1004 with a 1007 is now complex

[Bobby Bucks]

I say that tongue in cheek because for the last year I’m getting more requests and assignments for them than I have in years. Much of it is because of low interest rates, but I have to believe that it’s also due to the gradual retirement of experienced and competent appraisers and them being replaced by 1st, 2nd and 3rd generation fee shop sprouts who simply don’t know how. When I get a cookie cutter request for 1004 with a 1007 and they’re begging me to accept it, by all means, it is complex, but I can handle it. I’m also getting requests for only the 1007 and not the 1004 which is a result of what I mentioned above. I’ll not perform a stand alone 1007 and risk USPAP purgatory, I’ll leave that to the legions of fakebookers who have no problem with it.

 

[Sid Holderly]

In this rural area with most rentals held by private individuals rent data is diffficult to obtain, they will not tell you. You are left with newspaper postings, a couple of real estate agencies that have rentals, and the County of Town Census data on house rents. The time it takes to get reliable rental data is longer than it takes to do 1 or 2 URAR and no one wants to pay for the time involved. It becomes even more difficult for waterfront homes that are mostly rented in just summer months. The rent is large for special weekends, but the yearly average is low and rarely equates to standard sales comparison value. It is mostly older homes in small-towns that might have a higher rental value than market value.

I try to avoid the 1007 except for local banks who know the area.

 

[CGinMN]

Anytime I come across a lease, advertised rental, rental rate it goes into a spreadsheet. Saving the information when it appears is much easier than hunting it down when you need it.

 

[Overimprovement]

Any data anymore that is not easily retrievable by realist, local MLS, or local assessor is worth quite a premium, IMO. The ONLY thing keeping MLS's alive is their hold on sales data, and they are quickly giving up that hold to the corelogics and zillows of the world, so I see one giant nationwide database in the not distant future, like what has existed on the commercial side for some time.

Yeah, if I have to personally compile this difficult to find and verify rental data, I sure as heck am not gonna give it away. I agree completely, 1007/216 fees need to start rising.

 

[alebrewer]

I’ll not perform a stand alone 1007 and risk USPAP purgatory, I’ll leave that to the legions of fakebookers who have no problem with it.

To each his own, and I'd never try to talk someone out of their convictions, but I don't see how performing a standalone 1007 has any more or less risk than performing any other assignment?

 

[CGinMN]

Any data anymore that is not easily retrievable by realist, local MLS, or local assessor is worth quite a premium, IMO. The ONLY thing keeping MLS's alive is their hold on sales data, and they are quickly giving up that hold to the corelogics and zillows of the world, so I see one giant nationwide database in the not distant future, like what has existed on the commercial side for some time.

Yeah, if I have to personally compile this difficult to find and verify rental data, I sure as heck am not gonna give it away. I agree completely, 1007/216 fees need to start rising.

Zillow and Corelogic have taught us that in order to compete, you must scrape and steal data whenever possible. Since Zillow has become the best source for rental data in my market, I scrape and steal from them whenever I can. I don't trust their rental estimates, but their advertised rental listings usually contain good property information, photos, even how many views the listing has, and how many applications have been received. I have alerts set up for all rentals in my service area, and I get an email anytime there's a new listing. You can set up the emails to come instantly or daily. Click on the link and print screen. Takes 60 seconds once a week. Sometimes the new rental that's being advertised just sold, so it also becomes a GRM.