Drive by Comps

[Bruce Bugno]

Does USPAP address the requirement to drive-by comparable sales or is this a Fannie Mae requirement within the Scope of Work?

 

[Mike Kennedy]

http://commerce.appraisalfoundation.org/html/USPAP2008/index.htm SOW RULE.


fannie 1004_05 Certification SOW see... #3.

 

[Lee Lansford]

Does USPAP address the requirement to drive-by comparable sales or is this a Fannie Mae requirement within the Scope of Work?

The USPAP does not require the appraiser to view the sold comparisons...or, the Subject property for that matter.

So, yes, if you are communicating an appraisal with a Fannie form, the SOW statement within the form identifies what you must do.

 

[Rufus]

And if you are doing an FHA appraisal, keep in mind what is written on page D-13 of the manual 4150.2 Appendix D:

Photos depicting the front view of each comparable sale utilized must be those taken by the appraiser. The photos taken by the appraiser are considered evidence of compliance with the Scope of Work of having inspected each comparable sale from the street. Use of MLS photos to exhibit comparable condition at the time of sale is acceptable; however, the appraiser must include their photos as well to document compliance.

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[Don Clark]

May Q & A

See TAF's response

 

[Brian Weaver]

We catch quite a few licensees who download images that don't match the actual sales that they use. Like I tell my licensees...I don't care if you download MLS images...but make certain that they're the right ones. This nonsense about "...the MLS image best reflects the condition of the subject at the time of sale..." is baloney. Actually, it best represents the day that the MLS photographer shot the house that he/she thought he/she was shooting.

 

[Truett Neathery]

Photos

We catch quite a few licensees who download images that don't match the actual sales that they use. Like I tell my licensees...I don't care if you download MLS images...but make certain that they're the right ones. This nonsense about "...the MLS image best reflects the condition of the subject at the time of sale..." is baloney. Actually, it best represents the day that the MLS photographer shot the house that he/she thought he/she was shooting.

I've done reviews where the pictures were not even close to the description - Skippy sent his Skippette secratary/girlfriend out and when she got lost, just shot anything.

There are some areas around here that are known for their herbicultural connections, i.e. Hell's Angels guardians hired by the herbiculturalists - it's best to use MLS photos anytime you cross the Yuba River!!
TN

 

[Anthem]

I have had appraisers tell me that I am crazy for driving all of my comps !

I think it worsens the problem when AMC's advertise drive by orders with no photos required .... the exterior inspection is still required !

 

[CURT VAN HOOSER]

We catch quite a few licensees who download images that don't match the actual sales that they use. Like I tell my licensees...I don't care if you download MLS images...but make certain that they're the right ones. This nonsense about "...the MLS image best reflects the condition of the subject at the time of sale..." is baloney. Actually, it best represents the day that the MLS photographer shot the house that he/she thought he/she was shooting.

Salami maybe... I have seen many homes that do even look close to the MLS listing...same house...just lots of changes in the few months since the sale. I like the before and after idea. I'll show you what I shot along side what was in MLS so you can see the difference.