1004 Desktop: Subject 3-photo Page

[J Grant]

The problem is MLS has no expectation to help the appraisal industry by providing front, rear and side photos of each listing along with a floorplan. What incentive do they have to do that ? They do not know which loans will become desktops and if it happens it is not their burden to do our job for us -

MLS does have extensive interior photos of many listings, but rarely has a rear and side ext photo. And I notice a recent trend of MLS deleting all photos ( expect a front ) from listings after they sell - idk why they are doing it, perhaps to screw over Zillow or prevent others from using their work , or maybe privacy complaints - idk the reason, But I am seeing more and more listings with photos' wiped off the listing after the property closes. And the comments suddenly are blank now too. Realtors perhaps feel defensive and perhaps more like guarding their info rather than sharing it ?

 

[J Grant]

I recently spoke with the association entrusted with our area MLS, about constant inaccuracies, omissions, and blatant missteps that is so common around our areas. I have those emails, and I’m sad to report that MLS procedures in Mid-Tennessee include no enforcements nor are they willing to put any effort into making accuracy a priority. I was told (by them) we should verify their information, and not assume it to be accurate. That’s a problem.

My chapter and many Tennessee appraiser groups are being informed, and I hope we can get a dialog with them.

It‘s not a good thing when the MLS information is inaccurate, and those in charge are unwilling to enforce compliance.

We have to stop expecting MLS to meet our needs ( maybe it is a good thing for appraisers that MLS refuses to be "accurate", otherwise an AVM would work better lol )

MLS exists for RE agents to advertise properties available to other RE agents- THAT is why it exists.

MLS is an advertising tool, not an information tool (though it does contain information) . The MLS purpose is to create interest and excitement in other agents or buyers who might see the listings online - the purpose is not to provide accurate, verified or ANSI standard / appraisal ready data for us to use .

 

[jay trotta]

I recently spoke with the association entrusted with our area MLS, about constant inaccuracies, omissions, and blatant missteps that is so common around our areas. I have those emails, and I’m sad to report that MLS procedures in Mid-Tennessee include no enforcements nor are they willing to put any effort into making accuracy a priority. I was told (by them) we should verify their information, and not assume it to be accurate. That’s a problem.

My chapter and many Tennessee appraiser groups are being informed, and I hope we can get a dialog with them.

It‘s not a good thing when the MLS information is inaccurate, and those in charge are unwilling to enforce compliance.

In our MLS it notes; Information contained in the MLS Listing has been compiled from various sources, all of which may not be completely accurate. MLS makes no warranty or representation as to the accuracy of Listing information and should be independently verified.
Something along those lines, they have been doing this forever because of litigation years ago. Who can blame them, so verification by other sources should be part of your work day, just like everything else in life.

"Buyer beware" has been around a long time, so when you entrust an unknown third party to provide a "Floor Plan", how would you know how accurate it is? OR how competent that third party is?

 

[Terrel L. Shields]

Being in an area where 20% of agents are not on any MLS, and it being very rural where the turn over is much lower than in town, "Desktop" isn't something a lot of appraisers will be able to do efficiently. Accurate data perhaps - but the MLS's are not up to speed. In many areas I have to check Zillow or Realtor.com to see if Tulsa, Joplin, or NWA MLSs are handling a sale I don't find in the NEO MLS...and as I said, about 1 in 5 are not even on any MLS. It will be years before a floor plan will be typical.

 

[Terrel L. Shields]

so verification by other sources should be part of your work day, just like everything else in life.

Agree but the issue of Floor plans, etc. are often not about verifying them. It is about uncovering their very existence. Blind men hunting in a dark room for a black cat that isn't there. It will be time consuming and time is money.

 

[DWiley]

What all GSEs should do, including Freddie, is finally open the door to the appraisal firm to use their trainees for the inspections rather than all the hoops we are creating within the procedures.

That door is already wide open, and has been for a long time.

Freddie Mac Single-Family Seller/Servicer Guide

The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information.

guide.freddiemac.com

Restrictions on trainees doing appraisals originate with the lenders, not the GSEs

 

[ZZGAMAZZ]

That door is already wide open, and has been for a long time.

Freddie Mac Single-Family Seller/Servicer Guide

The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information.

guide.freddiemac.com

View attachment 61191

Restrictions on trainees doing appraisals originate with the lenders, not the GSEs

Seems to me that the underlying restrictions on the appraiser's wherewithal to conduct the interior inspection also would extend to his or her trainee as well, so it is an industry rather than client stipulation.

 

[TMG]

Subject photos: At a minimum, the desktop appraisal must include photographs of the front, rear, and street scene in addition to the kitchen, all bathrooms, and the main living area of the subject property.

And a sketch too? So basically they want a full 1004 for $150 bucks. F them!

 

[shrubberyvaluation]

What all GSEs should do, including Freddie, is finally open the door to the appraisal firm to use their trainees for the inspections rather than all the hoops we are creating within the procedures. I have hope these creative changes will finally get everybody out of my business model and allow me to use my trained people to do the tasks I’ve trained them to do.

Want a desktop with a floor plan? Want this process to be much faster? I’ve got a very skilled trainee who can do that while I complete the report. Reports and certifications we now have, don’t allow that in most cases.

We had this very discussion with an official with Fannie Mae about hiring the firm to do it all If they can. He said it wasn’t a bad idea, but it wasn’t what they wanted, which is odd,

It would seem there are too many bureaucrats in the process at the GSEs. (That’s not a shot at my friend D.Wiley, by the way.).

I wrote an article about letting the appraiser run his own office a couple years ago - you may recall it.

Sounds like speed is not their issue. Maybe they want more consumer complaints.

 

[CGinMN]

The problem is MLS has no expectation to help the appraisal industry by providing front, rear and side photos of each listing along with a floorplan. What incentive do they have to do that ? They do not know which loans will become desktops and if it happens it is not their burden to do our job for us -

I don’t think it’s unreasonable to think, given the pace of the technology, that in 5 years floorplans will be as standard as photos in listings. They are already standard in many areas. CC is charging $40, but when there’s 20 competitors providing similar products the cost will come down. At some point it’ll just be $5/month for unlimited floorplans or something. Maybe the MLS will even require it.