Where would you put the Income Approach in a URAR?

[Tom4value]

Which is completely inconsistent with Cert #4...

View attachment 109083

"...unless otherwise indicated in this report". That is the qualifier.

 

[alebrewer]

"...unless otherwise indicated in this report". That is the qualifier.

Kind of, but not quite. The cert says you can acknowledge that you completed the CA, but the first sentance says you put 100% of your weight on the SCA. Notice the period after that sentance?

 

[J Grant]

Worked out with the UW that I have a separate "Comments on Income Approach" comment category. I stated the comps I used (addresses, rents/dates and water amenity). I then stated that I compared the rentals to actual similar sales to derive a range of gross rent multipliers, stating why 511 was most influential. This would support what Fannie wants.

Fine with me !

It is a lot of extra work for free, but if it made a better supported appraisal, then it was a decision to expand the SOW.

 

[Tom4value]

Fine with me !

It is a lot of extra work for free, but if it made a better supported appraisal, then it was a decision to expand the SOW.

Believe me, it wasn't because I wanted to do extra work for free! LOL.
Auditors love to beat up appraisers for being lazy. One of the "red flags" is a property in a coastal community within walking distance from the ocean and the appraiser says that the income approach was not developed because it doesn't apply.

 

[sputnam]

Worked out with the UW that I have a separate "Comments on Income Approach" comment category. I stated the comps I used (addresses, rents/dates and water amenity). I then stated that I compared the rentals to actual similar sales to derive a range of gross rent multipliers, stating why 511 was most influential. This would support what Fannie wants.

I'd say so... yes.

 

[sputnam]

Believe me, it wasn't because I wanted to do extra work for free! LOL.
Auditors love to beat up appraisers for being lazy. One of the "red flags" is a property in a coastal community within walking distance from the ocean and the appraiser says that the income approach was not developed because it doesn't apply.

I see that regularly. One appraiser will say, 'insufficient data to complete the Income Approach'... then, I'll see an appraisal report, different appraiser but the same neighborhood, and the second appraiser manages to find a lot of comparable rentals. The Income Approach nearly always is applicable. It's often not necessary for credible results.