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1007

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Vegan702, May 23, 2007.

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  1. Vegan702

    Vegan702 Senior Member

    0
    Feb 24, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    I have a rental property in a rural area with no rental information available. Is it ok to use newspaper ads for rentals even though they have not been rented yet?
     
  2. Midwest Guy

    Midwest Guy Senior Member

    0
    Dec 12, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Missouri
    Sorry, I usually turn down such investment properties in areas of no rental comps. Understand that even if the 1007 is not part of the original assignment, it is probably coming as soon as UW reviews. Clients sure do seem to always think its our fault when they have a 1004 and cannot get a 1007.
     
  3. Vegan702

    Vegan702 Senior Member

    0
    Feb 24, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    I talked to a couple Realtors and they all said most of the owners rent without using a property management company or Realtors, so the rental information is scarce. I figured I could use some rental ads from the newspapers and just grid them and not make any adjustments for anything since the information isn't that great.
     
  4. stefan olafson

    stefan olafson Senior Member

    0
    Apr 2, 2003
    Professional Status:
    Certified General Appraiser
    State:
    North Dakota
    Newspaper information is a good supplement, but.......

    I'm betting there are some rentals in the area, don't know exactly where you're working but banks, property management companies, insurance agents, the people at the newspaper, should provide you with some clues towards rental info.

    Heck, call the for rent phone numbers in the paper, explain what you're looking for and maybe they can help. Don't say there isn't anything until you look under every rock, that's where the state will look if they want to get you.
     
  5. Mike Boyd

    Mike Boyd Elite Member

    0
    Jan 18, 2002
    Professional Status:
    Retired Appraiser
    State:
    California
    Maybe you can look in old issues of the newspapers under the for rent category. Go back 6 months to a year. Call the owners of properties being offered for rent and find out what they rented them for and the specifics of the property. There MUST be some real estate agent that does rentals. Ask around who does them.
     
  6. STEVE COOPER

    STEVE COOPER Junior Member

    0
    Dec 16, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Don't forget driving around the neighborhood looking for signs and what not. Ask other tenants you meet on and see if they know any other renters. But to answer your question, I would use an ad from the paper, but I would call up to make sure it is rented. It's possible in many rental situations that the owners have already rented it in the past and are looking for a new tenant.
     
  7. Jerry Bone Jr

    Jerry Bone Jr Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    It's OK if you disclose the unrented status.
     
  8. Peter LeQuire

    Peter LeQuire Elite Member

    255
    Jan 3, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Many people who own one rental property own more than one - call and ask.
     
  9. David Wimpelberg

    David Wimpelberg Moderator Staff Member Moderator

    152
    Mar 30, 2005
    Professional Status:
    Certified General Appraiser
    State:
    New York
    They're your data sources, so pick up the phone.:)

    Asking rents help to provide the upper limit of potential rent, and that information is helpful at numerous levels.
     
  10. VolcanoLvr

    VolcanoLvr Senior Member

    32
    Oct 30, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    In my area, the MLS uses the Rapatonni software program.

    They have 'additional criteria' as additional search fields, and in that section is a place for 'monthly rent' (or similar wording).

    So you can search for sales in the appropriate area that were rentals at time of listing.
     
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