Even though two houses could have similar size, their unique features could lead them to different appraised values. For instance, crown molding, entertainment center, well-maintained deck, or a heated driveway could potentially add value. Having photos of them could add credibility to your assessment. One of the requirements is to perform a minimum of head and shoulder inspection in the attic and crawlspace. But how can you prove you did that? The best way is to take photos as supporting evidence.
While you are taking the pictures, you should check if there are any settlement cracks in the basement or damages in the attic. We talked about so much about taking photos on the interior of the property. Sometimes, the exterior could just be as important.
It would be nice if the property is located in a quiet neighborhood, walking distance to a park or school. However, not all properties have such an ideal location. I have seen properties where it is built next to a gas station, a train railway, or even beside a factory.
This indeed could have a negative impact on the price. Including pictures of this proximity helps the readers understand why you are discounting the value.
The number one reason property owners are dissatisfied because they are not even aware that you would take photos of their home. This truly caught them off-guarded. It helps to develop an unbiased value about the property. Emphasize that you are a licensed real estate appraiser.
All procedures you take is legit and complying with the state appraisal regulation. It is intended to been seen by the loan underwriter or the person who orders the appraisal for evaluating purpose. Although it might not be your intention, this could accidentally happen through a mirror reflection.
Once again, ask them to store their filings in a locked cabinet. Sometimes you might want to open doors to get better lighting of the room. However, if there is a pet within the unit, there could be risks of it running away from the property. Make sure the owner will lock their pet into a secured cage. The last thing you want is to handle the frustration of an owner with a missing cat.
Sometimes the subject property is occupied by tenants rather than the owner. There could be occasions where the owner does not have direct contact with the tenants as all communication is done through a property management company.
In such a scenario, you should schedule the home visit days in advance. This could give enough time for the property manager to make necessary arranging with the tenants. Back in the days of 35mm, we were only required to take front, rear, and a street scene. However, most appraisers would take some additional photos of things like views or special features. Lenders want front, rear, street, but also every room, bathroom, feature, any potential issues or repairs, etc.
That has spilled over to just about every appraisal assignment, even non-lender work. When both the homeowner and appraiser pulled over, the homeowner was extremely irrational, yelling obscenities, and was holding an unholstered handgun. He threatened the appraiser that his behavior taking photos of homes could get him shot. In this blog post, I want to help inform the public why an appraiser takes photos of homes, and then discuss how you can help keep everyone safe.
This is a very serious issue for anyone involved in real estate, so please read, and then share this post! When appraising a residential property, one of the main ways appraisers develop an opinion of value, is by comparing their subject to other homes similar to the subject property that have recently sold.
In a typical refinance or purchase transaction, the form we use states that we have inspected the neighborhood, and each of the comparable sales from at least the street.
The best way we can prove we have examined a comparable sale is by taking a photograph of the home. But more importantly, most banks require original photographs of comparable sales. The next time you find yourself at the closing table sitting across from your buyer client, please take an extra two minutes, and let them know that they may see one or more vehicles approach their home at some point in the next year and take a photo of their home. Explain the process above , and strongly encourage them to not go after the person who just took the photo!
Several different individuals may, at any point in the year after you purchase your home, come by and take a photo of your house. It could be an appraiser, tax assessor, insurance agent, or Realtor. So relax. In this age of technology thank you, Google , we can usually see all we need to see about the home in question, as well as the neighborhood.
I totally understand why homeowners may be a little nervous about having appraisers take pictures of their home but you have done a great job of explaining exactly why we do it. Keep up the good work! Thanks so much Tom! The purpose of this post was to hopefully put homeowners at ease. Thanks for sharing your post. Luxury Apartments in Anna nagar available at affordable prices with world class amenities and international standard clubhouse.
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Melissa, I think you might have meant this for another post but you have posted helpful comments on other posts. Did you find the post helpful in understanding why appraisers take pictures of your home? Great post Shannon, your post will help people in understanding the concerns related with home inspection and associated procedures like photography of the property.
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