Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Fannie Mae, Freddie Mac, USPAP
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 08-22-2007, 10:26 AM
Paula Eriksen Paula Eriksen is offline
 
Join Date: Mar 2004
State: Pennsylvania
Professional Status: Certified Residential Appraiser
Posts: 28
Default Comp photos

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?
Sponsored Links

  #2  
Old 08-22-2007, 10:33 AM
Greg Bell's Avatar
Greg Bell Greg Bell is offline
 
Join Date: Jul 2006
State: Louisiana
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 3,023
Default

You can use MLS Photos if you drive the comps..
  #3  
Old 08-22-2007, 10:40 AM
Paula Eriksen Paula Eriksen is offline
 
Join Date: Mar 2004
State: Pennsylvania
Professional Status: Certified Residential Appraiser
Posts: 28
Default Thanks, Greg.

I love the lenders that start quoting guidelines without knowledge. I appreciate your input.
  #4  
Old 08-22-2007, 10:44 AM
Mr Rex's Avatar
Mr Rex Mr Rex is offline
 
Join Date: Jan 2004
Location: X Marks the spot
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 25,915
Default

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.
__________________
You talking to me?
  #5  
Old 08-22-2007, 10:48 AM
Paula Eriksen Paula Eriksen is offline
 
Join Date: Mar 2004
State: Pennsylvania
Professional Status: Certified Residential Appraiser
Posts: 28
Default

Thanks, Rex. I appreciate it.
  #6  
Old 08-22-2007, 11:16 AM
Greg Bell's Avatar
Greg Bell Greg Bell is offline
 
Join Date: Jul 2006
State: Louisiana
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 3,023
Default

Don't ask don't tell
  #7  
Old 08-22-2007, 11:18 AM
Greg Bell's Avatar
Greg Bell Greg Bell is offline
 
Join Date: Jul 2006
State: Louisiana
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 3,023
Default

Quote:
Originally Posted by Mr Rex View Post
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.
I just love loved the HUD Guidlines..You never know what you gonna get..
  #8  
Old 08-23-2007, 11:23 AM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 39,377
Default

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?
__________________
At our age, you can't win, lose as slowly as possible.-R.Green
  #9  
Old 09-27-2007, 12:03 AM
AL LLANOS AL LLANOS is offline
 
Join Date: Apr 2006
State: California
Professional Status: Licensed Appraiser
Posts: 212
Default

Quote:
Originally Posted by Terrel L. Shields View Post
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?
That’s a good point Terrell. Sometimes the MLS photo depicts the comp better as of its sold date.
  #10  
Old 09-27-2007, 04:45 AM
Ken B Ken B is offline
 
Join Date: Feb 2004
State: Florida
Professional Status: Certified General Appraiser
Posts: 10,348
Default

Ding, ding, ding...Al gets the prize.
__________________
Those who find themselves at the top of the mountain did not fall there.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 04:26 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93