Unknown forms

[Judy Whitehead (Florida)]

Perhaps I was misleading!!! I of course use the 1025 on the duplexes. I guess I was just lumping the investment properties all together in my comment. What I hate the most and just happened to me during this thread on the forum, is that I did a 1004 for someone and THEN they come back and ask for the 1007 and the 216. I have that sitting on my desk right now. :twisted:

Anyway, the comparable rental information is so difficult to get here that I keep a "running" file with any that I find! The real estate MLS system does not have rental information and it is extremely difficult to beg the rental real estate agents to help you, as they are not making money off the deal. I tried calling up individuals that advertise in the paper but 99.9% of them won't talk to me as they are "suspicious" of my questions.

 

[Frederick R. Ruffell]

Judy,
I probably read too much into your post. I am lucky here in San Diego most agents will include the rental data, room count, GLA breakdown, etc in their listing. Another trick is to pull up all 2-4 unit listings, by that I mean active, pending, sold, and expired, cancelled, withdrawn as there is valid rental data in the latter listings.
Ken,
The 1007 and 216 are not that unusaual especially for non owner occupied SFR's. With 2-4 units the lender useually gets the operating income statement directly from the borrower. Do not forget to complete the income approach on the 1004 if you are able to provide valid rental information.

 

[Judy Whitehead (Florida)]

Thanks for reminding me - I will need to go back and change that on the 1004. Actually, less than 5% of homes are rented in the area, so I usually don't considered the rental income approach but I know you must if you include the 1007 and the 216. I guess I have also spoiled my loan processors - they all expect me to complete the 216 for the homeowner - even though it does say we have to jointly complete it. I use figures from M & S although they are typically high for this area.

 

[Frederick R. Ruffell]

Judy,
I often leave the home owner with a copy of the op. Income statement and ask them to fill out what they can and to fax it back. Then I have a copy for the work file. The hardest part of this is to remember to bring a copy to the inspection.

 

[Mike Garrett RAA]

The use of the 1007 and 216 is most common when the subject is a single family residence that is rented or will be rented. Big pain in the, ahhhhh, well you know....but usually necessary to get the job done.

We typically change $50 per additional form...so a 1004 with 1007 and 216 would be $450.

It also is not uncommon to use the same comparables in the 1004 that you use in 1007.