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Form 70/465

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Michael Filip

Sophomore Member
Joined
Aug 5, 2003
Professional Status
Certified General Appraiser
State
Pennsylvania
I received an order for an exterior Freddie Mac form 70/465, which is an investment condo unit.

I know the condo form is 465, but beyond that I'm confused and the lender has no clue.

any ideas?
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Michael,

Freddie Mac Form 70 is the URAR. Sounds like the client is giving you a choice of which form to use, but it might save you a lot of time and effort if you get them to clarify that for you.

Exterior condo report? Would a 2055 better suit the scope of your assignment?

Whatever form your client decides upon, remember to include all the appropriate information in your report. It's easy to forget all the data that's required if the form you're using doesn't include all those nicely labeled blanks to remind us. And I'm sure you've already considered the right forms for reporting the investment/income information.

Have fun!
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Newbie LO? Don't ask the LO what they need, ask the UW. ;)
 

Michael Filip

Sophomore Member
Joined
Aug 5, 2003
Professional Status
Certified General Appraiser
State
Pennsylvania
The UW suggested to ask me as she also did not know.

I guess I cant go wrong with just doing the full condo form & getting more $$ :D
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Money, money, money, money, MONEY. :D
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Don't spin your wheels doing it on a URAR...go with the condo form from the start. Seems every time we do one on a URAR it turns into a condo form in the end.
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
There is another possibility. I got one of these just yesterday and it's for a single family house, not a condo. Order form said "Freddie Mac: Form 70 with a form 465 required. This is a single family being purchased as a non-owner occupied" So. . . is your property a condo? If not, then what they probably want is a 465B, which is Analysis of Annual Income and Expenses - Operating Budget. The funny thing about this is that this is a Fannie form (1073A) for use with condos or PUD's and Freddie's number is not on it anywhere I can find.

In my own situation, I am guessing that I have a green UW who didn't know what they wanted. I currently have a request in for info on whether they will accept the more usual Operating Income Statement (Freddie 998/Fannie 216). After that question is answered, the next question will be whether they require a Comparable Rent Survey. By the way, I charge not just a little, but a lot more for doing an Operating Income Statement and Comparable Rent Survey.
 
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