Using interior photos from a past appraisal

[Couch Potato]

I've had that happen but you are not using the comp based on the date you view it. The comp is being considered in it's condition as of the date of it's sale. The fact that it was torn down following the sale has no relevancy at all on the sales price and terms used in the grid.

It can be relevant. As Greg Boyd notes, It could indicate the sale price was unrelated to the improvements. Subsequent actions after the sale may or may not be relevant to evaluating the comparable sale. Failing to allow for or to address such possibilities is negligence IMHO.

 

[Robert Hronek]

The photos should reflect the quality and condition as of date of appraisal. I do not see it as misleading by using old photos if the condition is basically the same. Lets say the night before the owner had a big party and dirty dishes and glasses cover the counters, bags of trash waiting to be taken out and there are decorations still up in the living room. I see no problem with using old photos. I do identify any pics that are not taken on the current inspection. I also snap a few pics to keep in my file.

You are not required to take you own pictures only required to do what is stated in the scope of the work. In this case it would be an interior and exterior inspection. You have not mislead or create a false impression by using the older photos.

How about appraisers that inspect the comps on a different date that is maybe weeks or months before the current appraisal and uses those pics. I will even use MLS photos of a comp as sometimes they show more detail then mine taken from the street. As long as I have inspected the property from the street I have done my job.

 

[Mike Garrett RAA]

You bet....... case in point >>

1920s Cape sold Aug 2006; utilized 5 times as comp sale ............

during 6th Assignment,........ drove up to take pic.......(fall scene this time)......

Cape was demolished and replaced with a 3500sf new contemporary. !!:new_smile-l:

And what if it had burned down two weeks after the sales closed and it was your best sale...then what would you do?


Oh Boy....and we wonder why the profession is such a state of disarray

 

[Marcia Langley]

It can be relevant. As Greg Boyd notes, It could indicate the sale price was unrelated to the improvements. Subsequent actions after the sale may or may not be relevant to evaluating the comparable sale. Failing to allow for or to address such possibilities is negligence IMHO.

Ditto.

 

[Marcia Langley]

The photos should reflect the quality and condition as of date of appraisal. I do not see it as misleading by using old photos if the condition is basically the same. Lets say the night before the owner had a big party and dirty dishes and glasses cover the counters, bags of trash waiting to be taken out and there are decorations still up in the living room. I see no problem with using old photos. I do identify any pics that are not taken on the current inspection. I also snap a few pics to keep in my file.

You are not required to take you own pictures only required to do what is stated in the scope of the work. In this case it would be an interior and exterior inspection. You have not mislead or create a false impression by using the older photos.

How about appraisers that inspect the comps on a different date that is maybe weeks or months before the current appraisal and uses those pics. I will even use MLS photos of a comp as sometimes they show more detail then mine taken from the street. As long as I have inspected the property from the street I have done my job.

The comp photos are a different issue from the subject photos. The comp photos are to help demonstrate the credibility of the comp as of the date it sold. We can't take a new photo of that point in time so we do the best possible. If you are not using your own original comp photos, I hope you are clearly disclosing that in your report. You should be including your own photo and only use the MLS photo in addition to yours for additional clarity. Clients view photos as evidence of your viewing. And I hope you never fail to actually and personally view the property.

---

Subject photos should only reflect the condition of the property as of the effective date. Too bad if they had a party. The photos are meant to show the property, the personal property is not the issue.

 

[Mike Kennedy]

I've had that happen but you are not using the comp based on the date you view it. The comp is being considered in it's condition as of the date of it's sale. The fact that it was torn down following the sale has no relevancy at all on the sales price and terms used in the grid.

This is one of the reasons that I think MLS photos are so valuable in representing comps. They display the comps condition at the time the buying decision was made; not 3 months later when the roof has been re-shingled and new siding put up. /quote]

Totally agree- which is why inclusion of "before" MLS pic / and additional "current" pic is routine with comment when this occurs.

See post #23.

 

[Mike Kennedy]

So were you using this sale as a land comp all of those times?

Course not. Sale at HBU at time of sale; speculator builder tore it down ....was in Good, Updated condition at time of sale; 3500sf monstrosity - atypical in that neighborhood......sat on market for 7 months (typical DOM 60 days) sold as "quick sale" novice/spec/ builder lost his shirt. HBU for original house was, and would still be as an Updated Cape .......not a vacant lot.

 

[Mike Kennedy]

And what if it had burned down two weeks after the sales closed and it was your best sale...then what would you do?


Oh Boy....and we wonder why the profession is such a state of disarray

Not exactly sure what the last sentence implies Mike; obviously in event it burned down after the sale .......comments and before(MLS) and after pics would be included in appraisal. As long as Guidelines require current (post sale) photo (which I happen to disagree with for exactly the same reason Richard stated)......routinely include the above whenever such an event occurs.

We all know, all too often, either MLS listings omit photos, or, drive by confirms the MLS listing contained the WRONG HOUSE. Further, imperative to document any such event in appraisal, and workfile, in event an appraisal report is subject to Field Review. No ??????

 

[Mike Garrett RAA]

My point is, once you have driven the comp and taken a picture of it...your work is done, in my not so humble opinion. Anything more is just mental masterbation on the part of the appraiser.

I am laughing at the appraiser who says, well what if the house burned down? Who the hell cares?

 

[Zero]

The comp photos are to help demonstrate the credibility of the comp as of the date it sold. We can't take a new photo of that point in time so we do the best possible. If you are not using your own original comp photos, I hope you are clearly disclosing that in your report. You should be including your own photo and only use the MLS photo in addition to yours for additional clarity. Clients view photos as evidence of your viewing. .

This has been hashed out before and NOWHERE is there a requirment for original photos. Unless it is a requirement from a particular client, which is between each appraiser and client, there is no such guideline, requirement or SOW inclusion for original comp photos. Just another mythical guideline. It is personal preference. You probably should disclose in your report that you are using MLS photos, but you don't have to. Again, preference.