in the original appraisal report that states that an exterior inspection was performed of the comps at all?
 

debbie graham

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Junior Member
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Aug 4, 2006
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Certified Residential Appraiser
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Florida
Ed

No remarks relating to exterior inspection, Although, he explained how he adjusted for site value, which I don't get, his other comment was "all other adjustments were self-explanatory.
And the lender is wonder why this was rejected. More than ever, appraisers need to explain and verify all adjustments or why they did not adjust!
Debbie
 

Tom Woolford

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Nov 20, 2005
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Certified Residential Appraiser
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Florida
"all other adjustments were self-explanatory."

Must have been the same guy that said the "Market does not recognize a difference in value between a canal site or a lake front site" Translation: I'm too friggin lazy to dig up comps to support a site adjustment.
 

Thomas Fiehler

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Jun 2, 2003
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Certified General Appraiser
State
Ohio
I remember a few years ago I reviewed a report where one of the comps was shown via an aerial photograph taken from a plane. That was used in the MLS but the house was clearly visible from the road. Now, I also use MLS photos when necessary but I always include my picture along with an explanation.
 
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