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It's a funny but odd thing with REO's

Discussion in 'General Appraisal Discussion' started by Appraisal Time, Nov 6, 2009.

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  1. Appraisal Time

    Appraisal Time Member

    0
    Jun 9, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    I have heard some on the forum say they use the GP form with the REO addendum and other say the use the 1004 form with the REO addendum.

    Which one do you personally use?
     
  2. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member
    Gold Supporting Member

    70
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Fannie Mae says to use the 1004 for their REO appraisals. An REO appraisal is considered to be a mortage related transaction according to them.
     
  3. Frederick R. Ruffell

    Frederick R. Ruffell Senior Member

    0
    Jan 21, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    FNMA National Property Disposition Center requires the 1004 form with an REO Addendum for SFR. A 1073 with the REO addendum for a condo. A 2055 with an REO addendum for occupied SFRs. A 1075 with REO Addendum for occupied condos. A 1025 with an REO Addendum for 2-4 Units either occupied or vacant. A1004C with an REO Addendum for a manufactured home, etc...

    Now that is just one client and their requirements. I have used the GPAR for many different assignments and I think I have used it in conjunction with the REO Addendum as well. You should be discussing this type of detail with your client befor you start the appraisal report, at the very latest. I try to handel these type of details prior to accepting an assignment.
     
  4. Appraisal Time

    Appraisal Time Member

    0
    Jun 9, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Great comment guys. That's my thinking as well.

    Anyone else with experiences using either form?
     
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