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

[cdanj]

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.

 

[swandel1]

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.

You will need the 1007 form - stand alone version. You will need subject and rental comp photos, and a location / comparable rentals map. Make sure you have the interior / exterior photos in your work file, whether they come from an earlier appraisal, MLS, zillow, etc.. You can always add "fluff" i.e. cover letter, etc.

 

[gregb]

A 1007 rent schedule as a separate entity is an appraisal report, requiring the same USPAP elements to be included.

 

[DWiley]

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.

.

I agree that it does not have to be a "big production" - at least not for an appraiser. It is an appraisal report. You will need the items listed in STD 2 for the type of appraisal report you are communicating.

 

[alebrewer]

You will need the 1007 form - stand alone version. You will need subject and rental comp photos, and a location / comparable rentals map. Make sure you have the interior / exterior photos in your work file, whether they come from an earlier appraisal, MLS, zillow, etc.. You can always add "fluff" i.e. cover letter, etc.

I don't disagree that all of this stuff is typically required, but some of it is specific to the negotiations between the client and the appraiser, and not 'required' stuff (comp photos, maps for example). It's always a good idea to read the engagement letter prior to quoting a fee. Who knows - this lender may require interior inspection for a 1007 assignment...

 

[Dublin ohio]

Who knows - this lender may require interior inspection for a 1007 assignment...

Unless I had a recent listing of the subject with interior photos, I would require an interior inspection of the subject. Hard to do a credible 1007 unless you are relatively confident of the interior condition of the subject. But that is just me as condition is pretty significant in rental rates in my area

 

[J Grant]

I include subject photos, MLS or original photos of the rental comps, depending on client need, a USPAP Identification form ( service cert addendum form )and a map in addition to the stand-alone 1007 form.

 

[djd09]

i never had a good client ask me for a stand alone rental form...dont they have rent documentation for the loan or are we back to gimmicks?

 

[gregb]

One off client, a law firm with the wife as a client in a divorce case, wanted a rent survey relating to the husband's penthouse apartment on top of his employer's building. If you are in appraisal business long enough, there are some interesting assignments that come.

 

[Dublin ohio]

Since it is an appraisal. You will need to include definition of type of value