FHA comp with no interior pics (newer construction)

[Kevin L]

Hello. Does FHA/FNMA allow a comp that only has an outside pic (I have taken) but no interior pics on MLS to verify C/Q and amenities, even thought it details them in the description?

Thanks!

 

[CGinMN]

Yes, you can use it if you can verify the property characteristics. In these situations, it's always important to interview the agent to determine the condition and quality. I never solely rely on the listing agent's MLS description. I also like to look back for a prior listing with photos, even if it's from 5 years ago or it's a canceled listing. Then I use those photos as a reference point for when I'm interviewing the agents.

 

[J Grant]

Hello. Does FHA/FNMA allow a comp that only has an outside pic (I have taken) but no interior pics on MLS to verify C/Q and amenities, even thought it details them in the description?

Thanks!

call the listing and selling RE agent for a description. Sometimes, an older MLS has int photos. Sometimes, if we type in the property address on the internet, int photos show up from another source.

 

[Kevin L]

Yes, you can use it if you can verify the property characteristics. In these situations, it's always important to interview the agent to determine the condition and quality. I never solely rely on the listing agent's MLS description. I also like to look back for a prior listing with photos, even if it's from 5 years ago or it's a canceled listing. Then I use those photos as a reference point for when I'm interviewing the agents.

Thanks. It's a few years old so no older MLS and the only MLS entry has no pics since it's just a comp entry from new build.

 

[David S]

Thanks. It's a few years old so no older MLS and the only MLS entry has no pics since it's just a comp entry from new build.

If it is only a few years old, you can assume there is no physical obsolescence or defer maintenance issue. Try to get a layout diagram from the builder to see if there is any function obsolescence.
Also, contact your local MLS board to complain why the realtor deleted all interior pictures. That agent violate MLS rules.

 

[Kevin L]

If it is only a few years old, you can assume there is no physical obsolescence or defer maintenance issue. Try to get a layout diagram from the builder to see if there is any function obsolescence.
Also, contact your local MLS board to complain why the realtor deleted all interior pictures. That agent violate MLS rules.

That's what I thought. Ok thanks. BTW Realtor didn't violate MLS rules (at least our MLS). Pics weren't there to begin with since was a new build and only required to have a minimal MLS entry post sale for comp purposes (I am a Realtor as well). Many Realtors don't even do that...

 

[David S]

That's what I thought. Ok thanks. BTW Realtor didn't violate MLS rules (at least our MLS). Pics weren't there to begin with since was a new build and only required to have a minimal MLS entry post sale for comp purposes (I am a Realtor as well). Many Realtors don't even do that...

OK. If only one picture from the beginning, that's fine. I mean the realtor can't delete the pictures after contract or closing. Another rule: If a builder ad model home as model 1, 2 or 3 without physical address, that's fine. But if their ad is for a particular new home with physical address, they can't use model home picture. Have to use actual that home picture even it is only a mud ground. UNLESS that address IS real model home address.

 

[Kevin L]

OK. If only one picture from the beginning, that's fine. I mean the realtor can't delete the pictures after contract or closing. Another rule: If a builder ad model home as model 1, 2 or 3 without physical address, that's fine. But if their ad is for a particular new home with physical address, they can't use model home picture. Have to use actual that home picture even it is only a mud ground. UNLESS that address IS real model home address.

Yup I'm aware

 

[NJ Valuator]

Hello. Does FHA/FNMA allow a comp that only has an outside pic (I have taken) but no interior pics on MLS to verify C/Q and amenities, even thought it details them in the description?

Thanks!

When I started in the 90's all we had to rely on were comparable books with a 2 inch by 3 inch rectangle of property information. Even when MLS went online, interior photos only became prevalent about 15 years ago.

 

[Mark K]

When I started in the 90's all we had to rely on were comparable books with a 2 inch by 3 inch square of property information. Even when MLS went online, interior photos only became prevalent about 15 years ago.

And all they wanted was a subject front/rear/street photo on the appraisal. And that Polaroid film was expense, about $1/shot IIRC.

Makes you wonder how banks managed to make a loan back then!