Unknown forms

[Ken in Arkansas]

I received an order via fax last night from a Client requiring use of 1004, 216 and 1007 forms. I have never encountered a 216 or 1007 form, and do not have those on my software package. Can anyone shed some light on these?

Thanks

 

[Dave Smith]

Ken:
In the ACI forms package the 1007 is the Rent Survey form. The 216 is the Operating Income Statement form. Sounds like an income property appraisal to me.

 

[Judy Whitehead (Florida)]

And if you have never used them before, then perhaps you may want to get some assistance from someone who has. They are not slam dunks and in this market, rental information is difficult to get and the operating and income statement must have some basis in fact.

 

[Ken in Arkansas]

Thanks Dave & Judy for the feedback. I thought they might be related to a rental situation, but just have never encountered those particular form numbers. Thanks again!

 

[jtrotta]

Never was brought up in the business to remember the Form numbers, so when Clients would request a specific # of a form, we would always ask them to fax over what they want so that we don't provide the wrong one and have to charge them an additional Fee for the change over.

Just had one the other day, they asked for a 2065 and after we sent it in, they said ooops, my mistake we ment a 2055. So it still goes on today, and I'll be reverting back to my old ways once again :?

8)

 

[Ken in Arkansas]

I made that request Monday evening and have yet to receive copies. Good point though.

 

[Judy Whitehead (Florida)]

Hi, Ken and by the way, if we can be of some help, please let us know. I think I've done 10-20 of them this year, which is a lot for me. I think some people are again investing in rental properties rather than the stock market. I think I also have appraised almost every duplex in the county this year, as well. Including new construction duplexes!

 

[Frederick R. Ruffell]

Judy,
Why are you not using the 1025 form on your "duplexes" if that is truly what they are. The 1025 does not need the rental survey as it has the income approach laid out with rental comps grided. Typically the lender will request an operating income statment from the client on refi's. The only time I get requests for the rental survey and op. income statement is on non owner occupied SFR purchases.
P.S. I get more than double the fee for the 1025.
P.S.S Check the civil code in your area, as "2on 1's" (2 units 2 bldgs) must meet certain criteria ( i.e. no kitchen and less than 25% of main house GLA to be "guest house" or with kitchen and less than 20% of main house GLA to be a "companion Unit") to NOT be considered 2 units and in which case they can be appraised on a URAR 1004 or 2055 etc.
P.S.S.S. You may be able to access your Civil Code on line.

 

[Ken in Arkansas]

I thought it unusual also. The lender specifically requested "1004 + 216 + 1007". I have obtained the needed forms - no big deal.

Thanks to all who responded!

 

[Ken in Arkansas]

I thought it unusual also. The lender specifically requested "1004 + 216 + 1007". I have obtained the needed forms - no big deal.

Thanks to all who responded!