1025 form
511) 6 Family Building
07/12/09
Dear H2,
I have your guide to completing the 2-4 unit Small income Property report. Please advise if this form can be used for a 6 unit building or what form you think would be appropriate.
Thank you,
Martitia Mortimer Martitia@elliottco.com
Dear Martitia,
It is possible to adapt the form 1025/72 to do a six family unit. However, it will not be acceptable to Fannie Mae, Freddie Mac or the FHA. Be sure that your client will accept it. I think it is a better idea -- and more effective -- to use a short form narrative than to try to use some of the other forms that are available.
H2
I have your guide to completing the 2-4 unit Small income Property report. Please advise if this form can be used for a 6 unit building or what form you think would be appropriate.
Thank you,
Martitia Mortimer Martitia@elliottco.com
Dear Martitia,
It is possible to adapt the form 1025/72 to do a six family unit. However, it will not be acceptable to Fannie Mae, Freddie Mac or the FHA. Be sure that your client will accept it. I think it is a better idea -- and more effective -- to use a short form narrative than to try to use some of the other forms that are available.
H2
223) Small Income Property Guide
01/27/08
Dear Henry,
Is there a new book on filling out the newest 1025 small residential income property report, that is, the March 2005 revision?
Thanks,
Rick Martin rickmartin@coldwellbankernorthvernon.com
Dear Rick,
Presently there is only our Mini Guide that covers all the changes from the old form to the new one. Readers tell me it works quite well. A whole new book will be available in the summer of 2008.
H2
Is there a new book on filling out the newest 1025 small residential income property report, that is, the March 2005 revision?
Thanks,
Rick Martin rickmartin@coldwellbankernorthvernon.com
Dear Rick,
Presently there is only our Mini Guide that covers all the changes from the old form to the new one. Readers tell me it works quite well. A whole new book will be available in the summer of 2008.
H2
122) Using the 1025 Form
08/17/07
Dear Henry,
I was recently given an assignment to appraise a 2 unit property in Golden, Colorado. The two units, however, are not attached. They are sited on one lot, which is zoned R2.
I'm confused about which form to use, i.e, Form 1025 (2-4 Unit Small Income Property) or the 1004 (Single Family Uniform Residential Form). And should I consider valuing the properties separately since they technically are not a duplex?
Yours,
Darren djhayden2@msn.com
Dear Darren,
I see no reason not to use the 1025 form. However, as part of the Scope of Work discussion with the client, you should get their agreement. I think that you are looking for trouble if you try and split the property and use two URAR forms instead.
H2
Note: Darren wrote again to let us know that the client had approved the use of the 1025 Form for this assignment.
I was recently given an assignment to appraise a 2 unit property in Golden, Colorado. The two units, however, are not attached. They are sited on one lot, which is zoned R2.
I'm confused about which form to use, i.e, Form 1025 (2-4 Unit Small Income Property) or the 1004 (Single Family Uniform Residential Form). And should I consider valuing the properties separately since they technically are not a duplex?
Yours,
Darren djhayden2@msn.com
Dear Darren,
I see no reason not to use the 1025 form. However, as part of the Scope of Work discussion with the client, you should get their agreement. I think that you are looking for trouble if you try and split the property and use two URAR forms instead.
H2
Note: Darren wrote again to let us know that the client had approved the use of the 1025 Form for this assignment.