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Rental Comp Photos On The 1007

Do you include Rental Comp Photos on the 1007

  • Yes - Always

    Votes: 14 60.9%
  • Yes - If requested (no fee)

    Votes: 1 4.3%
  • Yes - If requested (with additional fee)

    Votes: 5 21.7%
  • No - I typically do not provide rental comp photos

    Votes: 3 13.0%

  • Total voters
    23
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CoCat

Freshman Member
Joined
Oct 26, 2015
Professional Status
Certified Residential Appraiser
State
Colorado
I was unable to find a recent post regarding rental comp photos so I figured I would post an updated thread.

Fannie Mae Selling Guide as of 2018 states:

Clear, descriptive photographs showing the front, back, and a street scene of the subject property and the front of each comparable. The subject and all comparables must be appropriately identified. Acceptable photographs include original images from photographs or electronic images, copies of photographs from a multiple listing service, or copies from the appraiser’s files. Photographs of comparable rentals utilized in the Small Income Residential Appraisal Report (Form 1025) are not required.

Are rental comp photos on the 1007 required then? Since Fannie changed the language from "Clear, descriptive photographs showing the front, back, and a street scene of the subject property and the front of each sold comparable" to "Clear, descriptive photographs showing the front, back, and a street scene of the subject property and the front of each comparable [the word sold has been removed]" - does that mean rental comps are included in this, unless they are on the 1025? Or are they specifying rental comp photos are not required EVEN on the 1025?

Do you typically provide rental comp photos without being asked? Are they original or not? Do you charge extra for the photos?
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
it states "each comparable" and they are "rental comparables" so yes, they should be photographed. i've been including them since i started appraising.
 

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
I include them. Even if the client doesn’t require them, including them shows you are a professional.
 

sandpiperapp

Senior Member
Joined
Apr 5, 2011
Professional Status
Certified Residential Appraiser
State
New York
I have appraised one or two, just kidding, more like a thousand multi family properties. I am a professional, and I have never included rental photos in any of the reports I have completed. It is my professional opinion that rental photos do not add credibility to a report. We are evaluating the rental apartments, not the building.
Having said that, if you decide it adds to your report, go ahead.
 

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
I have appraised one or two, just kidding, more like a thousand multi family properties. I am a professional, and I have never included rental photos in any of the reports I have completed. It is my professional opinion that rental photos do not add credibility to a report. We are evaluating the rental apartments, not the building.
Having said that, if you decide it adds to your report, go ahead.
USPAP does not require you to add photos or even go out to the comps if it is not in your SOW. Just make sure you are not certifying anywhere that you have. If you haven’t and your client is ok with it, I agree. No problem.

I do because I want to see the neighborhood/surrounding area.
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
For $750, it is my practice is to include original comparable photos for the appraisal report.
 

Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
always include them but always wondered if it was even a requirement? the second a lender tells me they dont need them they are history!
 

sandpiperapp

Senior Member
Joined
Apr 5, 2011
Professional Status
Certified Residential Appraiser
State
New York
For $750, it is my practice is to include original comparable photos for the appraisal report.

I also include original comp photos, just not for rentals.
 

sandpiperapp

Senior Member
Joined
Apr 5, 2011
Professional Status
Certified Residential Appraiser
State
New York
always include them but always wondered if it was even a requirement? the second a lender tells me they dont need them they are history!

They have not been a requirement. If Fannie has changed that, then I guess appraisers that complete work for Fannie will have to include them.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I have always put them in. I have never been one to just do the minimum.
 
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