1007 & 216 - without the full Appraisal

[redfish]

?? Why would you say such a thing?
We have no business commenting about the loan product or saying it is primarily to support the borrower's income.

If we are engaged to provide an opinion of rent about the subject property, then that is what we are engaged for. If you are not comfortable with it, then decline the assignment.

Please reread that J Grant.

The poster is explaining to the OP why a lender may need such a product.

 

[Terrel L. Shields]

using the estimated income from the subject property to secure a loan on another property

Makes me wonder if that 'other property' is under water and the bank wants additional collateral.

 

[J Grant]

Please reread that J Grant.

The poster is explaining to the OP why a lender may need such a product.

Got it, My bad!

 

[Zoe]

Do inspection on the subject and ask for rent roll, lease agreement, etc. Go for it. Cover all bases.

 

[OSU Beavers]

Makes me wonder if that 'other property' is under water and the bank wants additional collateral.

The borrower does not own any other property in this county. I assume that he is buying a second property. Maybe they are using the old "Estimated roommate rent" to increase his income ratio.

 

[Candace]

It's rare, but I've received these orders before. There's no issue unless you don't feel competent or there's not enough information to produce a credible report. If there's a recent MLS listing, then I just assume condition is similar and that's good enough for me. Just state everything in the report.

Edit: To clarify, I do not inspect the subject. It's a desktop assignment unless the client has specific requirements.

Good afternoon, just read your comments regarding the 1007 and 216 stand alone, Just received one and wanted your thoughts on completing the 216 when the most recent MLS listing is 2 1/2 years old. Thank you!

 

[JeffSH]

Good afternoon, just read your comments regarding the 1007 and 216 stand alone, Just received one and wanted your thoughts on completing the 216 when the most recent MLS listing is 2 1/2 years old. Thank you!

Why do you need MLS listings for the 216 form?

 

[Terrel L. Shields]

your thoughts on completing the 216 when the most recent MLS listing is 2 1/2 years old. Thank you!

Nope nope nope... Nothing good can come out of it.

 

[The Bob]

Why do you need MLS listings for the 216 form?

What else would you base remaining life for reserve items on?
Is the roof 5 years old or 25 yo, etc...

OP stated "site unseen"

 

[JeffSH]

What else would you base remaining life for reserve items on?
Is the roof 5 years old or 25 yo, etc...

OP stated "site unseen"

Oh yeah, I wasn't thinking about that.