I just got a stand alone 1007 rent schedule.First time.. What other forms should I include?

[sputnam]

I dont get he paranoia about what a report is used for. If you only do the 1004 rental form, that is all you are responsible for. I've done a handful of them - who knows why a client orders them or why the original appraiser didn't do it. What difference does it make - the market rent estimate/opinion is supported by market data - the end.

That's right.

One of the least understood things about appraisals is that an appraiser can appraise all or any part of a property. In the case of a 1007, if an opinion of the market rent is reported, it's an appraisal of the value of the right to occupy and use the property.

 

[Zoe]

I just got assigned a stand alone 1007 rent schedule for the first time.. What additional forms should I include?

I spoke to the AMC and they were a little vague also, she basically said just fill it out and sign it, doesn't have to be a big production.

The buyer needs this to establish fair market rent of his current house because it will help him qualify financially for the house he wants to buy.


I could always just do my best with this and have them kick it back, but this is a brand new client with some pretty good fees and I want to impress.

Your appraising fee simple rights or am I wrong?

If the subject is under lease?

Your value definition is MV as defined by Fannie.

Always focus on real property rights you are appraising. Value definition is very important.

 

[djd09]

now measuring to the tenth of an inch in not necessary...duly noted...and do not forget about zoning something about legally permissible...do the bedrooms have the proper ingress and egress blah blah blah

 

[alebrewer]

It's weird. They have no engagement letter. But this is also a weird request. The buyer is buying a different property and this is his current home which he will rent out. So the lender wants this to establish the rent the guy will collect. And it's actually a big company. Just an oddball request.

That type of request is not that atypical. These are typically ordered when a borrower is using rental income from an investment property to qualify for a loan. We prolly order 10-15 a month.