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Comp Photo's in a URAR

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Ray Miller

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Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
When doing a URAR Report. Are comp photo's always required. I have some lenders who always request photo's and some who don't? Should I have been putting in comp photo in all reports. :?
 

Mountain Man

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Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
They may not want the photos if their e-mail can not handle such a large file. But if it is a complete report, you would (or should) have driven by the comps. While driving by the comps, why not take the photos? If they don't want the comp photos included, fine.... but the bill is still $zzz for a URAR. I would print a set out for my work file, and let it go.
 

Farm Gal

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Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Yeha,

Mel you ARE one of the good guys:
Seems a lot of folks never read that Certification:
where it states that you DID drive by the comps.

That IS your signature on the bottom stating it is so folks.

Hey USPAP gurus:
Can you depart from this in an addendum - for non-Fannie lenders?
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Does USPAP even require that addedum??

I thought that just was a Fannie Mae required form.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Mel you ARE one of the good guys:
Doubted me?? 8O
Jus' kiddin'. :lol:

I am NOT a USPAP guru, but I would think if you wanted to depart, you could. But if the client wanted the report limited to NOT have the comps "inspected", then I would use the 2055 or a limited-restricted narrative. It would be wayyyy to much work to addendum to death the URAR for compliance. I could punch out a 2055, or restricted, in about half the time it would take to address everything on the URAR between the scope and certification. The URAR was designed by the lenders, for the lenders, to sell loans through the Fannie. 8O :lol:

Like I said, my fee is $zzz, and I am sticking to it. 8)
That is what it takes to do it right.
 

Roger

Junior Member
Joined
Jan 24, 2002
Professional Status
Certified General Appraiser
State
Missouri
The 'Statement of limiting conditions' states that I have "personally inspected the interior and exterior of the subject property and the exterior of all properties listed as comparables.......".

I would think that a good lawyer could convince a jury that viewing an MLS photo could be considered a inspection of the exterior of a comparable.


Just food for thought.
 
F

FrankA

Guest
There is no departure if you don't supply comp photos. It does not say anywhere in USPAP that you have to have comp photos.

In fact, USPAP does not say you have to even inspect the subject or the comps.

Many get FNMA/secondary market requirements mixed up with USPAP. They are not one and the same.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Right-O Frank

Departure relates to specific requirements which may be departed from. Nothing else. Neither specific nor Binding requirements relate directly to the format of the report.
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
M Leggett said:

But if it is a complete report, you would (or should) have driven by the comps. While driving by the comps, why not take the photos

Exactly right.

Roger said:

I would think that a good lawyer could convince a jury that viewing an MLS photo could be considered a inspection of the exterior of a comparable

A better lawyer might convince a jury that by not physically viewing the comparable sale the appraiser might have missed important characteristics of the property, like a junk yard, sawmill, transmission lines, etc.
 

Soar Ohio

Sophomore Member
Joined
May 8, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
I just figured that the no comp photo and the 2055 with interior inspection request was a way to get us to do the same amount of work for less money. Try going to the shoe store and asking how much of a discount you will get if you don't take the shoe box.
 
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