Rental Photos

[OSU Beavers]

Yes for all 1007 and 1025 forms.

 

[Mztk1]

I never include my rental comp photos as separate rental comp photos, but my rentals for multi-family properties almost always come from the comps I use, usually 3 closed and 3 that either pending or listed, so the photos are in the report one way or the other any how.

On SFR, I never include rental comp photos. I have been asked by a client once to include them and I pulled them from the MLS.

The mumbo jumbo I sign, i.e., the limiting conditions, states that I inspected the "comparable sales" from at least the street, it does not state I inspected the "rental comparables" from the street.

 

[Couch Potato]

It actually states you have inspected the "neighborhood," not just the comparable sales.

 

[JennC]

Why not? You drove by and observed them from the street per the pre-printed mumbo jumbo at the rear of the forms right? How much effort to snap a photo and pdf ink is really cheap.

In most cases I will have the same comparable that I can use for a rental, but sometimes the rental can be 2 towns over due to a lack of rental data on the comparables. In this particular case the comps and rentals are all over, 4 towns over in some cases (they don't build new construction 2-families much in these parts. The subject is located in a town with a handful of multi's (mostly antiques, garden style units, subject is a duplex) and with the low sales volume it's been trying.

Does it actually say in the forms that a photo of the rental needs to be taken? The office I've worked for has been in business for 20 years and this is how they've done it.

Thanks for your help everybody.

 

[JennC]

I used to include them, but stopped doing it for the last couple of reports -- no response from the reviewers and underwriters, so it seems that at least some of them don't care.

There was another thread on this question recently -- most of the commenters did not include rental photos.

I did do a quick search before I posted this, do you happen to recall the heading?

Regards,
Jenn

 

[Mztk1]

It actually states you have inspected the "neighborhood," not just the comparable sales."

That's a non sequitur. You may as well have replied "It actually says you have to inspect the interior and exterior of the subject, not just the comparable sales". It doesn't follow the point.

Inspecting the "neighborhood" does not mean you have driven past every house and inspected each from the street. Two separate issues. If it did, then why not take a picture of every house in the neighborhood? My memory stick does over 10,000 photos. You could work for Zaio!

Inspecting the neighborhood to me means driving around and looking for the general as well as any unusual characterics, driving past the local shopping center (in fact I like to stop in the supermarket because you can tell a lot about a neighborhood by the quality of food - fruits, meats fish, deli, specialty items - available), schools, etc.

But certifying you inspected the neighborhood and reading that to mean you inspected each and every house from the street, and by that fact it required you to inspect the rental comps from at least the street, is an extreme position.

 

[Couch Potato]

Jim, I have in fact heard it as a part of a Zaio sales pitch.

I agree it is an unreasonable stretch to say that means inspecting every house in the area in person. I do believe it is a part of the job where the Studeman approach (inspect by satellite photo) is a valid part of inspecting. However, I also think not viewing the rental comps in person is an unreasonable exclusion of inspecting the neighborhood.

 

[Mike Boyd]

Never......and, I don't drive by rental comps.

 

[Mztk1]

Jim, I have in fact heard it as a part of a Zaio sales pitch.

I agree it is an unreasonable stretch to say that means inspecting every house in the area in person. I do believe it is a part of the job where the Studeman approach (inspect by satellite photo) is a valid part of inspecting. However, I also think not viewing the rental comps in person is an unreasonable exclusion of inspecting the neighborhood.

Not me. In fact I am with Mike on this one. I believe looking at the sales comparables from the street is very revealing, but I have never learned anything about a rental comp from driving past it. As I said in an earlier post, a lot of times when doing multi-families I use my sales comps as my rental comps. I've never noted something in front of those comps from the street that revealed a necessary adjustment to the rent. To me, it is a complete waste of time, nothing to gain by driving past them.

 

[Couch Potato]

I've found just the opposite to be the case. More often than not driving by the rental has revealed relevant data that either required adjustment or the choice of a different rental.