Short-term rentals

[sputnam]

So, I can run title and charge for it and not run afoul of licensing requirements for abstractors? I can do a home inspection and charge for it as part of the appraisal and not run afoul of licensing requirements? Nice to know.

Again, yes, it is not your job, and the lender can do their own income analysis. We are liable for everything we do. Why make for liability for ourselves. Further, analyzing intangible and non-reality items are usually the forte of the certified general appraiser, not the residential appraiser.

That depends on the licensing requirements in your state... and it is a different question. In my state, it's the attorney is responsible for the title abstract. They can use whatever helper they want to use. When I first started working as an appraiser I had an attorney teach me how to do title searches... and then, I asked another attorney to let me do a few for practice. He actually paid me to do them.

However, it is not a GSE requirement... as I said before... if you don't want to do it, don't accept an assignment that has such things as a Client requirement.

 

[J Grant]

That link was FNMA Selling guide. Yes it's for the lender and the selling guide is also for the appraisers.


have fun and good luck getting any reasonable market rents for an str. Your first challenge is what is reasonable? You gonna call two or three str's and and ask them for their rates? You can google airbnb and get it that way. You gonna ask what meals they provide or don't provide at all. You going to ask what the seasonal rates are?

The selling guide is also for appraisers; however, the appraiser section and the lender section are separate. And it is confusing or misleading for appraisers not to understand which section they are reading or to believe that guidelines or rules for lenders apply to appraisers for appraisals.

I don't provide STR rent rates on appraisals because my Fannie or freddie appraisal-bound UAD /URAR from appraisal assignments want LTR rates.

The STR rate a borrower gets is proven from the borrower- ( an income statement or taxes submitted as proof) and is for the lender's use ( as an income qualifier), not the appraiser's use.

The appraiser is not expected to provide for borrower income the STR information in a GSE res lending assignment unless it is an additional separate rental estimate page and attached perhaps.

 

[Tom D]

J Grant right again, appraisal wise. To do a str you almost have to be an accountant to get it right. Love to see your work file. It's a state bear trap waiting to fine you to death for all you're other little mistakes.

 

[J Grant]

J Grant right again, appraisal wise. To do a str you almost have to be an accountant to get it right. Love to see your work file. It's a state bear trap waiting to fine you to death for all you're other little mistakes.

Also, we are not supposed to use STR per Fannie in the GSE res property MV purpose reports - so why are some appraises providing it? (or think they need to provide it)