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Commonly Asked Questions about 1004 Application Forms

What is the difference between a 1004 and 1025 appraisal?

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What is form 70 appraisal?

Form 70 is designed to report the results of an appraisal of a 1-unit property, including a unit in a Planned Unit Development (PUD), a Detached Condominium Unit or a 1-unit property with an accessory unit. An interior and exterior inspection of the subject property is required.

What is the difference between 1004 and 1073 appraisals?

The Uniform Residential Appraisal Report (URAR) is the most commonly used single-family appraisal form, and it is also known as Form 1004. Keep in mind that Form 1004C is used for appraising single-family manufactured housing, while Form 1073 is used for condominium units.

What is a 1004H appraisal?

A hybrid appraisal, also known as a Fannie Mae 1004 Hybrid or Freddie Mac 70H, represents a new wave in the real estate industry. Its an innovative approach to property valuation that combines the traditional full appraisal methodology with modern, data-driven techniques.

What is a 1004D appraisal form?

An Appraisal Update and/or Completion Report (Fannie Mae Form 1004D) is used to update the value of an appraisal that is more than four months old or to confirm completion of, construction of, or renovations to a dwelling when the original appraisal was performed prior to completion.

What is the 1004?

Purpose of the 1004 Appraisal Form The main goal of the 1004 form is to provide an accurate and unbiased estimate of a subject propertys market value. Appraisers utilize this form to collect and analyze essential data points about the subject property, including its characteristics, condition, and location.

What is the difference between form 1073 and 1004?

Form 1073 is the second most commonly used property appraisal form for residential properties. This form is used for appraising condominiums. Essentially, it is the same form as Form 1004 and also serves the same purpose. However, keep in mind that the form is modified for condos.

Is appraisal form 70 the same as 1004?

Fannie Mae 1004, Uniform Residential Appraisal Report Also known as the Freddie Mac form 70 or the URAR. This report form is designed to report an appraisal of a one-unit property, or a one-unit property with an accessory unit.