MLS Photos in an Appraisal

Question: Is it OK to use pictures from MLS in your report? I had a comparable property on 6 acres of land and the house was was not visible in the picture that I took. Can I copy and paste the picture of the comp from the picture in MLS?

Answer: It is OK to use photos from MLS in your report, however, I advise keeping a photo of something recognizable such as a mailbox, sign, or fence so you can prove you have actually exercised "due diligence" in your appraisal.

I would also include a statement similar to the following:

Possible Comment:

"The photo of comparable sale number 3 is from MLS. The house was not visible (or barely visible) from the street. A copy of the appraiser's photo of the property is on file if needed."

Fannie Mae does not require that you include a statement regarding the photo or the photo that you actually took.

Quote:

Fannie Mae Selling Guide, Part 11, Paragraph 204.01 -- "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."

FHA wants a copy of the photo you actually took in addition to the MLS photo.

Quote:

Appendix D, Page 13 -- "The photos taken by the appraiser are considered evidence of compliance with the Scope of Work of having inspected each comparable sale from the street. Use of MLS photos to exhibit comparable condition at the time of sale is acceptable; however, the appraiser must include their photos as well to document compliance"

Recommended Comment:

"The photo of comparable sale number 3 is from MLS. The house was not visible (or barely visible) from the street. A copy of the appraiser's photo of the property is on file if needed."

Updated -- 6/27/2008

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