One of those Thursdays, How to deal with this one.

[Ray Miller]

Been busy today, and I didn't really need this stip. Working on my on line web site www.milleronlineauctions.com , working on Meat N Taters www.meatntaters.com got in four REO appraisals to do, working on my cow deal and wanting to go watch the Rodeo tonight.

Did a nice 1025 a few weeks back on a four unit, rental comps, sales comps. Income approach, Operating statement. Packaged it real nice and sent it off. Thought it was all put to bed.

Get a call and an email that I screwed up the report and the underwriter has sent the appraisal report back, because I don't have a 1007 with it.

I tried talking with them that the 1007 is for single family, but they are saying it is single families that are living in the 4 plex.

How would you deal with this?

 

[xmtpedprl]

???

The '1007' portion is inherent to the 1025, what more would he, or anyone, possibly want/need??

Dave...

 

[Thomas Fiehler]

I think I would go to the rodeo. While 4 families occupy the building, the data for a 1007 might have already been in the report. If its just a matter of transferring the data to the form then you might consider doing so, with a disclaimer that it was completed only as an UW request. Make sure the payment covers the rodeo tickets.

 

[Kevin Mc]

but they are saying it is single families that are living in the 4 plex.

How would you deal with this?

I would try my best to keep from calling them stupid. Tell them to read the report, the rent schedule is already included.

 

[panappr]

Just go to the rodeo...

 

[Chris White]

This is a classic case of underwriter ignorance

 

[Laurie E]

"I tried talking with them that the 1007 is for single family, but they are saying it is single families that are living in the 4 plex."

That's one of the funniest things I've ever heard. Can I share it with my office?

 

[Mike Boyd]

The 1007 is a rental analysis. You don't need a separate rental analysis as one is built in to the 1025. Just tell 'em it is a part of the 1025 and to read the report before complaining.

 

[xmtpedprl]

I've changed my mind:

Quote them a fee, and make the 'Hypothetical Conditon' the the Subject is a SFR!!

;^)

Dave...

 

[Ray Miller]

The 1007 is a rental analysis. You don't need a separate rental analysis as one is built in to the 1025. Just tell 'em it is a part of the 1025 and to read the report before complaining.

Mike I did that, then I went out told my ole 28 year old horse Aztect Sunsation, aka Son, aka Pile of S _ _ T the same thing, he seemed to understand, the LO and UW on the conference call did not.

You see Son has been with me for 27 1/2 years he thinks and spells better then I do. I confer with him a lot these days.