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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

    16
    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

    16
    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

    19
    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

    16
    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

    16
    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. 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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