ProxyPics vs CoreLogic MLS Comp Photos

[ucbruin]

Honestly, MLS photos are quite good in today's era. My opinion is slightly different than most appraisers. If they want to lower appraisal fees, take out the driving comp picture requirement. I have to charge more for rural appraisals because of the time and expense of driving comparable properties. Many times I have a nice picture of trees, a gate or a long drive because you cannot see the home from the street and I end up including MLS pictures anyway. Sometimes it can take two hours to drive rural comparable sales and that doesn't include sometimes having to drive back to the office to choose new comps because the house 500 smaller or larger than tax records or nobody told me it was a log home, barndominium, it had a guest house/quarters or has 4000+ sf barn or workshop. My fees would be less if I didn't have to drive comps. It is irritating when I know more from the MLS photo than I do from driving the comparable sale.

Now, if I only did tract home sales like Digger, there is no reason to advocate MLS comp photos.

OMG....

This post made so much sense (common sense)....
Until it was ruined by the last paragraph....
On several levels....

"Now, if I only did tract home sales like Digger, there is no reason to advocate MLS comp photos."

 

[Carnivore]

Just as a Reminder. If you are completing a FNMA Series type report, ie 1004, 2055 etc and you make the assumption this report and the corresponding loan will be sold to FNMA.

Per the Selling Guide; You can use MLS photos or other sources. What the Selling guide USED TO SAY until recently; YOU STILL MUST DRIVE BY ALL COMPARABLE, PERIOD! No, if and or but's about it.

Now it does not say that. I looked and it's not there anymore. Since they went to a more interactive site, I have noticed they make changes now on the fly.

 

[Lumbappr13]

Just as a Reminder. If you are completing a FNMA Series type report, ie 1004, 2055 etc and you make the assumption this report and the corresponding loan will be sold to FNMA.

Per the Selling Guide; You can use MLS photos or other sources. What the Selling guide USED TO SAY until recently; YOU STILL MUST DRIVE BY ALL COMPARABLE, PERIOD! No, if and or but's about it.

Now it does not say that. I looked and it's not there anymore. Since they went to a more interactive site, I have noticed they make changes now on the fly.

Interesting the change. Makes more sense why CoreLogic is offering that along with companies like ProxyPics and others.

 

[Tim Hicks (Texas)]

OMG....

This post made so much sense (common sense)....
Until it was ruined by the last paragraph....
On several levels....

"Now, if I only did tract home sales like Digger, there is no reason to advocate MLS comp photos."

My point was that Digger has 20+ comps within a block and comparable sale pictures take about five minutes to take as opposed to 30 minutes to a couple of hours for rural properties

 

[Terrel L. Shields]

I know anyone can take the photos just appraiser has to inspect the area.

The problem is that no one can prove that they did inspect the comps therefore 90% (i bet) who buy photos and claim they did inspect are lying.

 

[Terrel L. Shields]

30 minutes to a couple of hours for rural properties

What outfit would take pix at $8 apiece when they have 2 hours drive time in it?

 

[Sadie]

Doing; Desk Top, Drive By or any other, if your doing this for a Lender, it requires access to a local; MLS service. What ever works for you is, whatever works for you, it's your business. I do not use outside services, no idea who provides the information and/or how reliable they are.

The only problems I see is beyond the cost, lenders that require comp photos to be taken by the appraiser. And worse case scenario, if the product is a Fannie/freddie product, you are required to inspect from the street at the minimum. If perhaps you have to prove you actually did inspect from the street, how are you going to do that? The state rarely accepts "because I said so" as proof. Although if you can do one. getting that comp that you forgot to shoot or got the house next door, this is an option.

 

[Sadie]

Just as a Reminder. If you are completing a FNMA Series type report, ie 1004, 2055 etc and you make the assumption this report and the corresponding loan will be sold to FNMA.

Per the Selling Guide; You can use MLS photos or other sources. What the Selling guide USED TO SAY until recently; YOU STILL MUST DRIVE BY ALL COMPARABLE, PERIOD! No, if and or but's about it.

Now it does not say that. I looked and it's not there anymore. Since they went to a more interactive site, I have noticed they make changes now on the fly.

But the 1004 still says that so you need in your addendum to somehow reconcile the two, if you don't drive the comps. This must be why almost every assignment letter I gets states the appraiser must if possible use their own photos and explain why not if original photos are not used. And it can't be because I didn't want to drive the comps.

 

[Sadie]

What outfit would take pix at $8 apiece when they have 2 hours drive time in it?

Economy of scale? Maybe they are photos taken at a different time?

 

[Sadie]

Just as a Reminder. If you are completing a FNMA Series type report, ie 1004, 2055 etc and you make the assumption this report and the corresponding loan will be sold to FNMA.

Per the Selling Guide; You can use MLS photos or other sources. What the Selling guide USED TO SAY until recently; YOU STILL MUST DRIVE BY ALL COMPARABLE, PERIOD! No, if and or but's about it.

Now it does not say that. I looked and it's not there anymore. Since they went to a more interactive site, I have noticed they make changes now on the fly.

Where did you find that?