will FHA accept an MLS photo?

[johnjoslin]

that was a mistake i was making apparently. i admit i was doing that wrong and will correct that. it was justa once in a blue moon thing, but i quess i misunderstood them. the FHA guy said the same thing, always have to inspect the home even if you mention it came from MLS. the FHA appraiser guy didn't know if i could just delete the comp tho and explain why. i'm leaving that up to the client.

thanks for the help!

aj

 

[johnjoslin]

good news, the client underwriter stated that i could switch or delete the comp since it was not crucial to the appraisal. what a nice lady!!!!!!!

also, what about listings? does everyone take new pictures of listings?

aj

 

[Lloyd Bonafide]

also, what about listings? does everyone take new pictures of listings?

m2: m2: m2:

Only if you are using the listing as a comparable.

 

[Mr Rex]

If using it as a comparable (its in the grid) then I eyeball it and take my own picture if I can. I do have a few REO clients that say its OK to use MLS photos and not drive the listings, but do require "new" photos for the sold comparables. I make sure I put this in my SOW, so there is no question of what I did and did not do.

 

[Stone]

Greg - you know which "comparables" you have to look at to satisfy your certification. The pool of sales you consider aren't all comparables.

I sometimes have sales that are down a couple of miles of access road, which may or may not be private. On top of that, the access may be flooded or impassable due to snow. The same with some of the public roads. So, I get as close as I can practically get. Why? Because, just like most mortgage assignments, my certification says I inspected them from the street. It doesn't matter that an air photo, topo map and soil map will tell the story better and it doesn't matter that I've been in the area many times before.

If you guys have clients that don't mind not driving the sales, go for it. I don't have a problem with that. But, as Rex said:

Say what you do, do what you say

 

[Couch Potato]

I don't disagree too much Greg, but it sure seems like there is a high level of comfort with an MLS photo from 1.5 hours away...

and what Stone said.

and yes, I have made those long lonely drives back to take a single MLS photo, costs a ton of money and time, but as the saying goes, Say what you do, do what you say.

This includes all that is in the certification you sign as well as your own comments in the report. If you don't want to be faced with a long drive for a single picture, don't take orders a long way from home. :new_smile-l:

 

[realbiz]

good news, the client underwriter stated that i could switch or delete the comp since it was not crucial to the appraisal. what a nice lady!!!!!!!

also, what about listings? does everyone take new pictures of listings?

aj

Protect yourself, have you ever used a comparable that has been fire damaged since the MLS photo? A comparable that is now torn down, because it was mainly a land value sale? There are times you cannot get a good picture of the comparable, take the best picture you can and use the MLS photo if its a better picture. I usually put both pictures in the report, no one can say I did not drive the comparable. Remember, the photo will not cost you anything.

 

[FELDMAN]

i d say if they already on it , then make a trip and take darn photo ! or pay someone to do it !!

 

[RSW]

I did an FHA appraisal last week and took six closed sales photos and four active listings. When I got back to the office I found I should have used some other comps. I had to go back and take some more comp photos. It happens!

 

[Pat Butler]

So you decided to attempt to doing something other than what you affirmed to in the cert pages. You were going to do it because you felt it was a good comp that you initially missed. Now you decide that you are not going to use this good comp because it's just too inconvenient to drive back and do everything properly. So now your appraisal isn't as good as it should be just because of a matter of inconvience.

Well, at least I understand.