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Creative Writing and the 1004MC

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by AnonApprsr, Mar 15, 2009.

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  1. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    I'm looking for a little brainstorming regarding the word "comparable" and the 1004MC. The comparable properties I'm gong to draw data from for the "gridding" of the form will of course contain the sales I eventually choose as the most comparable sales, but I did look at many more homes as comparable. Much like the typical buyer looks for a home. They may know they want a home in a certain location, or maybe a certain type of home such as a cape or a 8-4-2.5 colonial. So maybe they're are "20" comparable sales that I would consider when analyzing the market for value trends. That doesn't mean I would consider them all specifically for the value for the Subject property. I of course look at them, but may eliminate them for specific reasons, as an appraiser does.

    I'd like to make the reader of the appraisal understand that process, and as a result a destinction between "the comparable sales" and "comparable sales." Such a foolish thing to bind an appraiser with a word on a form, but it is the way of Fannie and Freddie.
     
  2. leelansford

    leelansford Elite Member

    44
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    A few brief sentences similar to what you presented here should suffice as an explanation. Seriously.
     
  3. Mike Kennedy

    Mike Kennedy Elite Member

    58
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    "homes that would compete with the subject". (see the form instructs).
     
  4. George Hatch

    George Hatch Elite Member

    81
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    I'd go with something like this:

     
  5. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    Thanks George, that's the way I'm going with this. Your help is so appreciated.

    Meh, can you select what brief sentences? I'd appreciate you, as my peer, throwing in your say. Thanks.


    I'd love for a few more people to help out on this. I feel that a lot of you will be doing this form like this, because it's how I have (and probably you as well) been doing market trends anyway.
     
  6. peggy

    peggy Sophomore Member

    0
    Nov 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Thanks George

    Peggy
     
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