Where does the requirement to inspect comparable sales from at least the street arise from?

[Cob]

As per the title of your post.

Where does the requirement to inspect comparable sales from at least the street arise from?​

It comes from a period of time when appraisers used actual cameras and devloped film to use for their appraisal reports that they mailed to lenders, a time when MLS photos weren't available, a time when there were MLS sales books that appraisers had to view for sales, a time when there was no Internet, a time when a lender or ANYONE for that matter, could just jump on the Internet and see multiple photos of any property in the world.

To STILL have this in the pre-printed forms in 2024 is pretty weird and archaic in my opinion, once residential appraisers aren't using the forms any longer and start using whatever they are going to roll out for residential appraisers to use, I can promise you that the pre-printed part about viewing the comparable sales from the street will no longer be in the report.

And before people come on here and bombard me with what appraisers have to do, what we are signing, blah, blah, blah, it's just my opinion that having the pre-printed forms in 2024 state we have viewed comparable sales from at least the street is pretty weird and archaic as I still pretty much drive all the comparable sales I use in every appraisal report.

 

[Fernando]

Not just appraisals but insurance companies should do a drive by.
I still can't get insurance for my prime location (highest earning rental) property. If insurance company instead of looking at aerial photos, I'm sure they would give me an insurance policy.
I was previously paying like $6,000 and can't find any insurance replacement except for CA state run insurance which is offering me $12,000. WTF.

 

[Dublin ohio]

Not just appraisals but insurance companies should do a drive by.
I still can't get insurance for my prime location (highest earning rental) property. If insurance company instead of looking at aerial photos, I'm sure they would give me an insurance policy.
I was previously paying like $6,000 and can't find any insurance replacement except for CA state run insurance which is offering me $12,000. WTF.

You do realize that if your building is in a "prime" location there are google street views available

 

[Fernando]

You do realize that if your building is in a "prime" location there are google street views available

You can say same thing by not driving by comps. You have to see the location to appreciate how unique it is. A corner commercial building on two busy street. I admit one time a drunk driver drove his car to the front corner.

 

[Dublin ohio]

You can say same thing by not driving by comps. You have to see the location to appreciate how unique it is. A corner commercial building on two busy street. I admit one time a drunk driver drove his car to the front corner.

They are insuring the building. Not appraising it for a loan

 

[Fernando]

They are insuring the building. Not appraising it for a loan

The building is old but if they actually look inside, it's been updated. Tenants may not taken out permits but it's functional and good appeal.

 

[Tom D]

king, stop crying to the masses here about how hard your life is.

 

[Fritz in NY]

The more we argue collectively, the less weight we have in the Real Estate World. Just stop, find a real way for us to have "OUR" standard. It should be my time....After almost 4 decades of Real Estate in the same market, it is getting old. Are we Puppets?, Professionals?, why are we still digging up old "OPITIONS",
of the G'Ment/Lender/ requirements? Sorry @ 66 YO, we need to be some cohesive appraiser unit. Stop putting this crap online. See you in retirement @70 yo.

 

[Fernando]

king, stop crying to the masses here about how hard your life is.

I'm experiencing what the masses are feeling. Insurance companies are not renewing or increasing the premiums more than 50%.
Something is not right.
Some say they lumping all properties into zip codes thus increasing all the properties there.
Some say they using maps and drones and finding whatever reasons to deny coverage.
Are insurance companies getting out of CA market as a rebuke to overreach of CA bureaucratic demands?
Whatever the reasons, the masses are paying dearly for the increases or denial of insurance.

 

[Dublin ohio]

Are insurance companies getting out of CA market as a rebuke to overreach of CA bureaucratic demands?

Ya think