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

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Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
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?
 
???

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

Dave...
 
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.
 
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.
 
Just go to the rodeo...
 
This is a classic case of underwriter ignorance
 

"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?

 
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.
 
I've changed my mind:

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

;^)

Dave...
 
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.
 
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