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  #1  
Old 01-15-2012, 11:15 PM
Rural Oklahoma Rural Oklahoma is offline
 
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Default Is appraiser suppose to take comp pics?

Is the appraiser required to take their own comparable pictures or can you just pull them from the Internet?
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Old 01-15-2012, 11:43 PM
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Depends on the lender requirements. Not a USPAP issue. Typically on a full appraisal, you must inspect them from the street, why not take them? Silly not to. Again, it is lender specific as to what they require. Fannie wants an inspection. FHA wants inspection and orig photos. Desks reports don't inspect or take photos of the comps or the subject.
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Last edited by residentialguy : 01-16-2012 at 02:00 PM.
  #3  
Old 01-16-2012, 12:03 AM
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Jo Ann Meyer Stratton Jo Ann Meyer Stratton is offline
 
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An appraiser is to observe every comparable in their report as well as other possible comparables from the street. MLS photos are acceptable some times but since the appraiser is staring at the property from the street, in this day and age of digital cameras, it makes sense for the appraiser to take a photo of what they see. When an appraiser signs an appraisal report he / she are certifying that they have seen all comparables from the street. If they haven't done their due diligence they are in violation of Uniform Standards of Professional Appraisal Practice. A photo taken by the appraiser is proof they have observed the property at some time or other.

By the way, one of my pet peeves with many appraisers is that they rely on MLS photos or somebody else's photos. That puts up a red flag that they may not of actually done what they said they did.
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  #4  
Old 01-16-2012, 12:17 AM
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Some clients require that the appraiser use original photos (that they took themselves), but if the client doesn't require it, no, they don't.
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  #5  
Old 01-16-2012, 12:22 AM
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Depends on the assignment. For a fannie mae backed refinance the appraiser has to inspect the comparable sales from the street. The appraiser can use any picture they want, and in some cases it is better to use an MLS picture. Certain lenders require original pictures or a stated reason why.
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  #6  
Old 01-16-2012, 05:48 AM
Psichopaidas Psichopaidas is offline
 
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Unhappy What do you do for living?

This is exacrlt why some AMC's out there pay as little as $150 to $200 fees for a UAD/URAR.
  #7  
Old 01-16-2012, 08:09 AM
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No they are not and yes you can.
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  #8  
Old 01-16-2012, 12:25 PM
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Quote:
An appraiser is to observe every comparable in their report as well as other possible comparables from the street.
Is that so? Can you provide a source for that?

I think JTip's answer is correct...
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  #9  
Old 01-16-2012, 12:54 PM
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Quote:
An appraiser is to observe every comparable in their report as well as other possible comparables from the street.

Quote:
Originally Posted by incognito View Post
Is that so? Can you provide a source for that?

I think JTip's answer is correct...
Most of that happens to be in the certification on every 1004 you sign:

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting
requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting
conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior
areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4)
research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and
conclusions in this appraisal report.
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Old 01-16-2012, 01:03 PM
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David Wimpelberg David Wimpelberg is offline
 
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This issue is client specific.

If the appraisal was for conventional lending purposes (Fannie, Freddie, etc.), then the appraiser is expected to drive by the comparable sales. The lender may also require that the appraiser take a picture of the comparable sale (if possible).

For other types of assignments, the appraiser might not have to inspect the comparable sales or include photos in the report.
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