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Freddie Mac 70 / Fannie Mae 1004 2005-2024 free printable template

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Uniform Residential Appraisal Report File # The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of
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How to fill out uniform residential appraisal report


How to fill out uniform residential appraisal report:

Start by gathering all the necessary information about the property being appraised, including its address, size, and any recent renovations or improvements.
Carefully review the property's legal documents, such as the deed and title report, to ensure accurate information is provided in the report.
Conduct a thorough inspection of the property, both inside and outside, taking notes on its condition, amenities, and any unique features.
Collect relevant data about comparable properties in the area, including recent sales prices, square footage, and similar features. This information will help determine the property's market value.
Analyze the collected data and apply appropriate appraisal methods to determine the property's fair market value. This may involve comparing it to similar properties, considering income potential, or evaluating its cost to replace.
Present your findings in a clear and organized manner, using the standardized format provided in the uniform residential appraisal report. Include detailed descriptions of the property, its condition, and any factors that influenced its value.
Complete all required sections of the report, including the appraiser's certification, summary of the appraisal process, and any additional commentary or explanations deemed necessary.
Review the filled-out report for accuracy, ensuring that all calculations and information are correct.
Submit the completed uniform residential appraisal report to the appropriate parties, such as the lender, mortgage company, or homeowner.

Who needs uniform residential appraisal report:

Lenders or mortgage companies often require a uniform residential appraisal report to assess the value of a property before approving a loan or mortgage.
Homeowners may need a uniform residential appraisal report for refinancing purposes or to determine the value of their property for selling or insurance purposes.
Real estate professionals, including agents and brokers, may use uniform residential appraisal reports to assist their clients in making informed decisions about buying or selling properties.

Who needs a Uniform Residential Appraisal Report?

A private property owner fills out the report to provide the lender/client with an accurate and adequately supported opinion of the market value of the subject property. The intended user of this appraisal report is the lender/client.

What is the Uniform Residential Appraisal Report?

The Uniform Residential Appraisal Report (URAL form or Fannie Mae 1004 form) is one of the common forms utilized for real estate appraisal. It was created for analysis of conditions and evaluation of single-family dwellings or single-family dwellings with an “accessory unit” (including a unit in a planned unit development) but is not meant to be used for appraisals of manufactured homes or condominiums. Lenders will apply for the report each time a property is purchased or refinanced. All information provided in the report is used to appraise the actual value of the property.

Is the Uniform Residential Appraisal Report accompanied by other forms?

The fillable appraisal form is not accompanied by any other forms.

When is the Uniform Residential Appraisal Report due?

While you may never see an expiration date on a real estate appraisal forms, many lenders will not accept an appraisal that is more than 120 days old because the property values are changeable.

How do I fill out the Uniform Residential Appraisal Report?

There are several boxes you will need to fill out in the Uniform residential appraisal form: 1) Property Description; 2) Neighborhood and PUD (an overview of the history of that particular area); 3) Site (covers the property specs); 4) Value; 5) Final Determination.

The report requires interior and exterior inspection of the subject property, a street map that shows the location of the subject property, an exterior building sketch of the improvements that indicates the dimensions.

Where do I send the Uniform Residential Appraisal Report?

The Certified contract must be sent to the client/lender.

Video instructions and help with filling out and completing uniform residential appraisal report

Instructions and Help about appraisal form 1004

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What is form 1004?

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. ... Basic information including address, legal description, owner's and/or borrower's names.

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1004 appraisal is a type of real estate appraisal report that is used to estimate the estimated value of a residential property. It is also known as the 'Uniform Residential Appraisal Report', and is the most commonly used form of appraisal report. The 1004 appraisal is typically used when a lender is financing a mortgage for a borrower, and it includes information about the property, such as square footage, number of bedrooms and bathrooms, age of construction, and more.
A 1004 appraisal is typically required by a lender in order to evaluate the value of a property as part of the loan approval process. The appraisal is usually conducted by a licensed appraiser and must meet the guidelines set forth by the Uniform Standards of Professional Appraisal Practice (USPAP).
The 1004 appraisal form is used by appraisers to report an estimate of a property's market value. It includes detailed information such as the property's physical characteristics, the market area, sales data, and the appraiser's opinion of value. Specifically, the 1004 appraisal report should include the following information: • Identification of the property and market area • Description of the property, including its location, size, type, and condition • Date and type of comparable sales used in the appraisal • Analysis of the comparable sales, including adjustments to reflect differences in the subject property • Date of the appraisal and the effective date of the appraisal • Appraiser's opinion of the market value of the subject property • Appraiser's certification of the accuracy and completeness of the report • Appraiser's signature and license number.
The deadline to file a 1004 appraisal will vary depending on the lender and the situation. Generally, lenders require the appraisal to be completed within 30 days of the loan application.
Filling out a 1004 appraisal form involves gathering and providing specific information about the property being appraised. Here are the steps to fill out a 1004 appraisal form: 1. Basic property information: Begin by entering the property address, legal description, and county information at the top of the form. 2. Property details: Provide detailed information about the property's size, zoning, access, and utilities. Also, note the property type (e.g., single-family, multi-family) and the number of units or bedrooms. 3. Property condition: Assess the property's overall condition and indicate any deficiencies or significant issues. This includes an evaluation of the exterior and the interior, noting any damages or repairs needed. 4. Comparable sales: Identify recent sales of comparable properties in the area and include their sales price, date of sale, and relevant information, such as location, size, and characteristics. These comparables should be similar to the subject property in terms of size, location, age, amenities, and other relevant factors. 5. Cost approach: Calculate the property's value based on the cost to build a replacement property, minus any depreciation. This approach estimates the value by adding the cost of the land to the cost of construction, minus any depreciation based on the property's age, condition, and other factors. 6. Sales comparison approach: Determine the value of the property by comparing it to recent sales of similar properties (as mentioned in step 4). Adjustments may be needed to account for differences in size, condition, location, and amenities. 7. Income approach (if applicable): If the property generates rental income, use the income approach to estimate its value based on the net operating income (NOI) it generates. This approach is commonly used for investment properties. 8. Final value estimate: After considering all three approaches, provide an estimated value for the property. The appraiser's professional judgment and expertise play a crucial role in this determination. 9. Certification: The appraiser should sign and date the form, certifying that the information provided is accurate to the best of their knowledge. 10. Supporting documentation: Attach any supporting documents, such as photographs, floor plans, maps, and additional notes, that help further explain the property's condition or other relevant factors. Remember, filling out a 1004 appraisal form requires knowledge and expertise in property valuation. It's recommended to consult a professional appraiser or refer to specific guidelines provided by the applicable regulatory bodies.
The purpose of a 1004 appraisal is to determine the market value of a property. It is a report generated by a licensed appraiser to provide an unbiased and objective assessment of a property's worth. This type of appraisal is commonly requested during real estate transactions, refinancing, or when there is a need to establish the value of a property for various purposes such as insurance, taxation, or estate settlement. It typically includes a comprehensive analysis of the property's physical characteristics, recent comparable sales in the area, and an assessment of the overall market conditions to arrive at an accurate estimate of its value.
The penalty for the late filing of a 1004 appraisal can vary depending on the specific circumstances and regulations of the governing body or organization. Generally, late filing penalties can involve fines or fees imposed by the regulatory authority, delays in processing the appraisal, loss of credibility or reputation for the appraiser, or potential legal consequences if the late filing violates any laws or contracts.
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