1007 Rent Schedule

[mp2277]

I have a request to do several 1007's on properties I have not appraised. Normally I'd just turn them down but they are all in the same area, college town, lender wants no photos so there is no field work and five out of the seven will use the same rental comps. It's pretty good money for a couple hours work. That being said is this considered an appraisal? Or is is is a service outside of USPAP? I know this is probably an elementary issue that I should know the answer to but I am interested in your opinions. I hate to turn down $1050 for a mornings work but I'm trying to put my head in a noose either. Thanks in advance for your opinions.

 

[gregb]

The 1007 stand alone is considered by most to be an appraisal.

https://appraisersforum.com/forums/threads/my-1007-test.220462/page-3#post-2848864

 

[J Grant]

Why not err on the side of caution and treat is an appraisal - make the required USPAP disclosures and keep a workfile it is not that big a deal to do, that is what often separates USPAP compliance vs non compliance for the report.

 

[DWiley]

It is an appraisal of the market value of the rights to occupy and use space for a specified period of time. See examples in AO 21, specifically the rent survey example

 

[Artemis Fowl]

There is no err on the side of caution or majority opinion. It is an appraisal if you are giving an opinion of value...ie market rent.

 

[CANative]

Agree with everyone else. But it can be done. The only thing is, is that the easy money is not all that easy.

 

[Tom4value]

As they said, it is an appraisal and you must conform to USPAP.

My guess is your concern is that since you are not inspecting the property or comps, are you in compliance? The answer is yes. USPAP does not require that you inspect the subject or comparables. Just, of course, disclose!

 

[James Micozzi]

I have a request to do several 1007's on properties I have not appraised. Normally I'd just turn them down but they are all in the same area, college town, lender wants no photos so there is no field work and five out of the seven will use the same rental comps. It's pretty good money for a couple hours work. That being said is this considered an appraisal? Or is is is a service outside of USPAP? I know this is probably an elementary issue that I should know the answer to but I am interested in your opinions. I hate to turn down $1050 for a mornings work but I'm trying to put my head in a noose either. Thanks in advance for your opinions.

WTF. Yes it is an appraisal.

 

[Tim The Enchanter]

Yes it's an appraisal. I did one recently. Wrote up an addendum covering all the USPAP required stuff. Once you get that done you can re use it for the others.

 

[Tim The Enchanter]

For $100 I will sell you my template.
Or just search duckduckgo and do it yourself.