1004 Desktop: Subject 3-photo Page

[ZZGAMAZZ]

Does a subject photo page exist for the Desktop assignment that is a front view only without rear view or street view, or is a downloaded front street view acceptable? How about comp photos, because it doesn't make sense to require the appraiser to visit the comps if he or she isn't required to visit the subject.

 

[J Grant]

From what I understand, no need to drive the comps, idk if they want MLS photos of the comps or not.

As far as a front , rear and side of the subject - looks like those are a burden of appraiser to get - somehow - without visiting the property. I suppose one can drive to the property and take those photos if need be. Or upgrade the whole assignment to a full appraisal if feel it needs it

 

[DWiley]

https://sf.freddiemac.com/faqs/desktop-appraisal-FAQ

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

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.

Inspection of the comps from the street is not a requirement for a GSE desktop appraisal report. Photographs of the comparable sales must be clear images. Copies of multiple listing service (MLS) photographs are acceptable.

Photos may be from any source that meets the certification requirements and that the appraiser deems reliable.

 

[ZZGAMAZZ]

https://sf.freddiemac.com/faqs/desktop-appraisal-FAQ

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 61189


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.

Inspection of the comps from the street is not a requirement for a GSE desktop appraisal report. Photographs of the comparable sales must be clear images. Copies of multiple listing service (MLS) photographs are acceptable.

Photos may be from any source that meets the certification requirements and that the appraiser deems reliable.

Thanks very much. My first assignment via an AMC is for a re-fi, which I will recommend as a full interior/exterior. Kinda unusual that the lender wouldn't have noticed the apparent disconnect.

 

[DWiley]

Thanks very much. My first assignment via an AMC is for a re-fi, which I will recommend as a full interior/exterior. Kinda unusual that the lender wouldn't have noticed the apparent disconnect.

Yes, it is. For the GSEs, the desktop appraisal eligibility is limited to purchase only - no refi.

 

[Terrel L. Shields]

Photos may be from any source

In other words, HERE you have to inspect about 1 in 3 sales since the MLS does not have all the required photos nor a floor plan. ...Methinks "desktop" be a misnomer.

 

[DWiley]

In other words, HERE you have to inspect about 1 in 3 sales since the MLS does not have all the required photos nor a floor plan. ...Methinks "desktop" be a misnomer.

And methinks that too many are looking for a "right now" solution rather than considering the longer term strategic view.

The GSEs were/are well aware that the majority of current MLS listings do not contain all the required information. The goal, thinking long term, is to change that.

MLS has changed/evolved a LOT over my career. When I first started, there weren't even comp books - just listing books. Then we got sales books - with one grainy B/W photo and limited property info. But available technology changed, and MLS listings commonly now contain numerous photos and lots more info. Given the history of how listing information has evolved, is it really such a stretch to think that MLS listings can evolve to commonly containing all the info required for a 1004 Desktop/70D? It really does not seem like much of a stretch to me.

Today's subject is tomorrow's comp (for somebody). So, if we get more data in the listings, that means more data for the comps (like a floorplan showing the breakdown of above grade and below grade areas).

 

[Dale Floyd]

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.

 

[ZZGAMAZZ]

And methinks that too many are looking for a "right now" solution rather than considering the longer term strategic view.

The GSEs were/are well aware that the majority of current MLS listings do not contain all the required information. The goal, thinking long term, is to change that.

MLS has changed/evolved a LOT over my career. When I first started, there weren't even comp books - just listing books. Then we got sales books - with one grainy B/W photo and limited property info. But available technology changed, and MLS listings commonly now contain numerous photos and lots more info. Given the history of how listing information has evolved, is it really such a stretch to think that MLS listings can evolve to commonly containing all the info required for a 1004 Desktop/70D? It really does not seem like much of a stretch to me.

Today's subject is tomorrow's comp (for somebody). So, if we get more data in the listings, that means more data for the comps (like a floorplan showing the breakdown of above grade and below grade areas).

I often submit suggestions to the CRMLS technical support team, although the bent is agent- rather than appraiser-focused. Your global perspective isn't often considered, by anybody.

 

[Dale Floyd]

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.