Using MLS Photos

[Michigan CG]

My guess would be these guys took the state jobs because they are fed up with the low fees, quick turn times and abuse doled out by the AMC's.

My guess would be that the state is tired of seeing unsupported reports where the appraisers use MLS photos, use a list for adjustments and don't confirm the sales,

 

[CANative]

https://www.fanniemae.com/content/guide/selling/b4/1.2/01.html

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.

The argument with Yay Hooo is not about photographs. It's about not observing the comparables in person from the street.

 

[Meandering]

https://www.fanniemae.com/content/guide/selling/b4/1.2/01.html
The argument with Yay Hooo is not about photographs. It's about not observing the comparables in person from the street.

Okay, sorry.

Did we identify the gradient level for the observation requirement yet?

 

[Head Surfer]

I have removed all the posts with personal attacks. Now we can get back to the topic.

Or we can close it, your choice.

 

[residentialguy]

Please show me where they have comp inspection requirements beyond what is printed on the 1004. I can't speak for VA, not on that list. But the rest do not have a requirement to physically stand in front of the comp and take a peek.

Ahhhh's position has no leg to stand on and no one to back him up.

We have 5 specific and separate requirements printed on the 1004 and none of these can be altered or erased or combined.
The appraiser must, at a minimum:
(1) perform a complete visual inspection of the interior and exterior areas of the subject property,
(2) inspect the neighborhood,
(3) inspect each of the comparable sales from at least the street,
(4) research, verify, and analyze data from reliable public and/or private sources (ie MLS PHOTOS)
(5) report his or her analysis, opinions, and conclusions in this appraisal report.

He is saying that we can eliminate #3 (physical inspection of the comp from at least the street) by using #4 ... looking at MLS photos, aerial photos, etc. in lieu of physical inspection. That is false. Viewing MLS, aerial and street photos is what we are to do in addition of, not in lieu of #3. If "in lieu of" were the case, then the requirements would say "3) and/or 4)". The intent of the instruction for #3 is so that the appraiser actually physically inspects the comps. This has always been the interpretation from peers and appraisal practices. Nothing has changed.

And vice versa...appraisers cannot do a inspection from the street and ignore #4 by not looking at MLS and aerial photos. Appraisers are to do both! If they don't than they are not following requirements. Appraisers must take due diligence in producing a credible appraisal, not committing a substantial error of omission or commission, and not rendering appraisal services in a careless or negligent manner....and skipping one of the 5 FNMA requirements is a sure way to fail.

Unfortunately the Appraiser profession is plagued with unprofessional practices giving up quality appraisals for quantity of appraisals. Anyone doing 50-60 appraisals a month falls into this category, imo.

 

[CANative]

Okay, here's a tip: Make sure your camera has a date stamp function turned on. During the inspection make sure you take a couple of shots with the lens cap on. That way you'll have a dated blank image to "prove" you were at the comp but there was a malfunction and that is the reason for using an MLS photo.

 

[Michigan CG]

See page 3:

http://www.orea.ca.gov/pdf/15-221_Spring_Newsletter_Web.pdf

 

[CANative]

It's misleading for an appraiser state agency to use an old version of their website address and not reflect the name change.

 

[bnmappraisal]

Well said RESguy and I thought worth repeating the main part

(3) inspect each of the comparable sales from at least the street,

I read through the pages here and Thank You HeadSurfer for editing the nonsense.

I will add, as much as I abhor having to "drive the comps" or whatever verbiage someone wants to use, it is generally our job, especially in GSE assignments. Obviously with private assignments or other type of appraisal assignments it may not be required/can be negotiated with the client (many of my private clients don't care about original photos nor whether I "inspected...from at least the street" although I do it just out of principle). Driving comps and getting original pics has become such a part of my business that my wife even jokes about it when I say I have to go out to do something "oh, let me guess, comp pics!"

 

[Peter LeQuire]

I don't think it's necessarily a burden to look at the comparables and their surroundings. I don't care how many aerial photos or Google street views I look at, there's no substitute for having driven to, through and from a neighborhood: heck, some of the best commercial writing done these days is in "Car and Driver", but no matter how well a writer describes a Bugati Veyron Super Sport, I still wouldn't haven't experienced driving it, or hearing it, or smelling it.........

Back in the day, I worked for a small mortgage company that had sold non-conforming loans to a life insurance company for many, many years. When the owner of he company started out, the insurance company required that he inspect each house offered for a mortgage, and he continued to do so for over 50 years. I drove him several times - he insisted that we take a different route back to the office after we'd looked at property, saying that if you never drove a different street you might miss something.

I do resent the silly pile on requirements about the currency of the photos, or requirements about including things in the photos that "prove" I actually was at the property at a time determined by the client or its AMC - those are simply outworkings caused by other appraisers not doing what they said they did. But the Golden Rule is in play, and the Lola principle applies.