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

[gregb]

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

And the source of the value definition.

 

[alebrewer]

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

I mean - that's what EA's are for, right? Just have to have a reasonable basis for making them...

 

[Fernando]

First thing I ask would be why didn't the original appraiser do the 1007.
I get excuses like appraiser is out of town.
1007 is an addition to the 1004 form and I always feel the charge is insufficient especially when few rental data available.
I usually decline standalone 1007 assignments because I need to see subject before I know what rentals to use.
And that takes more work than the standalone 1007 fee.

 

[djd09]

what if the house is gutted...a full inspection is needed pass on that assignment

 

[Fernando]

what if the house is gutted...a full inspection is needed pass on that assignment

Yeah, it be hard to find rentals that are gutted.

 

[Dublin ohio]

First thing I ask would be why didn't the original appraiser do the 1007.

You are assuming there was an original appraiser. From the op it appears that the owner is not selling the property they own and is either going to or is renting out the current property and needs the rental survey to support the income they are using to qualify for another property they are buying.

 

[Dublin ohio]

I mean - that's what EA's are for, right? Just have to have a reasonable basis for making them...

Isn't that kinda what I posted

 

[jay trotta]

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

Correct, and have required them in the past, IF they want it done, they need to produce.

 

[Fernando]

You are assuming there was an original appraiser. From the op it appears that the owner is not selling the property they own and is either going to or is renting out the current property and needs the rental survey to support the income they are using to qualify for another property they are buying.

All the time, there was an original appraisal and client looking for sucker appraiser to take the rental assignment.
The fee doesn't justify the standalone 1007.

 

[Zoe]

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.

It depends Sir with all due respect on big production. Very hilarious coming from you.