Small apartment 71 B form

[Rlong]

I have also used it, it works, as stared, it is awkward, especially when your new to it. It is not always clear where data is coming from (units, etc) but once you resolve those it works. As stated add your own cert, and additional analysis.

Bob in CO

 

[valuecommando]

71 B form

The form has borrower/client on the same line. What in the world does that mean?:Eyecrazy: I know that the borrower is their client. I'm doing the appraisal on the 71 B per client request rather than a full narrative. The addendum is full of healthy, meaty portions of data and analysis. I'm just wondering why the line states borrower/client?

 

[JSmith43]

The form has borrower/client on the same line. What in the world does that mean?:Eyecrazy: I know that the borrower is their client. I'm doing the appraisal on the 71 B per client request rather than a full narrative. The addendum is full of healthy, meaty portions of data and analysis. I'm just wondering why the line states borrower/client?

NA/(Client Name)

 

[hastalavista]

The form has borrower/client on the same line. What in the world does that mean?:Eyecrazy: I know that the borrower is their client. I'm doing the appraisal on the 71 B per client request rather than a full narrative. The addendum is full of healthy, meaty portions of data and analysis. I'm just wondering why the line states borrower/client?

Roger pointed out that the form was developed in the 70s.
That would be pre-S&L meltdown. Maybe in those days of yore, a borrower was permitted to engage the appraiser directly for certain types of loans?

That was way before my time. CAN is old enough to remember, maybe he'll chime in? :laugh:

 

[CANative]

I guess I just glanced at it. I see how the layout works now.

It has four grid lines, but in the first box it states "number of units".
Presuming the unit breakdown is
1. Studio
2. 1br
3. 2br
4. 3br
there are a number of scenarios that fit the form. Most would (yes, the bath counts could add another wildcard into the mix).
For those that don't, that's where my "clumsy" description of the form comes in. :new_smile-l:

The OP has 8-units. If they are all 2br/1ba, the form's grid works very well.

 

[MNRural]

Sounds like it'd be easier to just make your own format......just a thought. 1970 was a long time ago.

 

[gregb]

Several clients require the 71A & 71B, last revised in August 1977. No UAD mumbo jumbo. With an added addendum, this report form works ok for me. The more one uses it, the more it grows on you, similar to repetitive use of the narrative format.

 

[valuecommando]

Thank you all fellow appraisers. I got it now!!!

 

[gregb]

Thank you all fellow appraisers. I got it now!!!

Let us know how it went, if you are interested how others fill out the projected expenses part of the income approach, let me know. The projected taxes for the subject can be addressed in several ways.

 

[valuecommando]

To get the annual tax amounts I will just multiply the assessed value by the tax rate. Yet the subject property is a legal nonconforming property and the only density allowed per city is a duplex when the subject is an 8 unit property! I verified it with the city. So as for the highest & best use as vacant it is duplex because it is the maximally productive and legal use. Current highest & best use would be 8 unit legal nonconforming. What are your thoughts on this?