ProxyPics vs CoreLogic MLS Comp Photos

[ucbruin]

My point was that Digger has 20+ comps within a block and comparable sale pictures take about five minutes to take as opposed to 30 minutes to a couple of hours for rural properties

"Now, if I only did tract home sales like Digger, there is no reason to advocate MLS comp photos."






This is what most folks think when "tract home" is mentioned....
20+ tract home sales would, in theory and common sense, mean that these sales are similar, if not exactly the same, to the subject....
Why in the world would you need photos any of the 20+ tract home sales????







Rural AF members constantly remind the rest of us how different rural properties are....
Pole barns, acreage, property lines....
And the #1 most important item....
HBU....
So which comps should really be visually inspected????

Common sense tells me which....

 

[Tim Hicks (Texas)]

"Now, if I only did tract home sales like Digger, there is no reason to advocate MLS comp photos."


View attachment 50483

View attachment 50484

This is what most folks think when "tract home" is mentioned....
20+ tract home sales would, in theory and common sense, mean that these sales are similar, if not exactly the same, to the subject....
Why in the world would you need photos any of the 20+ tract home sales????


View attachment 50485

View attachment 50486


Rural AF members constantly remind the rest of us how different rural properties are....
Pole barns, acreage, property lines....
And the #1 most important item....
HBU....
So which comps should really be visually inspected????

Common sense tells me which....

You are under the impression, that all rural properties can be seen from the street. Some can, many cannot be seen from the street. You can seen more from the MLS pictures than driving them.

 

[Chandler]

My point was that Digger has 20+ comps within a block and comparable sale pictures take about five minutes to take as opposed to 30 minutes to a couple of hours for rural properties

That's a good point and why the original post in the thread made no sense to me. I work in roughly a 20 minute radius of suburbs and it takes an additional 5 minutes to snap all of the comp pics. Paying someone $31 for that made zero sense but maybe does in a rural area.

 

[ucbruin]

You are under the impression, that all rural properties can be seen from the street. Some can, many cannot be seen from the street. You can seen more from the MLS pictures than driving them.

I'm not under that impression at all....
I agree with you that it makes no sense and would be infuriating to drive hours for a photograph of a tree or long driveway....

And that's why I said the last portion of your comment, IMO, made no sense....

 

[Carnivore]

But the 1004 still says that so you need in your addendum to somehow reconcile the two, if you don't drive the comps. This must be why almost every assignment letter I gets states the appraiser must if possible use their own photos and explain why not if original photos are not used. And it can't be because I didn't want to drive the comps.

Your engagement letter from your Client/Lender is part of your SOW. So apparently they say so and you must.

Also where in the FNMA Series Report Formats does it say you have to use original photos and reconcile any differences

I will wait while you look... lol

PS, the easiest way to find something in the FNMA Selling Guide is to use Google... Ask the question and use Fannie Mae at the end or front of your question or topic

"Clear, descriptive photographs showing the front, back, and a street scene of the subject property and the front of each comparable. The subject and all comparables must be appropriately identified. Acceptable photographs include original images from photographs or electronic images, copies of photographs from a multiple listing service, or copies from the appraiser’s files.

FNMA
https://selling-guide.fanniemae.com...isal-Report-Forms-and-Exhibits-07-03-2019.htm

 

[Sadie]

Your engagement letter from your Client/Lender is part of your SOW. So apparently they say so and you must.

Also where in the FNMA Series Report Formats does it say you have to use original photos and reconcile any differences

I will wait while you look... lol

PS, the easiest way to find something in the FNMA Selling Guide is to use Google... Ask the question and use Fannie Mae at the end or front of your question or topic

"Clear, descriptive photographs showing the front, back, and a street scene of the subject property and the front of each comparable. The subject and all comparables must be appropriately identified. Acceptable photographs include original images from photographs or electronic images, copies of photographs from a multiple listing service, or copies from the appraiser’s files.

FNMA
https://selling-guide.fanniemae.com...isal-Report-Forms-and-Exhibits-07-03-2019.htm

Your engagement letter from your Client/Lender is part of your SOW. So apparently they say so and you must.

Also where in the FNMA Series Report Formats does it say you have to use original photos and reconcile any differences

I will wait while you look... lol

PS, the easiest way to find something in the FNMA Selling Guide is to use Google... Ask the question and use Fannie Mae at the end or front of your question or topic

"Clear, descriptive photographs showing the front, back, and a street scene of the subject property and the front of each comparable. The subject and all comparables must be appropriately identified. Acceptable photographs include original images from photographs or electronic images, copies of photographs from a multiple listing service, or copies from the appraiser’s files.

FNMA
https://selling-guide.fanniemae.com...isal-Report-Forms-and-Exhibits-07-03-2019.htm

I'm not under that impression at all....
I agree with you that it makes no sense and would be infuriating to drive hours for a photograph of a tree or long driveway....

And that's why I said the last portion of your comment, IMO, made no sense....

I have always thought the reasoning behind exterior inspections was to not only look at the comparable but also the area around it. The photo is just proof You were there. I did notice that as of 05/20, Freddie requires appraiser photos.

 

[Lumbappr13]

Economy of scale? Maybe they are photos taken at a different time?

Or multiple folks. One grabs #1 and someone else grabs #2 & #3. One i do work for is whoever gets it first. So get to pick and choice.

That's a good point and why the original post in the thread made no sense to me. I work in roughly a 20 minute radius of suburbs and it takes an additional 5 minutes to snap all of the comp pics. Paying someone $31 for that made zero sense but maybe does in a rural area.

That was for out of state investment property i was looking at.

 

[ucbruin]

Or multiple folks. One grabs #1 and someone else grabs #2 & #3. One i do work for is whoever gets it first. So get to pick and choice.

This scenario does make sense....
With today's and tomorrow's technology....
It does make sense....

Within minutes of an Amazon or Fedex delivery....
I get a photo of the package sitting at my front door....

 

[Carnivore]

I have always thought the reasoning behind exterior inspections was to not only look at the comparable but also the area around it. The photo is just proof You were there. I did notice that as of 05/20, Freddie requires appraiser photos.

Well that has changed in Freddie Mac also (as of me looking it up today)

"Photographs of the comparable sales must be clear electronic images. Copies of multiple listing service (MLS) photographs are acceptable."

Freddie Mac Single-Family Seller/Servicer Guide

The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information.

guide.freddiemac.com

 

[Carnivore]

I have always thought the reasoning behind exterior inspections was to not only look at the comparable but also the area around it. The photo is just proof You were there. I did notice that as of 05/20, Freddie requires appraiser photos.

where you stated "...But also the area around it" Above Is a Valid Argument.

How many times have appraisers at this forum stated that while conducting a review; The original Appraiser avoided a street scene in the direction of the Pig Farm or Petroleum Storage Tanks etc How many of you when inspecting the subject note some externalities that may have an effect on your Subject but was not seen in Google Earth while putting together your Work file prior to Inspecting.

Sometimes RE Agents don't even visit their listing when they sign an owner up. The Agents will use a GIS Pix or Old MLS Pix of the Subject.

This partially explains why my AMC Fee Quotes get lowballed by someone else. They are using all MLS Pix and I am not.