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1007 Question

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Nathan Slaman

Thread Starter
Freshman Member
Joined
Nov 14, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
Client called and said they needed a 1007 on a borrowers rental house. I had done the appraisal for this borrower on their main residence. I am not sure of the rules here. Do I have to do an appraisal on the rental property now or can I just fill out a 1007 for the rental and do I have to inspect it/ drive by or what? Appreciate your help
 

tjcou812

Junior Member
Joined
Aug 17, 2007
Professional Status
Certified Residential Appraiser
State
Connecticut
To me if its a different property than the subject I would say its a new appraisal assignment for the rental property. The homeowner had to disclose during the application process of the extra income from the rental property. Just a guess.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
They just want to know what the market rent would be. Trying to verify expenses, income to the borrower. Your decision whether the SOW requires an inspection.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
To me if its a different property than the subject I would say its a new appraisal assignment for the rental property. The homeowner had to disclose during the application process of the extra income from the rental property. Just a guess.

Really? .... So the SOW calls for an opinion of value for the rental property?

You sure you don't want to go double check some definitions before you "guess?"

Webbed.
 

tjcou812

Junior Member
Joined
Aug 17, 2007
Professional Status
Certified Residential Appraiser
State
Connecticut
Dear Web,
Sorry my bad, I thought it was a rent sched. or OIS that he was going to do. I GUESS I should have read it a couple of more times before I commented.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
I did one just like this the other day - a rental survey on a borrowers' other property, without doing an inspection of the rental property.

The underwriter just wanted to know what the market rent was, and they wanted a 1007 by an appraiser instead of a rental agreement.

You can write up a scope of work for the 1007, state that no inspection was done, and make an extraordinary assumption that the subject is in average condition.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
For a rental analysis, you compare the features and characteristics of the subject to those of the rental comps you select. I would insist on inspecting the subject in order determine what those features and characteristics are.

You do not need to do a full appraisal of the subject, just a walk through.
 
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