Lenders Service--2055 W/1007

Discussion in 'General Appraisal Discussion' started by Elliott, Dec 3, 2003.

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  1. Elliott

    Elliott Elite Member

    5
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    LS bless their heart knows how to get value added.
    They request a 2055....no problem I charge $$$$.
    But in their two pages of instruction they add a interior
    diagram (but say they just need room layout)hmmmm,
    but now they've added a 1007. Well I had to look up
    that form, and its a complete cost approach. Well,
    what's the difference between a good 2055 with a cost
    approach and a 1004? That's right, they are practically the same.


    Silly AMC. :rolleyes: I probably won't get the assignment, cause
    I faxed them back and said, hey, that's a Cost Approach, plus a
    listing analysis and that should at least be the same fee as
    a 1004, which is $$$$+1/2$.

    elliott
     
  2. GeorgiaBoy

    GeorgiaBoy Junior Member

    0
    Jul 23, 2003
    Professional Status:
    Licensed Appraiser
    State:
    Georgia
    I've pretty much stopped doing 2055's w/ an interior inspection. I charge the same for that as a 1004 and the 1004 is a more thorough report.
     
  3. Scott Kibler

    Scott Kibler Elite Member

    6
    Oct 7, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Are you sure they don't mean a Single Family Comparable Rent Schedule (FNMA Form 1007)? This would make more sense...if it's an investment property at least.
     
  4. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    5
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    I hate to burst your bubble, but I bet the 1007 form they want is a single family comparable rent schedule. Check to see their fee for that form. I charge $100 for that form, but I bet they pay less, much less.
     
  5. Elliott

    Elliott Elite Member

    5
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    Egads,
    Both the cost approach form and rent schedule are 1007s!!
    Now I'm really confused.

    Guess I better call them.

    Silly AMCs.

    elliott
     
  6. Richard Carlsen

    Richard Carlsen Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Michigan
    In WinTotal, if you type in 1007 in your forms search, you get this lovely Sq Foot Apraisal form (Form 1007). Type in Rent schedule and you get a rent schedule(FNMA 1007). Both are 1007 forms.

    A 2055 with a rent schedule and an interior room sketch makes sense if someone is refinancing a 2 unit conversion with a small LTV ratio. The UW probably wants to see how the units are laid out.
     
  7. Elliott

    Elliott Elite Member

    5
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    Post Script....

    A 1007 is a rent schedule....LS wanted a 2055/interior
    with a rent schedule for $$$$. LOL

    I asked if they had referred to my fee schedule.
    They said, "No."

    I declined the assignment.

    E
     
  8. Vincent Manfredi

    Vincent Manfredi Guest

    Top Poster Of Month

    2055int with a rent schedule should go for about 325-350
     
  9. Ted Martin

    Ted Martin Senior Member

    0
    Jan 17, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Kansas
    Vincent, you're way under what I charge for that product. Rent schedules are a pain in the backside, plus they want photos. From my perspective they should pay at least the same fee they pay for a driveby.
     
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