How much charge for Duplex?

[normando]

I don't think I've done a 2-4 unit for a lender this year because the lender fees have been too low. My fee is twice as much as SFR and we're talking over $650. I feel I can finish two SFR reports with less headaches than a duplex report. I can finish one SFR report a day whereas the duplex report takes me at least two days. Do you feel the same way?

 

[Lakefront boater]

For the most part I think you are correct (there are exceptions).
Depending on your market and if there is a good amount of 2-family sales which in my area these types of properties have not been selling for a myriad of different reasons (low rents, high property taxes, high insurance rates for multi's, and also high water bills which the owner typically covers). This type of assignment is much more difficult due to a lack of recent sales in my area but your market area might have more data and would be easier to complete. If you have the data and the fee fits your expectations it's not a bad idea to keep your skills sharp, but it's your business decision.

I don't know if expecting 2X your SFR fee is the best way to look at one of these assignments, but to each their own and what works best for you is the way to go. You can't knock a guy for Quantifying.....lol

 

[NorthTexValuation]

It all depends upon the market the Duplex is in and if there are numerous and similar comparable sales, listings and rentals. A typical Duplex in my area takes about 1.50-2.00 times as long as a SFR 1004.

Minimum URAR fee = $375
Minimum Duplex fee = $600

 

[Fritz in NY]

So far this year I've only done a handfull of 2-4 units. Investors are not buying real estate or selling their real estate here. It is a real struggle to find comps that are really comps so I have not dropped my prices a bit on 2-4's

 

[Captain Common Sense]

They are usually at least twice the work in my market and I have always charged double. They are even harder to do if you aren't doing them on a regular basis.

 

[Tim The Enchanter]

2-4's are a pain in most of my usual areas. No comps.
Some areas there's good comps and data, but it still takes longer as there's more work to do. I don't do many, I want at least $600 to ease the pain. They apparently find someone to take less.

 

[stangtime]

Used to do them on a somewhat regular basis, but it has been probably four of five years since I've done one. In general, in my experience, they are a pain. The upside is that it always seemed like the reviewers didn't know how to review them. Rarely got any call backs.

Dan

 

[OSU Beavers]

Looks like the minimum for you is $600 plus mileage http://www.benefits.VA.gov/homeloans/docs/phoenix_fee.pdf

 

[Doug DeMars]

I always charge as much as I can.

More often than not...they are 2X the work as a SFR even when the market was "healthy" and you can gather decent market data. In todays market...I wouldn't be shy about charging 3X as much.

If there was ever a departure from a "fee schedule" for residential work...it belongs with the 2-4 units. I've done a few "cookie cutter" fourplex properites during the boom...but most often...they are a chore.

 

[Lloyd Bonafide]

It all depends on the area. In some data-rich areas I could do one for 1.5x the fee of an SFR, but in other areas I wouldn't consider doing one for 2.5x the 1004 fee. Sometimes it's just better to pass.