Form 1025 for a single tenant property?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Thomas OGrady, Jun 19, 2007.

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  1. Thomas OGrady

    Thomas OGrady New Member

    0
    Sep 12, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Maryland
    The client doesnt want a narrative report, but wants more detail on the income approach than is presented on the URAR. Is it OK to put a single tenant rental property on a Form 1025 for lending purposes?
     
  2. Mike Kennedy

    Mike Kennedy Elite Member

    20
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    1025 - two - four.

    single fam whether owner or tenant occ ......1004 ........with EXPANDED COMMENTS addendum which fills the need. need help shout.
     
  3. Tony V

    Tony V Elite Member

    4
    Mar 29, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Why not just add a OIS (216) ??
     
  4. Thomas OGrady

    Thomas OGrady New Member

    0
    Sep 12, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Maryland
    Its strange, he says he has to have them on the 1025
     
  5. Mike Kennedy

    Mike Kennedy Elite Member

    20
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    1004, ois, single family comparable rent schedule. COULD IT BE .....that perhaps .........the property has an illegal second apartment or in-law apartment???????

    is it possible yur customer had it appraised (erroneously) as a two ........but it didn't "hit the number"????????? :ph34r:

    Seek and ye shall find.:icon_idea:
     
  6. Thomas OGrady

    Thomas OGrady New Member

    0
    Sep 12, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Maryland
    I think you're on the right track Mike. I'm guessing there are multiple tenants where there shouldnt be.
     
  7. Tony V

    Tony V Elite Member

    4
    Mar 29, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    What is the CO and property class of the subject....I have recieved orders for 2 families and research has shown that the subject is a single fam with an accessory apartment. Please remenber that the person ordering the appraisal is not always right...
     
  8. leelansford

    leelansford Elite Member

    12
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Not if the loan is intended for the secondary market.

    And...why not just provide a more detailed Income Approach and report the appraisal using a single-family form?
     
  9. leelansford

    leelansford Elite Member

    12
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Do you want to bet that the client has no clue as to what he really needs?
     
  10. Kevin Mc

    Kevin Mc Elite Member

    0
    Jun 7, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    You are right there.

    more often than not what they ask for and what is required are never the same.Single family on 1025?....if it is a portfolio lender perhaps(I've seen some strange requests in the past) but anyone else, Lee is dead on, they don't get it. My guess is they are trying to use rental income for qualifications.....I would include a form 1007 and charge accordingly if they really need more detailed rental info.
     
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