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  #1  
Old 06-19-2007, 03:51 PM
Thomas OGrady Thomas OGrady is offline
 
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Default Form 1025 for a single tenant property?

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?
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Old 06-19-2007, 03:53 PM
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Mike Kennedy Mike Kennedy is offline
 
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1025 - two - four.

single fam whether owner or tenant occ ......1004 ........with EXPANDED COMMENTS addendum which fills the need. need help shout.
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Old 06-19-2007, 03:55 PM
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Tony V Tony V is offline
 
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Why not just add a OIS (216) ??
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Old 06-19-2007, 04:02 PM
Thomas OGrady Thomas OGrady is offline
 
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Its strange, he says he has to have them on the 1025
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Old 06-19-2007, 04:05 PM
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Mike Kennedy Mike Kennedy is offline
 
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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"?????????

Seek and ye shall find.
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Old 06-19-2007, 04:09 PM
Thomas OGrady Thomas OGrady is offline
 
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I think you're on the right track Mike. I'm guessing there are multiple tenants where there shouldnt be.
  #7  
Old 06-19-2007, 04:13 PM
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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...
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Old 06-19-2007, 05:34 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by Thomas OGrady View Post
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?
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?
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  #9  
Old 06-19-2007, 05:35 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by Thomas OGrady View Post
Its strange, he says he has to have them on the 1025
Do you want to bet that the client has no clue as to what he really needs?
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  #10  
Old 06-19-2007, 06:42 PM
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Kevin Mc Kevin Mc is offline
 
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Default You are right there.

Quote:
Originally Posted by Tony V View Post
Please remenber that the person ordering the appraisal is not always right...
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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