opperating expence statement

[ardy]

:?
Hello i am a mortgage broker and am doing a loan for a couple's investment property. i am being asked by the lender to provide comps on the property as well as an opperating expence statement. HELP i have know idea where or how to get this information.
please respond if you can help me
thanks
Rob

 

[Theresa in Oregon]

Ardy:

Hire an appraiser.

This is not something you can do yourself with an AVM. An appraiser will not only know how to properly estimate value on an income-producing property, but will also know how to complete an Operating Income Expense statement (the information for which, by the way, comes from the investor's records of actual expenses or is extracted from the local market, and sometimes both).

Theresa

 

[Larry Lyke]

ardy --

You don't say if the Comps are for the appraisal report per se or if the Lender is seeking extra Comps for the purpose of doing the Operating Statement.

If for the latter, it sounds a bit overwrought. However, for the Operating Statement, use the 2-pg Fannie Mae 216 (8-88).

IF, AFTER HAVING SAID ALL THIS, the Lender demands Comps in conjuction with the Operating Statement, use the top part of pg 4 of the Fannie 1025 appraisal report for the gridding and attach it to the Operating Statement as the 3rd pg.

Good luck.

 

[Ben Vukicevich SRA]

ardy,

If you're lending on a single family investment property, the forms to complete are fairly standard.

You need the appraisal form which was selected by DU or LP, to which the appraiser will add; the Single Family Comparable Rent Schedule FHLMC Form 1000/FNMA Form 1007 and The Operating Income Statement FHLMC Form 998/FNMA Form 216.

The completion of these forms is best left to the appraiser. If you complete them, the final lender most likely will not accept the report.

Ben