Does Absence of Owner-Tenant Occupancy Data Affect MPR?

[RSW]

How does one obtain the tax info for an entire development?

We use a private system which purchases the tax records and provides it to real estate professionals and others for a fee. That data can be downloaded into a spreadsheet and used many ways.

 

[Fritz in NY]

No GEO area has complete coverage data for us. Some real sloppy HOA'S, or Tax ID's, I REALLY hate CONDOS, I charge accordingly.+++

 

[Fernando]

That's why I charge higher for condo appraisals.
Listen, if HOA does not have or release rental ratio, you can come up with your own.
Understanding statistics, you can get a large representative sample. Get a large sample relative to total number of units, larger the better and look at the mailing address and you can assume which are rented. That's what HOAs do too looking at the mailing address.
I do this all the time when I can't get rental ratio.
It's takes time but that's why I charge more for condos.
You're welcome.

 

[ZZGAMAZZ]

That's why I charge higher for condo appraisals.
Listen, if HOA does not have or release rental ratio, you can come up with your own.
Understanding statistics, you can get a large representative sample. Get a large sample relative to total number of units, larger the better and look at the mailing address and you can assume which are rented. That's what HOAs do too looking at the mailing address.
I do this all the time when I can't get rental ratio.
It's takes time but that's why I charge more for condos.
You're welcome.

The 760 total units in the development, and the HOA's inability to define the number of phases, made me reluctant to apply random numbers and extrapolate that to determine an estimated O/T occupancy ratio that has been described to me as being critical. Just too much margin of error fto comfortably apply the corresponding EA, as I cavaeated in the report--although the textbooks don't seem to describe sceanrio's when one SHOULDN'T use an EA . . .

 

[Fernando]

The 760 total units in the development, and the HOA's inability to define the number of phases, made me reluctant to apply random numbers and extrapolate that to determine an estimated O/T occupancy ratio that has been described to me as being critical. Just too much margin of error fto comfortably apply the corresponding EA, as I cavaeated in the report--although the textbooks don't seem to describe sceanrio's when one SHOULDN'T use an EA . . .

If you understand statistics, you should get a close enough ratio by getting a large representative sample and check it's mailing address.
50 homes should be sufficient. If not comfortable, get another 20 homes and see if ratio changes significantly.
Fernando does it and never had a problem.

 

[nstanbru]

You can get the entire tax roll through the CRMLS/Realist, but it's very cumbersome and time consuming to go through the whole list.

 

[J Grant]

Folks are way over thinking this
No matter how much time you spend trying to get an accurate idea of rentals vs owner occupied, when the lender orders the condo questionnaire ( also called an estoppel letter) the numbers from the HOA is going to be different anyway. And the client is going to ask you to change it anyway

Get an approximate idea by looking up on the MLS ,rentals in the subject condo, and/or a few pages of tax records, how many of the names have a different address. Extrapolate results of a fwe pages to the whole. What are the condo's rental rules ?That information is usually on MLS listings. Condos that allow unlimited rentals usually have a higher ratio of rented units. Condos that have some rental restrictions, such as no leasing allowed the first 2 years of ownership, typically have a lower ratio of leased units.

State that the information is an estimate since the HOA would not disclose the information, and that the number of rentals/owner occupied units might differ in the estoppel letter. Do not make an EA, because as has been stated forever , no additional EA is permitted in URAR form appraisals.

 

[ramrcdk]

This is a frequent problem with condos -
if I can not get an answer from management agency I estimate it best I can, then I state it is an estimate due to lack of response from management, and that an estoppel letter might show a different amount. I do not make any EA . I just state it was an estimate and the actual number can differ .
I am not understand how it would affect MPR

Usually if the lender gets an stopped letter later and the # of rentals are different then the lender or AMC for lender asks appraiser to revise it on the report,.

Perfect!!!
AND ... numbers provided by any source could be an estimate, not an exact number due to the unknown development properties
managed privately by Property owners; hence, not disclosed.
Edit: I tried hard for many years & lots of time in doing so. Present Quote: "" IF the numbers require being exact to what The Lender has been provided, then the information must be provided BY THE LENDER within the SOW, as an attachment & prior Report Delivery. The numbers have no
adverse impact on Buyer Appeal or the Reconciled Market Value.""
(Been NO problem.) Move ON.

 

[ZZGAMAZZ]

Folks are way over thinking this
No matter how much time you spend trying to get an accurate idea of rentals vs owner occupied, when the lender orders the condo questionnaire ( also called an estoppel letter) the numbers from the HOA is going to be different anyway. And the client is going to ask you to change it anyway

Get an approximate idea by looking up on the MLS ,rentals in the subject condo, and/or a few pages of tax records, how many of the names have a different address. Extrapolate results of a fwe pages to the whole. What are the condo's rental rules ?That information is usually on MLS listings. Condos that allow unlimited rentals usually have a higher ratio of rented units. Condos that have some rental restrictions, such as no leasing allowed the first 2 years of ownership, typically have a lower ratio of leased units.

State that the information is an estimate since the HOA would not disclose the information, and that the number of rentals/owner occupied units might differ in the estoppel letter. Do not make an EA, because as has been stated forever , no additional EA is permitted in URAR form appraisals.

I make a tent with my bed covers and read the AF with a flashlight while the world sleeps, but I never read an AF thread that says EA's aren't acceptible in FNMAE forms.

 

[ZZGAMAZZ]

Folks are way over thinking this
No matter how much time you spend trying to get an accurate idea of rentals vs owner occupied, when the lender orders the condo questionnaire ( also called an estoppel letter) the numbers from the HOA is going to be different anyway. And the client is going to ask you to change it anyway

Get an approximate idea by looking up on the MLS ,rentals in the subject condo, and/or a few pages of tax records, how many of the names have a different address. Extrapolate results of a fwe pages to the whole. What are the condo's rental rules ?That information is usually on MLS listings. Condos that allow unlimited rentals usually have a higher ratio of rented units. Condos that have some rental restrictions, such as no leasing allowed the first 2 years of ownership, typically have a lower ratio of leased units.

State that the information is an estimate since the HOA would not disclose the information, and that the number of rentals/owner occupied units might differ in the estoppel letter. Do not make an EA, because as has been stated forever , no additional EA is permitted in URAR form appraisals.

JG, your comments are spot-on, and appreciated as always, but isn't it silly & inefficient to report data that we know is meaningless to the extent that we disclose that fact????