The Appraisal Update Podcast 7.16.24 - Fannie Mae's Guidance on Short Term Rentals

So far, appraisers haven't had much guidance about how to handle short-term rental assignments. How do you appraise them? Are you supposed to estimate the income and put it on the 1007 form?
Stop what you're doing (especially if you're using the 1007), because we finally have some guidance. A recent Fannie Mae Update stated clearly: "Form 1007 cannot be used to estimate the nightly fee for an STR."
Listen in as Bryan asks Fannie Mae chief appraiser, Lyle Radke, for more detail about how to appraise STRs.
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[@TheValuePro]

Nice job. Nice to get the clarity from Fannie Mae.

[@DarthMWAL]

Great podcast Bryan, liked and shared with our lender customers!

[@timandersentheappraisersad7600]

Bryan, thanks for going to the source! I found the questions about FF&E to be informative. Thanks for raising the issue!

[@millsfamily777]

Much needed update. It's still vague, though. If there is a sale in a market where there are STRs, we have to adjust for the personal property and going concern value of the business. Isn't that essentially developing an opinion of value for those components?