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. there are no comps in the area please respond if you can help me
thanks
ardy

 

[Ruth Langkawel]

Hi Ardy,

What the lender is asking you for is an appraisal. In most states, the research and analysis that the lender requested can only be supplied by a licensed appraiser. If the mortgage is to be sold on the secondary market, or guaranteed/insured/funded by an federally related mortgage or mortgage insurance program, an appropriately licensed or certified appraiser will be required.

You may post the location (mailing city & state) of the subject property, and it is likely that a forumite can help you. Or you can enter the state and county of the subject properties location in the "Find and Appraiser" search at the top of this page.

NOTE: If the subject property involves anything other than a 1 to 4 family with residential use zoning (with or without auxiliary buildings), be sure to select an appraiser that accepts commercial appraisal orders.

Good luck to you.
8)