Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > General Appraisal Discussion
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 10-11-2010, 11:11 AM
kevinhenley kevinhenley is offline
 
Join Date: May 2009
Location: Dayton
State: Ohio
Professional Status: Licensed Appraiser
Posts: 11
Default Client wants 1007 filled out without a lease agreement and tenant occupied checked

I have a problem with this because I cannot verify the property is a tenant occupied without a lease agreement. Of course, on the 1007 it questions whether or not the subject is leased and if so, for how much. My client is just telling me I should figure out the projected lease amount with the 1007, which I can do but it leaves the question about rental amount for subject unclear. In my opinion it may be owner-occupied, or vacant, and owner is just keeping property there. The contact at the house claimed to be the son-in-law of owner, but to be honest,didn't act like he lived there, but was just helping fix it up. Any suggestions of a response for my client?

Thanks
Sponsored Links

  #2  
Old 10-11-2010, 11:15 AM
CANative's Avatar
CANative CANative is offline
 
Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,610
Default

The 1007 is just a rent survey leading to an opinion of market rent for the subject. Who cares who lives there?
__________________
“The peasants are revolting? Why yes, they are quite revolting.” ~ Oscar Wilde
  #3  
Old 10-11-2010, 12:46 PM
Vermonter Vermonter is offline
 
Join Date: Mar 2007
State: Vermont
Professional Status: Certified Residential Appraiser
Posts: 2,816
Default

Quote:
Originally Posted by CANative View Post
The 1007 is just a rent survey leading to an opinion of market rent for the subject. Who cares who lives there?
Agreed. Consistently come across these where tenants are family/friends and paying well below market rent. We have Homestead/Non-Homestead tax assessment, so that makes verifying occupancy easy. If you don't have something similar, find out where the municipality is mailing the tax bill. If it differs from the subject address you know it isn't owner occupied.
  #4  
Old 10-12-2010, 09:59 AM
Jerry Bone Jr's Avatar
Jerry Bone Jr Jerry Bone Jr is offline
 
Join Date: Feb 2004
Location: Salem, Oregon
State: Oregon
Professional Status: Licensed Appraiser
Posts: 1,604
Default

Quote:
Originally Posted by kevinhenley View Post
Any suggestions of a response for my client?
"Yes i can" is a good place to start.
  #5  
Old 10-12-2010, 10:03 AM
AnonApprsr's Avatar
AnonApprsr AnonApprsr is offline
 
Join Date: Jan 2008
State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 6,285
Default

What? You've never heard of Tenant at Will? And you're doing a Rent Schedule?
__________________
Anonymous Appraiser
Certified Residential
FHA Approved
  #6  
Old 10-12-2010, 10:29 AM
Elliott's Avatar
Elliott Elliott is online now
 
Join Date: Apr 2002
Location: Pumpland
State: Oregon
Professional Status: Certified General Appraiser
Posts: 11,243
Default

I've had lenders requests a Rent & OIS for properties that were high end second homes.
The homes weren't rented, the lender just wanted to know how much income they
were capable of generating if the borrower couldn't make their payments.

Hard to believe huh? There was a time some lenders behaved in a prudent manner.
  #7  
Old 10-12-2010, 10:35 AM
Michigan CG's Avatar
Michigan CG Michigan CG is offline
 
Join Date: Nov 2006
State: Michigan
Professional Status: Certified General Appraiser
Posts: 17,466
Default

Quote:
Originally Posted by AnonApprsr View Post
What? You've never heard of Tenant at Will? And you're doing a Rent Schedule?
The correct term is Tenancy at Will, more commonly known as a month to month lease.

The OP simply needs to research the market and find what is Market Rent and explain the situation.
__________________
You do not know what you do not know.
  #8  
Old 10-12-2010, 02:28 PM
Mile High Trout's Avatar
Mile High Trout Mile High Trout is offline
 
Join Date: Feb 2008
Location: -
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 12,453
Default

Potentially easier to consider in private single family owner / renter situations as well.

Unlike apartments, the month to month may not be as different from the leased rates.
__________________

  #9  
Old 10-12-2010, 03:37 PM
AnonApprsr's Avatar
AnonApprsr AnonApprsr is offline
 
Join Date: Jan 2008
State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 6,285
Default

I have been calling it, and all the Brokers in my area call it Tenant at Will. There is no "lease" agreement. There might be a "rental agreement" but some are just that TAW, leave any time, nothing holding you back.
__________________
Anonymous Appraiser
Certified Residential
FHA Approved
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 11:00 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93