1007 Rent Schedule

[Digger88]

After many years of shooting my own rental comps a few here said original comp pics aren't needed so I stopped doing that years ago. No lender has ever asked me to change MLS pics for rentals.

 

[Zoe]

Does this form have to be identified as either Appraisal Report or Restricted Appraisal Report? Is reasonable exposure time for rentals required to be stated?

You probably should have called your client after inspection and knew it was rented or possibly rental property was H&B use on MV assignment.

I agree with all the above comments. Now that you know, Ask for a little more on the 1007 ? 1007 can be a hard one to complete.

 

[Zoe]

On the other hand, your client should have told you it was rented. You should have known on the front end it was not owner occupied.

It would change your scope of work if your client would have told you that.

 

[Zoe]

Tell them that was not in your original engagement and scope of work. You need to be paid for the 1007.

 

[Zoe]

Tell them to go get somebody else to do it if they won't pay you. Tell them you are booked up and can't get to it.

What is fair for the goose is fair for the gander.

 

[Zoe]

Where is Joan Trice when I need her? Peeing in the bushes?

 

[alebrewer]

After many years of shooting my own rental comps a few here said original comp pics aren't needed so I stopped doing that years ago. No lender has ever asked me to change MLS pics for rentals.

Correct. If using the 1004, you're certifying (via the promulgated SOW on the form) that you inspected the comparable sales from at least the street. You're making no such certification for the comparable rentals.

 

[JTip]

I'd structure it as a stand alone assignment in order to get paid in lieu of amending the original report, unless you like doing free work.

If someone orders a hamburger and then says they want cheese on it, you sure don't put it on there for nothing.

 

[Carnivore]

I seem to recall that Total software has a Stand Alone 1007. In this case above they apparently screwed up and now are asking you to add the 1007 to the 1004.

Like everyone said above make sure you charge them a good fee.

 

[Carnivore]

Here is something pretty cool about FNMA rental properties

B3-3.1-08, Rental Income (10/04/2023)

This topic provides information on qualifying a borrower’s rental income, including:

selling-guide.fanniemae.com

"

Note: The rental payment on the lease must be reflected in U.S. dollars (cannot be in virtual currency).