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

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Ray Miller

Thread Starter
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?
 

xmtpedprl

Senior Member
Joined
Dec 6, 2005
Professional Status
General Public
State
Florida
???

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

Dave...
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
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

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
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

Elite Member
Joined
Dec 5, 2007
Professional Status
Certified Residential Appraiser
State
California
Just go to the rodeo...
 

Chris White

Sophomore Member
Joined
Nov 16, 2004
Professional Status
Certified Residential Appraiser
State
South Carolina
This is a classic case of underwriter ignorance
 

Laurie E

Sophomore Member
Joined
Jul 16, 2007
Professional Status
Certified Residential Appraiser
State
Oregon

"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

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
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

Senior Member
Joined
Dec 6, 2005
Professional Status
General Public
State
Florida
I've changed my mind:

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

;^)

Dave...
 

Ray Miller

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