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  #1  
Old 12-03-2003, 09:10 PM
Elliott's Avatar
Elliott Elliott is online now
 
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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. 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
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Old 12-03-2003, 09:22 PM
GeorgiaBoy GeorgiaBoy is offline
 
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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  
Old 12-03-2003, 09:26 PM
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Scott Kibler Scott Kibler is offline
 
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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.
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Old 12-03-2003, 09:29 PM
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Tim Hicks (Texas) Tim Hicks (Texas) is online now
 
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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.
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  #5  
Old 12-03-2003, 09:37 PM
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Elliott Elliott is online now
 
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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  
Old 12-04-2003, 07:18 AM
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Richard Carlsen Richard Carlsen is offline
 
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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.
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  #7  
Old 12-04-2003, 08:20 PM
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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  
Old 12-04-2003, 10:09 PM
Vincent Manfredi
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2055int with a rent schedule should go for about 325-350
  #9  
Old 12-06-2003, 04:43 PM
Ted Martin Ted Martin is offline
 
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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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