Comp photos

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Paula Eriksen, Aug 22, 2007.

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  1. Paula Eriksen

    Paula Eriksen New Member

    0
    Mar 24, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Is there a guideline that specifically states we need to take actual comp photos. I know we are required to drive by them and I typically take the photos when I'm there just curious?
     
  2. Greg Bell

    Greg Bell Senior Member

    0
    Jul 7, 2006
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Louisiana
    You can use MLS Photos if you drive the comps..
     
  3. Paula Eriksen

    Paula Eriksen New Member

    0
    Mar 24, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Thanks, Greg.

    I love the lenders that start quoting guidelines without knowledge. I appreciate your input.
     
  4. Mr Rex

    Mr Rex Elite Member

    28
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Its typically a Client requirement, its not required per Fannie:

    Clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. (We do not require photographs of comparable rentals and listings.) Generally, photographs should be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser's files are acceptable if they are clear and descriptive.


    On the other hand, FHA says if you use MLS photos, you are also required to include your own photos as proof of compliance with SOW.

    Many clients have different requirements, Just did an REO for a client that specified original comp photos, may use MLS photos for Listings.
     
  5. Paula Eriksen

    Paula Eriksen New Member

    0
    Mar 24, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Thanks, Rex. I appreciate it.
     
  6. Greg Bell

    Greg Bell Senior Member

    0
    Jul 7, 2006
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Louisiana
    Don't ask don't tell
     
  7. Greg Bell

    Greg Bell Senior Member

    0
    Jul 7, 2006
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Louisiana
    I just love loved the HUD Guidlines..You never know what you gonna get..
     
  8. Terrel L. Shields

    Terrel L. Shields Elite Member

    62
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I love the guys who go back every time they use the same comp and take new photos claiming they have to reinspect the comp and take photos..Does that change the comp as of the date it sold?
     
  9. AL LLANOS

    AL LLANOS Junior Member

    0
    Apr 28, 2006
    Professional Status:
    Licensed Appraiser
    State:
    California
    That’s a good point Terrell. Sometimes the MLS photo depicts the comp better as of its sold date.
     
  10. Ken B

    Ken B Elite Member

    6
    Feb 18, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Ding, ding, ding...Al gets the prize.
     
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