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Fannie Mae/freddie Mac MLS Picture Guidelines

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EMMETT

Thread Starter
Freshman Member
Joined
Jul 31, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
Does Anyone Know If Fannie Mae/freddiemac Lists If It Is Acceptable To Ues MLS Pictures For Comp Pictures?
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
According to Fannie Mae, you can use MLS photos as well as black & white photos. I would only use them as supportive photos to the ones you took yourself.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
It is acceptable but WHY? There are times when I will download a photo from a MLS but I always explain why (not visible from street, people in yard. etc). If you think about it, there is no way to know if the MLS photo is correct unless you view the property from the street. In that case, take the picture. Now, HUD does not allow MLS photos. They want a picture of what you see from the street and then you can use the MLS as an additional photo.
 

EDWARD BERRY

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Sure, And You Can See Much More From The Street Than You Can From The 10-14 Interior Pictures In The MLS And The Four Views In Google Earth.

In Times Past We Had Real Appraisers Setting These Rules---no We Have Experts-(read Gov.)

It Was Feddie/fannie And Soon It Will Be FHA.

When Will They You Cannot Legislate Honesty.

Arkie Ed
 

Craig Farr

Junior Member
Joined
Sep 26, 2004
Professional Status
Certified Residential Appraiser
State
Arizona
I've previously seen documents and messages typed all in UPPERCASE, but That Is The First Time I've Ever Seen The First Letter Of Every Word In Uppercase. That's hard to do!
 

Jodie Argubright

Freshman Member
Joined
Jul 29, 2008
Professional Status
Certified Residential Appraiser
State
Oregon
You should read statement 8 in your certification page if you're using Fannie Mae forms. I am asumming (hoping) you attempt to drive by each comp and use the RMLS photos only if you cannot see the property from the street.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
You should read statement 8 in your certification page if you're using Fannie Mae forms. I am asumming (hoping) you attempt to drive by each comp and use the RMLS photos only if you cannot see the property from the street.
OK, this question is going to be stretching it.
What if you took a picture of one comp on a street two months ago and you remember driving the street very well, and now you need another comp on the same street for another assignment. Would it be OK to use a MLS photo? :shrug:
 

Jodie Argubright

Freshman Member
Joined
Jul 29, 2008
Professional Status
Certified Residential Appraiser
State
Oregon
I, personally, still think you should go back and take another look specifically at the house in question (unless you looked at it specifically). Unfortunately, the use of RMLS photos has been widely over used and abused. Fannie Mae is very clear on inspecting the exterior of each comp. FHA will not acceot RMLS photos, even if you just submit a gravel driveway. I would use your best judgement and make sure you can prove you did inspect whatever you say you inspect....Do what you say and say what you do.
 

Mary Tiernan

Senior Member
Joined
Dec 16, 2003
Professional Status
Retired Appraiser
State
Michigan
It is imperative upon an appraiser to be familiar with their neighborhoods and markets.

If I am doing an appraisal in the town of Fremont, for example, where I know every single house and where it sits, and have previously utilized the same properties as comparables (as there are limited sales) and am familiar with the sales, I will not specifically go back out just to drive by the comps. Although the preprinted Limiting Conditions does say I have driven by the comps utilized, there is no time limit.

Once upon a time appraisers had to utilize their own photos and they were kept in a 3X5 box by address. I am willing to bet those appraisers did not venture back out to view those properties again . . .

Common sense should prevail here folks, I think the most important thing is to be familiar with your markets and neighborhoods and the sales/listings.

If there is a for sale sign, I scrutinize the property as I observe the for sale sign - when the house sells, I am then already familiar with the house and have "driven by". Why should I go back out just because it sold?
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
............................

If there is a for sale sign, I scrutinize the property as I observe the for sale sign - when the house sells, I am then already familiar with the house and have "driven by". Why should I go back out just because it sold?

Because something may have changed from the time you viewed it and the date of sale.
 
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