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Curious As To Which Forms You Use

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Peggy Wright

Sophomore Member
Joined
Mar 16, 2003
when doing a sf rental, do you all just use an URAR with rent addendum, or do you use small income 1025
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
For single family rentals I always use the URAR.....I provide rental comps/add and O & I statement if requested.
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
I use a URAR with an 'Operating Income' Addendum and a Comparable Rent Schedule. They are Fannie forms #216 and #1007, however if you use Alamode and try a search of #1007 it doesn't work. It brings up a Marshall and Swift cost form. Search by 'single family comparable' and you'll find it.
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I know this sounds silly but....don't forget to actually complete the Income Approach section of the URAR after doing the 1007.....did that once.... :redface:
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Blue I'm surprised you would admit that and post it here. Don't you realize that underwriters monitor this forum? Well, the literate ones do so I'm told. :)
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Bobby,

Hey, maybe the underwriter that 'signed off' on that one is here too! :rofl:
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
On 99% of the SFR rental properties I do NOT complete the cost approach as it is NOT applicable. Most of the surrounding SFR's are bought and sold by owner occupants. The owner occupants do not consider the income potential of the property when making their purchase decision. Even when I have what appears to be good rental data it does not support the market value.
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Thank you Frederick! I was feeling like the lone wolf here. Or as if I was getting away with something. :redface: The real cheesy part, I don't have enough rental data to determine anything near a true adjustment to the rental comparables for differences in size, living area, garage, etc., so I don't and comment as such. The nearest match in rental comparable is the best indicator of market rent. We have so few, and there is a steady demand, the landlords can often get pretty much whatever they ask.
 
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