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What is the most commonly used land appraisal form?
Form 1004. Form 1004 is easily the most common and widely used property appraisal form. And this is because the form is used for single-family residential properties. You use Form 1004 when you have to perform an exterior and interior inspection.
What is the difference between 1004 and 1025 appraisal?
Keep in mind that Form 1004C is used for appraising single-family manufactured housing, while Form 1073 is used for condominium units. On the other hand, Form 1025 is for small multi-family investment properties.
What are 2 practices that are not prohibited with regard to appraisers?
Subsection 1 does not prohibit a person with an interest in a real estate transaction from requesting that an appraiser: (a) Consider additional appropriate property information; (b) Provide further detail, substantiation or explanation for the appraisers conclusion as to value; o (c) Correct errors in his appraisal.
Does a 1025 include a 1007?
For Investment/Income properties, the Form 1025 will be accompanied by Form 216 (Operating Income Statement). The Form 1007 (Comparable Rent Schedule) is not needed as an add on form as the 1025 includes a section for the Comparable Rent Schedule as part of the standard form.
Is Fannie Mae no longer requires appraisals?
With this update, we are introducing the following: Value acceptance is being used in conjunction with the term appraisal waiver to better reflect the actual process of using data and technology to accept the lender-provided value. We are moving away from implying that an appraisal is a default requirement.
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What is the difference between 1004 and 1073 appraisal?
In appraisal world, there is no such word as Townhouse. For a single unit home, its either a condo or a SFR/PUD. For a condo, FNMA form 1073 is usually used; for a SFR/PUD, FNMA form 1004 is used. How to tell if a property is a condo?
What does a 1025 appraisal include?
Two-to-Four Unit Residential Appraisal 1025 Small Residential Income Property Report Form 1025 includes two to four unit Residential Appraisals. This reports includes the overall analysis of cost approaches, competitive listings, competitive rents and sales comparison with completed operating income statement.
Which Fannie Mae form would be used to report an appraisal on a condominium unit?
Fannie Mae requires the following appraisal report forms to be completed utilizing Appendix D of the UAD Specification when reporting the results of an appraisal for a conventional mortgage loan: Uniform Residential Appraisal Report (Form 1004) Individual Condominium Unit Appraisal Report (Form 1073)
What are the rules for Fannie Mae appraisals?
Fannie Mae will allow the use of an origination appraisal for a subsequent transaction if the following requirements are met: The subsequent transaction may only be a limited cash-out refinance. The age of the appraisal report must be less than 12 months from the note date of the subsequent transaction.
Which Fannie Mae appraisal report form is designed to report an exterior-only inspection appraisal of a single-family home?
Exterior-Only Inspection Residential Appraisal Report Form 2055 is designed to report the results of an appraisal of a 1-unit property, including a unit in a Planned Unit Development (PUD), Detached Condominium Unit or a 1-unit property with an accessory unit.
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit
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