Using MLS Photos

[timd354]

Define assignment conditions?

Who are you Bill Clinton? Maybe it depends on what the meaning of is is?

 

[CANative]

@djd09

What purpose would explaining something to you serve?

 

[Peter LeQuire]

As author of #271, I would ask you please define "veritable blivot of eyewash". I charge you a reckless responder. You have taken what I have said completely out of context. If you don't want to have a discussion on what could eventually turn into changes made to standardized forms and methods, fine, don't engage. It would be appreciated then however that you just not jump in half way and make silly comments that have nothing to do with the point.

#271, in part, "Pretty sure USPAP says something about the SOW decision being up to the appraiser no?"

"Yes" is the short answer. The rest of the answer is that the appraiser, by accepting a GSE assignment, is accepting the GSE SOW and the certifications attached.

Yes, the discussion could have "eventually" turned to making changes in standardized forms and methods. But it hasn't yet - PP's 277 has nailed it.

Please engage Fannie about the scope of work for the GSE forms and get back with us.

FNMA
3900 Wisconsin Ave, NW
Washington, DC 20016
202 752-7000

 

[TRESinc]

Personally taking comp photos, in my opinion, is one of those items that has little value in the over-all credibility of the opinion and report. It takes a lot of resources to drive comps and get that stupid photo I could have just as easily cut and paste from the MLS..... By the time I have decided to use a comp in my report, believe me I have inspected the damn thing ten times over and like I said, it is extremely rare that I find it was something other than I thought it was going to be once I get out there.

so if you have inspected a comp 10x over why not take 5 seconds and snap a photos during one of your trips to view it? one of those 10x was actually viewing it from the street as the SOW states, right? so if you are then you are not wasting any resources (aside from maybe the slight loss in power of your batteries) by taking a photo.

 

[djd09]

And it is possible not be able to inspect the comparable from the street due to landscaping/trees/fencing ect. Are you breaking the certification now?

What purpose would explaining something to you serve?

You are good at copying and pasting the government guidelines.

 

[Peter LeQuire]

Of course not. Have I said anywhere that it was?

I'm talking about appraisers telling/inferring/whatever clients that services rendered are valuable and necessary when in fact they are not - doctors call it the up-sell. I don't care who decided it was to be part of the SOW (in this case it was the client, not by appraiser consensus). Personally taking comp photos, in my opinion, is one of those items that has little value in the over-all credibility of the opinion and report. It takes a lot of resources to drive comps and get that stupid photo I could have just as easily cut and paste from the MLS. I am simply saying that's an exercise that does not return much value for how much it costs to do it. By the time I have decided to use a comp in my report, believe me I have inspected the damn thing ten times over and like I said, it is extremely rare that I find it was something other than I thought it was going to be once I get out there. There are other parts of the standardized forms and methods that fall into the almost useless category too, but gee I don't think this is place to have that conversation intelligently. No wonder appraisers never get a say in anything that concerns them.

I agree with you that taking a photograph - of itself - is a low value task. And I am first in line to criticize the ludicrous "pile on" requirements of some lenders and their AMCs - such as the requirement that the appraiser inspect and photograph each comparable sometime between the dates of the assignment and the report . Or that the comp photos must have been taken in the season in which the appraisal was done.

But the discussion about comp photos is - rightly or wrongly - closely linked to the requirement to inspect the comps: not drive them, inspect them. Much of the discussion (in this thread and others) features the strained interpretations of words like "inspect". And if you've "inspected the damn thing ten times over" and it's rare to find it different "once I get out there" I don't believe the "inspecting" you've done before you got there was the inspection from at least the curb the SOW of the GSE forms requires.

 

[CANative]

And it is possible not be able to inspect the comparable from the street due to landscaping/trees/fencing ect. Are you breaking the certification now?



You are good at copying and pasting the government guidelines.

I shouldn't have to. If you take my meaning.

 

[Deleted member 128537]

I live in a heavily wooded area in Wisconsin that is largely recreational with generally long driveways. So I have to use the MLS photo a lot. I just snap a picture of the address by the road. No way I can "inspect" the comparable. What I hate are agents that can't take decent photos of the house! I don't know how many front door photos I come across. Who does that? And why? If it is winter chances are no one is there, so I will drive down the driveway. Did that today. But during the peak season I don't dare drive down the driveway. I've been chased down a few times however. A friend of mine who is an appraiser drove down drive way and had homeowner come to his house and chew him out. Apparently he had a security camera. OOPs. What I hate is when there are people out on the lawn, and I have driven 20 miles to take photos. I've learned that taking comp photos on the weekend or after 4 PM is not a good time. Also as appraisers in the area we share photos when necessary. Example. Can't see the house due to trees, bad MLS photo, and my fellow appraiser did the house for the loan.

 

[jay trotta]

There is always the time when you view the MLS, Sale photo and on the drive by you find additions & alterations, so the MLS photo provides a purpose for date of Sale reference. Also, driving the comps or the neighborhood (your preference) allows one to see changes within the area in which you work. Those changes are part of your geographic competency, would you agree?

 

[Terrel L. Shields]

Personally taking comp photos, in my opinion, is one of those items that has little value in the over-all credibility of the opinion and report. It takes a lot of resources to drive comps and get that stupid photo I could have just as easily cut and paste from the MLS.

Then stick to desktop appraisals... problem solved. I do not agree that driving comps isn't important. First MLS photos may be errant. Second, I want to know what the neighborhood looks like and get a closer look at the place, again MLS data is notoriously optimistic and I have driven out comps only to find a bare slab or less... a teardown where the buyer was rebuilding or a zone change to commercial. Not to mention there has been many comps with manufactured homes not mentioned.

Did you ask yourself why banks want those pix? Perhaps they got stuck with some crappy property that was overvalued and come to find out the comp sucked and would have been obvious with a clear and current picture. Seen too many remodeled 40's houses valued using similar size homes from the 70-80's to not know a picture tells a story.