Share your rental comps, pls!

[Damon L. Davis]

Will you share rental comps to help with a refi, pls? 

I am refinancing a 2BA/2BR 1320 sq ft SFH in Rancho Viejo, Santa Fe, NM (south of Rt 25). Unfortunately, the appraiser was forced to use rental comps from the MLS only, of which there are very few in the last 12 months. There were so few rental comps the appraiser had to expand the radius of his comp search but still came back with only $2100 for similar homes. My last renter paid $2550, Rentometer shows much higher rents, but only comps from the MLS are permissible if I'm going to request a reconsideration.

Would you please share a redacted rental contract with me to submit for reconsideration showing the amount your renter pays your property? This could mean a significant difference in the refi amount I can secure. 

Thanks so much for trying to help, and I hope to help you out in return one day!

[Scott Johnson]

Quote from @Damon L. Davis:

Will you share rental comps to help with a refi, pls? 

I am refinancing a 2BA/2BR 1320 sq ft SFH in Rancho Viejo, Santa Fe, NM (south of Rt 25). Unfortunately, the appraiser was forced to use rental comps from the MLS only, of which there are very few in the last 12 months. There were so few rental comps the appraiser had to expand the radius of his comp search but still came back with only $2100 for similar homes. My last renter paid $2550, Rentometer shows much higher rents, but only comps from the MLS are permissible if I'm going to request a reconsideration.

Would you please share a redacted rental contract with me to submit for reconsideration showing the amount your renter pays your property? This could mean a significant difference in the refi amount I can secure. 

Thanks so much for trying to help, and I hope to help you out in return one day!

Whats stopping you from paying a broker $50 to run a Rental CMA?

[Damon L. Davis]

@Scott Johnson I’ll tell you what’s stopping me, being today years old when I found out that was a possibility from you! Thx!!

[Damon L. Davis]

@Scott Johnson but seriously, the Refi requires MLS rental listings to be legit comps. Will the broker's CMA provide that?

[Scott Johnson]

Quote from @Damon L. Davis:

@Scott Johnson but seriously, the Refi requires MLS rental listings to be legit comps. Will the broker's CMA provide that?

Late on this. No probs! Not sure how it works in your state, but here in North Carolina property managers are required to be licensed brokers. Since they specialize in rentals and also are directly in the business of renting, they should be able to pull comps from the MLS and likely directly from the properties they manage.

I wouldn't go with just any broker. If you can get a property manager to do the CMA and they're a licensed broker, I'd roll that way.

[Adam Schneider]

@Damon L. Davis --Are you saying the you provided the most recent rental agreement (I'm assuming it was recent) for the property, and that was not considered in the appraisal?