sputnam
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- Apr 24, 2012
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- Certified General Appraiser
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- North Carolina
And yet... banks have been doing it for properties at many US coasts for decades. Are they supposed to? Don't know. I'm not a banker.
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Short Term Rental Analysis
- Thread starter Dan Hake
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Carnivore
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Bankers are Bankers. They know what they can do or not do. OTOH bankers are trying to BS untrained residential appraisers to give them what they want for compliance on the cheap. Most residential appraisers are clueless on what this entails. Inevitably a Res Appraiser is going to be hung out to dry and they have no defense.
Terrel L. Shields
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- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
The fact FNMA allows STR income to be calculated in the borrowers income does not mean they allow it to skew the appraised value.
Carnivore
Elite Member
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- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Exactly! That's why I posted the FNMA Link to what they want from the lender UW in regards to the STR. The Problem begins with the AMC Phone Monkey Dot Comers. They are telling Res Appraisers to use the Long term Rental Forms. aka 1007 Rental comps Just one more reason why I can not Stand AMC's.
J Grant
Elite Member
- Joined
- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
STR can qualify the BORROWER income for FNMA loans.
However, STR is not supposed to be used to determine the PROPERTY rental income for a res loan for FNMA- because STR puts it in the hotel category. We are expected to use annual or month-to-month leases for market rent for residential properties for FNMA loans -
However, STR is not supposed to be used to determine the PROPERTY rental income for a res loan for FNMA- because STR puts it in the hotel category. We are expected to use annual or month-to-month leases for market rent for residential properties for FNMA loans -
J Grant
Elite Member
- Joined
- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
? I am not a fan of AMC's, but teh 1007 rental comp form is what is used typically for FNMA loan-bound residential properties.
Dublin ohio
Elite Member
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- Mar 20, 2008
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- Licensed Appraiser
- State
- Ohio
Not a fan of AMCs either. But why are some of the opinion that it is the AMC that determines the product ordered. They are just passing on what the client requested. Everytime I have had an order that I determined had the wrong for requested (1004 ordered but I found out the subject is a condo). The AMC has always told me that is what the client ordered and they have to inform the lender first.
Surf Cat
Elite Member
- Joined
- Apr 21, 2003
- Professional Status
- Certified Residential Appraiser
- State
- California
"All the other appraisers are doing it.....why can't you?" The standard line from the ol AMC playbook....
Carnivore
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Yes, the AMC's claim the 1007 is the proper form for an str. We at this form know it is not. The problem is many of the res appraisers over at facebook appraiser forum get an order from the AMC who are instructing them to use the long term form. Stupid is as stupid does.
SSo the proper response for when an subject is an str is to only provide a 1004 or 1073. PERIOD! The UW looks at the federal income tax records for the prior few years to indicate how much of that income can be used towards the loan payment. That's it!
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Let's take this in a different direction by asking a question. Can a Res License Appraise an STR. It depends on your state. The State of NC does not have a licensed business appraiser. So all a res appraiser needs to do is be competent, have access to str data plus it can not be an FRT. I have a favorite resort I like to go to and play golf. It's
www.reservations.com
Residential/CG' do indeed conduct appraisals in that area. All the data is available for weekly stays. The RE Brokers have it because they manage those short term rentals. What does not exist up there is nightly rental, like a motel/hotel. Those are at the lower end of the lake in the Town of lake Lure. There are about three or four of them. One of them I go to one of them with my girlfriend on my motorcycle. We don't stay overnight. It's only about 75 miles from me. It's on a small river and there is a bar/grill behind it on the river. lot's of bike riders go there on sat/sunday. Fun Day trip. Food is good, sometimes they have music.
SSo the proper response for when an subject is an str is to only provide a 1004 or 1073. PERIOD! The UW looks at the federal income tax records for the prior few years to indicate how much of that income can be used towards the loan payment. That's it!
---------------------------
Let's take this in a different direction by asking a question. Can a Res License Appraise an STR. It depends on your state. The State of NC does not have a licensed business appraiser. So all a res appraiser needs to do is be competent, have access to str data plus it can not be an FRT. I have a favorite resort I like to go to and play golf. It's
Club Wyndham Resort at Fairfield Mountains Lake Lure, NC,
Save big on hotel room rates for Club Wyndham Resort at Fairfield Mountains, Lake Lure. Book online now or call our reservations desk.
www.reservations.com
Residential/CG' do indeed conduct appraisals in that area. All the data is available for weekly stays. The RE Brokers have it because they manage those short term rentals. What does not exist up there is nightly rental, like a motel/hotel. Those are at the lower end of the lake in the Town of lake Lure. There are about three or four of them. One of them I go to one of them with my girlfriend on my motorcycle. We don't stay overnight. It's only about 75 miles from me. It's on a small river and there is a bar/grill behind it on the river. lot's of bike riders go there on sat/sunday. Fun Day trip. Food is good, sometimes they have music.
Elliott
Elite Member
- Joined
- Apr 23, 2002
- Professional Status
- Certified General Appraiser
- State
- Oregon
To show how Zoning codes are thrown away for a buck:
Las Vegas police got thousands of complaints about short-term rentals during Super Bowl
-4,867 Calls-
LAS VEGAS, Nev. (FOX5) -The Las Vegas Metropolitan Police Department received 4,867 calls and complaints to 911 and 311 about short-term rentals in the days leading up to and during the Super Bowl.
On our weekly “Behind the Badge” segment with Metro Police, LVMPD announced they would crack down on violence at short-term rentals, many of which operate illegally across Clark County. They urged citizens to report violence to call 911, report noise or disturbances to non-emergency 311, or visit local area command and submit a “service request” for chronic problems.
FOX5 requested the numbers: according to the records unit, from January 31 to February 11 (Super Bowl Sunday), 4,867 different calls came into dispatch through 911, 311, or from a person or neighbor flagging down an officer for help.
www.fox5vegas.com
Las Vegas police got thousands of complaints about short-term rentals during Super Bowl
-4,867 Calls-
LAS VEGAS, Nev. (FOX5) -The Las Vegas Metropolitan Police Department received 4,867 calls and complaints to 911 and 311 about short-term rentals in the days leading up to and during the Super Bowl.
On our weekly “Behind the Badge” segment with Metro Police, LVMPD announced they would crack down on violence at short-term rentals, many of which operate illegally across Clark County. They urged citizens to report violence to call 911, report noise or disturbances to non-emergency 311, or visit local area command and submit a “service request” for chronic problems.
FOX5 requested the numbers: according to the records unit, from January 31 to February 11 (Super Bowl Sunday), 4,867 different calls came into dispatch through 911, 311, or from a person or neighbor flagging down an officer for help.
Las Vegas police got thousands of complaints about short-term rentals during Super Bowl
The Las Vegas Metropolitan Police Department received 4,867 calls and complaints to 911 and 311 about short-term rentals in the days leading up to and during the Super Bowl.
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