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Omitting the top of Page 2 (URAR)

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by GTroescher, Mar 1, 2009.

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  1. GTroescher

    GTroescher New Member

    0
    Jan 25, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Mississippi
    When the new 1004MC takes place are we expected to fill in top of page 2 of URAR as well or just put refer to 1004MC. I know it doesn't take much to fill out. I am just trying to see food for thought.

    Thanx
    GT
     
  2. Mike Kennedy

    Mike Kennedy Elite Member

    38
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    expected to fill in top of page 2 of URAR as well

    yes. no different than a pud addendum, sf rental schedule, or other addendum forms. keep in mind that COMPARABLE applies to both pg 2 top & the mc addendum.
     
    Last edited: Mar 1, 2009
  3. caghag1

    caghag1 New Member

    0
    Feb 9, 2009
    Professional Status:
    Certified General Appraiser
    State:
    Colorado
    I have been using the form for some time. I fill in the boxes on pg 2, but refer the comment section to the 1004mc form, where I explain the parmeters used and conclusions. No sense in going through it twice.
     
  4. Riick

    Riick Elite Member

    19
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    Woe unto he who hath more comparable sales or listings in one spot than in the other.

    .
     
  5. caghag1

    caghag1 New Member

    0
    Feb 9, 2009
    Professional Status:
    Certified General Appraiser
    State:
    Colorado
    whatever that means.....
     
  6. Hamlet

    Hamlet Elite Member

    0
    Aug 14, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Ohio
    It means woe to those whose reports are not showing consistent data between the top of page 2 and the new MC form.

    Just a friendly warning to form cloners is my guess.
     
  7. supertens

    supertens New Member

    0
    Mar 2, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Mississippi
    I had that very problem on the first MC I completed. I had a tough time getting the MLS to do what I wanted it to do. I am in the process of getting the software designed to answer the questions with three searches rather than 20. Wish me luck and if I can get anything done I will pass it on. By the way I explained that the 1004 MC had some different numbers due to search issues. The top of page 2 was the # of actual comparable properties listed and sold in the past year and the MC was an overview of the market within a specific price range. Some of the comps were not comparable. I called and explained my position and they took it. I think most appraisers will start tightening up the boundaries so the search can be more defined.
     
  8. George Hatch

    George Hatch Elite Member

    48
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
  9. George Hatch

    George Hatch Elite Member

    48
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    BTW,

    The 1004mc is about the market overview. It asks about properties a buyer might consider comparable, which to be sure will include a much wider geographical area and a much wider variety of properties than what an appraiser would consider to be comparable in a Sales Comparison analysis.

    IMO, if a lot of appraisers try to make these two datasets appear to match they're just setting themselves for another useless appraisal myth that they and the appraisers who come after them will have to battle for the next 20 years.

    A form monkey lets the form drive their process. An appraiser uses the form to communicate their process. There's a big difference between the two.
     
  10. Elliott

    Elliott Elite Member

    16
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    When I fill out the 'listing line' of the top of page 2, I do a MLS search based on
    price range, neighborhood, square footage, and maybe age/condition of the
    subject (ie, competitive properties). I use those same parameters to extract
    statistics to meet the requirements of the 1004MC. So they are consistent as
    possible.

    The sales line is based on the sales I've actually selected, and it usually stops at
    9 sales, since that about all my appraisal software can hold, and its just silly to
    analyze more than 9 sales.
     
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