1007 rental photos required by Fannie Mae?

[eld2310]

I often use MLS pics for my rental surveys on SFRs. But when I do an SFR report with a 1007, I don't consider that I'm doing a full income approach. The 1007 is being requested only to develop the market rental rate for the lender's use.

For rental comps on 2-4 unit properties, (when I am doing an income approach), I do typically use my own pictures for rental comps.

Ditto. Original photos for 2-4 family, and MLS/Assessor/Google Maps photos for SFD Rent Schedules. The former is for valuation via the income approach, the latter is for simple determination of market rents. Different beasts.

 

[AnonApprsr]

What? On a 2-4 unit appraisal I'm using rental comps to determine the market rent, just like a 1007. Then I use that market rent for the OIS.

 

[CANative]

I sort of agree that on a multi-family project an inspection of the rental comps is called for because you're using those to develop a GRM to use in MV.

 

[AnonApprsr]

Or maybe you're not...

 

[BigBear Seattle]

are they, I have a client that is requireing me to add rental comp photos...I never have...I've tried to research efannie mae to see if it is a requiremtn by fannie..can't find it

anyone

Fannie does not require photos of rentals, but Fannie guidelines set the minimum. The client - lender or AMC - can have more stringent requirements.

 

[DJD85339]

So when you drove by the rental comps you didn't bother to take a picture? That was silly!

Of course he did.... but the camera has malfunctioned for the rental comparables. Does anyone really drive rental comps?

I just slap the MLS pics in there unless the data was obtained from somewhere else, fortunatly for me we seem to have a plethora of rental data in our MLS.

 

[CANative]

Why would an appraiser need to drive by rentals if they have a good list of similar properties indicating a reasonable range?

 

[DJD85339]

I'm surprised that appraisers of any caliber b*tch and moan about having to perform a function that will result in a better appraisal product, on the basis that "it isn't usually required.

We B*tch and moan because they are always asking more than is needed and not willing to pay more. If I have to drive rental comps then the typical AMC additional fee for a 1007 and 216 are not sufficent to cover the cost of field work. And some will say, well don't do work for that AMC... yeah right.... like we have a choice. I'm just thankful to have a job and I do only what is required of me by USPAP and the lender/client stips.

 

[CANative]

Has driving by rental comps ever swayed your opinion of the market rent?