I just got a stand alone 1007 rent schedule.First time.. What other forms should I include?

[cdanj]

BFD...so either do the 1007 or turn down the assignment. It is not relevant to the job that the borrower is buying a property or that the borrower is going to rent the property or that the borrower needs the rental income "for his loan."

Not relevant to the assignment, but it does explain why the heck I was hired to do this oddball appraisal.

 

[Dublin ohio]

For those who still want to do a standalone 1007, request a copy of the original appraisal as a starting reference point. You're welcome.

In this case there is no original appraisal. Your welcome

 

[Fernando]

In this case there is no original appraisal. Your welcome

OP hasn't responded back to me so I stopped responding.

 

[Dublin ohio]

Since it is listed as an exterior I did a facetime video with the owner and they walked me through the property and I observed everything. I had them show me the nooks and crannys under the sinks, behind the toilets and window sills. It's a condo, so the exterior was also observed to be in good condition but not overly scrutinized. I suppose I'll find out when I submit the property. I've never done that before.

You'll probably have no problems and it's always better to cya than not

 

[Fernando]

Not even a thank you.

 

[Dublin ohio]

OP hasn't responded back to me so I stopped responding.

Can you blame him.

 

[Fernando]

Can you blame him.

You mean ungrateful like you.

 

[cdanj]

In this case there is no original appraisal. Your wel

You'll probably have no problems and it's always better to cya than not

I PM'd my CYA comments. Not putting up here to get torn apart by wild dogs.

 

[sputnam]

If you report an opinion of the subject's market rent, it is an appraisal. If all you do is report area rentals, it's a rent survey. If it's an appraisal, the report needs to comply with all of the appropriate parts of SR 2-2. That includes stating the report format, type of value, definition of value, source of the definition, sales history of the subject, exposure time, Highest and Best Use, etc. The level of detail will depend on whether it's an Appraisal Report or a Restricted Appraisal Report.

I would include photos and a location map in the report whether it ends up beng a rent survey or an appraisal.

 

[J Grant]

I dont get he paranoia about what a report is used for. If you only do the 1004 rental form, that is all you are responsible for. I've done a handful of them - who knows why a client orders them or why the original appraiser didn't do it. What difference does it make - the market rent estimate/opinion is supported by market data - the end.