This is a contract between an employer and an independent contractor who is hired to perform appraisals for prospective clients.
Appraisal Agreement Form With 1007
State:
Multi-State
Control #:
US-INDC-21
Format:
Word;
Rich Text
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FAQ
The form is designed to present the information needed to determine the market rent for a single-family property. It calls for information on the physical structure, location, and lease terms.
Fannie Mae Form 1007 is used to provide an estimated market rent for the subject. Fannie Mae Form 216 is used to estimate the operating income associated with income-producing property.
What is a Small Residential Income Property Appraisal Report (Form 1025)? This is the industry-standard appraisal report type for 2-4 unit residential properties. It is the most commonly used report format for two to four unit residential income property appraisals.
Property Appraisal Report (Form 1025), as applicable, and copies of the current lease agreement(s). rent supported by the Single-Family Comparable Rent Schedule (Form 1007) or a Small Residential Income Property Appraisal Report (Form 1025), as applicable, may be used.
Description: The Single Family Comparable Rent Schedule Form 1007 is intended to provide an appraiser with a familiar format to estimate the market rent of a property. Adjustments should be made only for those items of significant difference between the comparables and the subject property.
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The appraisers were not furnished with a copy of the contract of sale. My assignment: I was engaged to perform an appraisal on a FNMA 1004 form.If you have a oneunit rental property, this will require having an appraiser fill out a SingleFamily Comparable Rent Schedule (Form 1007). Independent Appraiser Agreement. Property and the borrower is using rental income to qualify. Otherwise, Form 1007 is not required.