2/4 Unit Simple Form

[ilsindaco2628]

With the 1025 being the main form for a small income (2/4 unit) appraisal, is there an alternative that leaves out the rental aspect?
I have a private customer that just wants a simple market value of several multi family properties they own and they are not interested in market rents.

Is there a form? The general purpose form has a rental section too. Thanks in advance!

 

[sputnam]

With the 1025 being the main form for a small income (2/4 unit) appraisal, is there an alternative that leaves out the rental aspect?
I have a private customer that just wants a simple market value of several multi family properties they own and they are not interested in market rents.

Is there a form? The general purpose form has a rental section too. Thanks in advance!

You can use the GP form, write a narrative, or... just use the 1025 and don't develop the rental portions of the report. Appraisal forms help organize. They do not mandate content.

Remember however, USPAP requires you to consider all approaches to value and to develop those that are applicable and necessary for credible assignment results. Unless you're doing a restricted appraisal report, you can't just decide that you don't want to use an approach.

 

[J Grant]

Either don't include /don't print the rental portion pages of the forms out when you deliver to your client, or leave them blank and make a comment that the rental pages are left blank at the client's request.

 

[Tom D]

J Grant right, just put N/A. State the income approach wasn't required by the client. The grm is actually the ******* child of the cap rate. I think the gp form is that easier way, but i haven't done one like that for a while.

 

[Terrel L. Shields]

I have a private customer that just wants a simple market value of several multi family properties they own and they are not interested in market rents.

If rents are driving that market, then the income method is mandated by USPAP or, alternatively the assignment is a hypothetical where the assumption is that the properties are not rental but are sold as SFR for owner-occupied spaces. I mean that is one way to look at it. I certainly would want to compare the SA and IA to see if a premium is paid for being a rental. The key is who are the buyers? Owner occupants or investor types.