Form 70/465?

[Kevin Jones]

I've been in the appraisal business for almost ten years now. The fun thing about this business is that you are always learning as things are always changing.
I just got an assignment for the purchase of a duplex - the Client has asked that I complete the report of a 70/465 - I have never seen this form - any ideas what it is and where I can find it - Thanks KJ

 

[Jerry Bone Jr]

FHLMC Form 70 is the URAR
FHLMC Form 465 is the Condo/PUD Addendum

 

[CANative]

Jerry Bone cheated. He looked at the bottom of a URAR.

 

[Chris Colston]

Just means the lender is a Freddie Mac lender rather than a Fannie Mae lender and you will have to follow Freddie Mac guidelines. I don't quite understand why they would want a duplex on a URAR with a PUD addendum, though. Is it new construction in a new project? I would think a duplex would require rent comps and operating income.

 

[Otis Key]

I've typically found that these types of orders are coming from someone who is inexperienced and has no idea what any of the forms mean. I've called back many times and stated that the form 70 is the URAR and the investor typically would not like the appraisal presented on that form when there is another form that is the choice and preferred one.

However, if you insist on it being on this form, I'll be more than happy to present it that way, for my fee. Then when the investor instructs you to tell me to use the preferred form (correct one) I will do the appraisal again ---- for another fee.

 

[Carnivore]

Otis,

I am not lecturing you, :lol: , but just presenting some thought to consider.

One of the great debates is how to present a credible appraisal that does not mislead the reader! How is that accomplished when we report one type of property, duplex, on a form that really is taylored for a SFR?

I believe the multi-use form idea was advanced back in the old typewriter days. It really has no place in the high tech world we live in today.

This profession needs help. We are the only ones who can help it. I know you, like myself and many others are raising the bar in multiple areas around the county. Lets not relax just yet.

 

[Otis Key]

Andrew, I agree with you. However, as stated many times, you don't let the form dictate the report. If the MB wants it that way, then it will show the lack of knowledge on their part, especially if you insert a statement into the report that clearly indicates that the appraisal has been performed on a non-conforming form as requested by the MB. I don't believe it's misleading, just following the instructions of our client, with clear disclaimers.

 

[Kevin Jones]

Thanks ever so much for your quick and informative responses. The property to be appraised was a duplex - Therefore once I got back with my Client they wisely decided that the traditional multi-family property form with a comparable rent schedule and income statement would do just fine. Thanks again for the help -

 

[Mike Boyd]

Was it possibly a single unit with an additional unit attached? I call them duettes. Each unit is owned separately and commonly found in a tract of like homes. Along that same line, the owner may own both units....two attached homes. If they are typically owned individually, I see nothing wrong using the URAR with a PUD attachment. They would most likely want a rental analysis and operating income statement.

 

[Mike Garrett RAA]

The new fannie mae URAR clearly says it is for Single Family Residential...except it could be used for a single family with auxillary unit. Now isn't that very clear? :rainfro: