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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 development (PUD), based on an interior and exterior inspection of the subject property.
Freddie Mac Form 70D July 2020 Page 4 of 8 Fannie Mae Form 1004 July 2020 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 development (PUD).
The 1004 is used when an appraiser is required to do an interior and exterior inspection. It is typically used when a lender is ordering an appraisal for a refinance or purchase transaction. This is the detached single-family residential form, as well as the townhouse appraisal form.
Appraisers use the 1004 appraisal form to appraise a single-family home. Known as the Uniform Residential Appraisal Report (URAR) and is used to find the opinion of the value of real estate.
7 Φεβ 2024 · In addition, appraisals for units in condo projects that consist solely of detached dwellings may be documented on Form 1004, if the appraiser includes an adequate description of the project and information about the homeowners’ association fees and the quality of the project maintenance.
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. Common sections featured on a URAR form include:
This document provides guidance to Appraisers who are preparing residential appraisal reports utilizing the industry standard forms and to lenders who are submitting the Appraiser’s completed reports to FHA in the Mortgage Industry Standards Maintenance Organization
