Using MLS Photos

[Peter LeQuire]

One of the reasons to do what I do for a living is that I do not find it burdensome to be out looking at stuff. Maybe I'm still 18 and enjoy cruising; maybe i would much prefer to have a job that requires me to spend time outside to one that won't allow me to do so - and to reinforce this all I have to do is to be stuck in front of some office building when everyone is rushing to get home. Today is a bonus - I get to go drive around an upscale subdivision: it's cool, blue bird sky, lots of flowering trees and shrubs. You who are so disposed are welcome to stay at your dual monitor computer - I'll pass, thanks.

 

[timd354]

One of the reasons to do what I do for a living is that I do not find it burdensome to be out looking at stuff. Maybe I'm still 18 and enjoy cruising; maybe i would much prefer to have a job that requires me to spend time outside to one that won't allow me to do so - and to reinforce this all I have to do is to be stuck in front of some office building when everyone is rushing to get home. Today is a bonus - I get to go drive around an upscale subdivision: it's cool, blue bird sky, lots of flowering trees and shrubs. You who are so disposed are welcome to stay at your dual monitor computer - I'll pass, thanks.

I definitely miss being in the field and driving around looking at properties on a nice day.

 

[KYLECODY]

One of the reasons to do what I do for a living is that I do not find it burdensome to be out looking at stuff. Maybe I'm still 18 and enjoy cruising; maybe i would much prefer to have a job that requires me to spend time outside to one that won't allow me to do so - and to reinforce this all I have to do is to be stuck in front of some office building when everyone is rushing to get home. Today is a bonus - I get to go drive around an upscale subdivision: it's cool, blue bird sky, lots of flowering trees and shrubs. You who are so disposed are welcome to stay at your dual monitor computer - I'll pass, thanks.

Nice to hear someone with a good attitude. Driving around beats working for a living is what I say.

I don't notice as much as I used to but my first few years appraising, and still often now, I COULDNT believe I was getting paid to drive around and take photos of houses..I still view it as a privilege. If you've ever had any office jobs contained in a cube all day watching the clock because you could not leave until it said 5:30 or any labor intensive jobs you know what I mean..

Yesterday I had one of those instances where a homeowner chased me down and made a human blockade in front of my car making me stop...He was very upset I took a photo of his house and gave me his tough guy routine. It wasn't even his house, he saw my hand out the window with a camera for a neighboring home. I don't have much patience for guys like this so I told him what I did and gave him a card. He was still a d*** and aggressive. I wasn't overly polite based on his act. One of many reasons I don't carry a gun in my car. Dumb situations can turn ridiculous in a heartbeat. I left and I saw him writing down my plate as I left. Hadn't happened in many years but always makes me rethink comp photos. Really not needed in my suburban tract home world but I trudge on anyways.

 

[CANative]

I definitely miss being in the field driving around looking at properties on a nice day.

 

[Terrel L. Shields]

Maybe I'm still 18 and enjoy cruising;

I'd give you two likes for that. I enjoy a day in the field even when I have a 200 mile trip to make since I charge for my time accordingly.

 

[Peter LeQuire]

Don't get me wrong - it can be a pain to be out in the rain, and hard to go in the snow. I have the numbers for AAA and Butler Wrecker Service stored in my phone - and I've used both of them on occasion. Rain like than shown in CAN's photo saves a trip to the car wash.

 

[J Grant]

Question for pondering - What do you think would be the net effect on credibility if the following changes were made in "FannieWorld" ? (1) eliminate the requirement to view comparables from the street, BUT (2) add a requirement for a report to contain actual support for any adjustment exceeding $x or y%. Just curious as to thoughts on this.

I don't see what one has to do with another. Imo, whether or not to drive a comp should be the appraiser's choice as part of their SOW ( as is looking at overhead and aerial maps and MLS photos of the comp, all of which often impart more information than the drive by). If an appraiser feels they need to drive by every single comp, (or loves driving around), then they should do so. If appraiser feels confident in MLS photos, overhead maps and knows area and does not need to drive teh comps that should be tehir choice, or they may feel the need to drive one comp and not the rest. That to me would be ideal but I am not in charge jmo.

As far as showing support for adjsutments over X%, that should also be up to the appraiser what kind of support, what they need to "show" , what can be in work file etc. When someone does our tax return, do we ask for sheets of their scribbling or print outs of how their calculator or computer did the math to "Support" a deduction? They either know the tax code or they don't, and if they don't, then don't hire them. Same for appraisers. If a client feels confident appraiser is qualified and knows area, why the show and tell of how they did things? In my experience having done over the years several hundred field reviews, the big problem in most appraisals is not the adjustments, it is comp selection. With good comp selection, the show and tell and support of adjustments is right there on the grid, the comps after adjustments should converge to a more narrow range ( depending of course on price point and how unique the property is). Properly applied adjsutments create that convergence so the proof, the support, is right there to see. Larger market derived adjustments such as time adjustments from additional data is easy to show or indicate.

If poor comp choices are made, does not matter how well supported the adjustments are, the results /value will be misleading or faulty.

 

[DWiley]

I don't see what one has to do with another..

I intended it as a time management/time investment question. Would it be worth it to "swap" time in the process. Reduce time spent driving by comps, but increase the reporting related to analysis. It has been suggested by some that such a "trade-off" might actually increase the "reliability" of an appraisal report.

 

[J Grant]

My personal opinion is that the "swap" of all that lost time not driving comps should be spent in time as appraiser sees fit, verifying, additional research, showing support for adjustment etc. Specfically subsituting one required specific action for another imo won't address reliability, because if the specific action is showing support for adjustments, which may not always be mathematically possible in the way some clients expect, will lead appraisers to using auto programs like Redstone just to satisfy the requirement. As you note, Redstone, or any other program can be used well or used horribly, (i have never used it so can't say).

I think low fees and tight turn times compromise reliability so that has to be addressed.

Since turn time is a client concern however, not requiring driving the comps certainly allows appraiser to trade that time for more important research if limited time resources are available (which they are these days)

 

[djd09]

Why stop at just the exterior inspection of the comparables, go knock on there doors and ask for a walk through with pictures maybe they have a shifted foundation, mold, peeling paint, built in surround sound, pet smell, vintage carpet, delta faucet, no stove, sump pump, who knows what value features one can find.