Lwcs 1004 form-2025

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The Market Conditions Addendum is intended to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood.
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 inium units.
A URAR form, also known as Fannie Mae Form 1004, contains information needed to complete a full appraisal of a property using three primary approaches to determine value: cost approach, sales comparison approach and income approach.
Use of the 2055 Form for Exterior-Only Inspections This form requires less detailed information compared to the 1004 form, primarily focusing on the propertys exterior condition and its surrounding neighborhood. While the 2055 form may be more convenient, the 1004 is much more accurate and complete.
Form 1073 is the second most commonly used property appraisal form for residential properties. This form is used for appraising iniums. 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.
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For appraisals of detached inium units, Fannie Mae Form 1004 may be used. Freddie Mac Form 70 may be used for interior and exterior appraisals of detached units, or Form 2055 may be used for exterior-only appraisals.

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