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

[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.

What will kill you is H&B use analysis on MV appraisal. Think about subject property real property rights always. Your client needs the rent schedule.

Can you fathom the difference between H&B use and client wanting rent schedule? Could they be different on H&B use?

I ask for a friend.

 

[Fernando]

For those who still want to do a standalone 1007, request a copy of the original appraisal as a starting reference point. You're welcome.

 

[djd09]

so...they monopolize a community...and jack up the rents and the appraiser reports it as normal activity....thanks to that fannie and freddie guy for the affordability

 

[Fernando]

so...they monopolize a community...and jack up the rents and the appraiser reports it as normal activity....thanks to that fannie and freddie guy for the affordability

Monopolize?
Around here, no landlord monopolizes rents. It's a free market. Renters can go to different communities to live.

 

[djd09]

Monopolize?
Around here, no landlord monopolizes rents. It's a free market. Renters can go to different communities to live.

tell that to the georgia congressman....

 

[Fernando]

When home prices here are easily over $1 Million, it's difficult to break even with rents thus few corporate purchases.
I am surprise the corporate landlord there are slow in maintaining their rentals.
Then I'm not a slumlord. I fix problems when they occur.

 

[cdanj]

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...

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.

 

[cdanj]

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?

The borrower is buying a different proeprty and I am doing the 1007 on his current residence... Which he intends to rent out. So this for his income to qualify for his loan.

 

[gregb]

BFD...so either do the 1007 or turn down the assignment. It is not relevant to the job that the borrower is buying a property or that the borrower is going to rent the property or that the borrower needs the rental income "for his loan."

 

[cdanj]

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

Since it is listed as an exterior I did a facetime video with the owner and they walked me through the property and I observed everything. I had them show me the nooks and crannys under the sinks, behind the toilets and window sills. It's a condo, so the exterior was also observed to be in good condition but not overly scrutinized. I suppose I'll find out when I submit the property. I've never done that before.