Mike,
Fannie Mae requires the following in terms of photos for a standard Interior Inspection assignment:
"XI, 204.01: Appraisals Based on Interior and Exterior Property Inspections (11/01/05)
"• Clear, descriptive photographs (either in black and white or color) that show the front, back, and a street scene of the subject property, and that are appropriately identified. (Photographs must be originals that are produced either by photography or electronic imaging.)
"• Clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. (We do not require photographs of comparable rentals and listings.) Generally, photographs should be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser’s files are acceptable if they are clear and descriptive."
As such interior photographs and photographs of deferred maintenance, outbuildings, pools, etc., are not required as a 'standard' however I will agree that many lenders do require them, and I would also agree that it's a good practice to take them for future reference even if they are not made part of the final report.
Awareness and reporting of current local market trends is the responsibility of every appraiser. This is also highlighted in the Selling Guide as follows:
"XI, 403.03: Trend of Property Values, Demand/Supply, and Marketing Time (01/31/06)
"The appraiser must report on the primary indicators of market condition for properties in the subject neighborhood by noting the trend of property values (“increasing,” “stable,” or “declining”), the supply of properties in the subject neighborhood (“shortage,” “in-balance,” or “over-supply”), and the marketing time for properties (“under three months,” “three to six months,” or “over six months”) as of the effective date of the appraisal. We also expect the appraiser to describe the reasons when the trend of property values is declining, supply is an over-supply, or marketing time is over six months.
"The appraiser’s analysis of a property must take into consideration all factors that affect value. Because we purchase mortgages in all markets, this is particularly important for market areas that are experiencing significant fluctuations in property values (including sub-markets for particular types of housing within the market area). Therefore, lenders must take appropriate steps to ensure that the appraisers they use analyze listings and contract sales as well as closed or settled sales, and use the most recent and similar sales available as part of the sales comparison approach, with particular attention to sales or financing concessions in markets that are experiencing either declining property values, an over-supply of properties, or marketing times over six months. "
