Using MLS Photos

[TRESinc]

Comp selection on a residential property is the most significant driver of value and report results. I was always amazed at the terrible comp selection on some reports assuming they have access to data how could they skip good comps and manage to use terrible ones? Was it lack of time? Agenda to make value (in some cases that was clear), or a tin ear for comps not being able to tell what are best substitute? The drive by requirements limiting selection?

if my bolded is the reason for choice of comps then the appraiser has a lot more to worry about than just picking good comps. then again it may be someone posting in this thread based on some of the responses.

 

[Adios]

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.

Danny, the credibility factor is already a problem. The rationale for many of the current guidelines is to force appraisers into certain behavior. The end result is that honest appraisers get punished for the missteps of a few.

Proving adjustments is a futile effort. It would be a castrophe. It frankly is a ridiculous process anyway. The whole notion that there is a single point of value and that appraisers are emulating market participants is absurd. When you bought a house did you make a $2500 adjustment for a fire place? Is that still the magic fireplace adjustment?

My vote is th completely overhaul the process.

 

[DWiley]

Danny, the credibility factor is already a problem. The rationale for many of the current guidelines is to force appraisers into certain behavior. The end result is that honest appraisers get punished for the missteps of a few.

Proving adjustments is a futile effort. It would be a castrophe. It frankly is a ridiculous process anyway. The whole notion that there is a single point of value and that appraisers are emulating market participants is absurd. When you bought a house did you make a $2500 adjustment for a fire place? Is that still the magic fireplace adjustment?

My vote is th completely overhaul the process.

Prove? I did NOT use that word - on purpose. Adjustments cannot be proven, merely supported.

 

[Peter LeQuire]

Or inferred.

 

[EddieB]

Bing and Google maps are 2 to 4 yrs old in most areas I cover. They are an aid as is interior photos. I hope we all see the importance of knowing the neighborhood from the ground up.

 

[Michigan CG]

I have been invited to look at the interior of several comps over the years............

Yup, me too.

 

[Michigan CG]

............Proving adjustments is a futile effort. It would be a castrophe. It frankly is a ridiculous process anyway. ................My vote is th completely overhaul the process.

As Danny pointed out, PROVING is the wrong word. Supporting is the acceptable term and if one can't do it then maybe they need to find a new job. I swear most appraisals I read have the PFA method of adjusting.

 

[djd09]

Here is about 280 verified reasons that you never know who is going to confront you while taking comp photos. just one county.

Just to name a few
DRUG TRAFFICKING, BURGLARY, VANDALISM, B & E, VANDALISM, SAFECRACKING, THEFT, FORGERY, MISUSE CREDIT CARDS, DRUG TRAFFICKING, BURGLARY, MURDER, AGG ROBBERY, ESCAPE

http://www.drc.ohio.gov/OffenderSearch/results.aspx

 

[Terrel L. Shields]

DRUG TRAFFICKING, BURGLARY, VANDALISM, B & E, VANDALISM, SAFECRACKING, THEFT, FORGERY, MISUSE CREDIT CARDS, DRUG TRAFFICKING, BURGLARY, MURDER, AGG ROBBERY, ESCAPE

They can do the same while you mow the lawn.

 

[djd09]

They can do the same while you mow the lawn.

But the exposure is exponential . And you are in their hood. good try