Rental Survey 'only' On A Multi-unit?

[kimbtod]

Has anyone ever done a rental survey 'only' on a multi unit property? If so, which form did you use? The lender told me to use the 1007 and just note that the property is 3 units. That, just does not seem right to me, but I also can't find an individual form like the 1007 for a multi family rental survey in my forms list. Does one even exist?

 

[George Hatch]

You don't need a form - just write it out.

Market rent appraisal. Be sure to include the definition of market rent along with your signed cert.

 

[gregb]

You could use the rental page of the 1025 or the 71A and 71B, plus add necessary USPAP compliances.

 

[kimbtod]

Thank you for your input, George. I'll try that. I have a feeling they will reject it, since they know best . I am, sure this is going to require some push and pull.

 

[CANative]

Thank you for your input, George. I'll try that. I have a feeling they will reject it, since they know best . I am, sure this is going to require some push and pull.

Don't loose track of the fact that this is an appraisal and SR's apply. Unless the just want to know, in general, what units rent for in the market.

 

[CANative]

You can use MLS to export rents into excel and then format so they make a purty exhibit. I keep tabs by updating a DB for the areas I generally work.

 

[George Hatch]

You can never ever go wrong by asking your client what formats they prefer. The individual you're interacting with may not have the answer to that question but they can probably refer you to the chief appraiser or other responsible party who can answer that question.

 

[Mejappz]

The AI forms have an income section that are in my opinion superior to the 1025 rental section or other income forms.

 

[Addie]

I have an old post where I gave this site a copy of market rent definition and got berated for it because @Michigan CG Said I had no idea what I was doing. Yet it was from AI so....?

Anyway.

I’ll let you all Appraisers hash this out. This was forwarded from Clear Capitals Chief Appraiser regarding a 1007.

I laugh at Clear Capital and you all like you laughed at me. Scary the State of California, Chief Appraisers, Appraisers etc. think 1007’s aren’t 2-2’s and when a home is rented out on a 1004, you mark fee simple and do as-is.....Hahahah.

 

[CANative]

165. MARKET RENT OPINION

Question: I was asked by a client to provide an opinion of the market rent for a commercial property.
Is such an assignment considered an appraisal?

Response: Yes. USPAP defines an appraisal as an opinion of value, and market rent is an expression of
value for the right to use a property. Therefore, to comply with USPAP in this assignment, an
appraiser would have to follow STANDARD 1 to develop the opinion of the market rent, and
STANDARD 2 to report the assignment results.