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  #1  
Old 11-04-2009, 12:15 PM
bruha76 bruha76 is offline
 
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Default quick question about 1004mc

Intended user wants an appraisal just to know the opinion of value for his property. Of course I am doing this on a general appraisal form. Does the 1004mc need to accompany this?
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  #2  
Old 11-04-2009, 12:24 PM
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George Hatch George Hatch is offline
 
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If it's not going to through a conventional lender and your intended users don't have any specific requirements then it's completely up to your discretion.
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Old 11-04-2009, 12:29 PM
OminousRun OminousRun is offline
 
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Only Fannie/Freddie and FHA require the 1004MC form. Doesn't mean you can't use it to better communicate the appraisal if you wish
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Old 11-04-2009, 12:33 PM
bruha76 bruha76 is offline
 
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thanks you. i rarely ever do this form. so i just wanted to make sure.
  #5  
Old 11-04-2009, 12:34 PM
LI-Appr LI-Appr is offline
 
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I do not include a 1004mc on a gpar. it is not in the SOW. However; you should do a good narrative on market conditions.
  #6  
Old 11-04-2009, 03:27 PM
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ValuMan ValuMan is offline
 
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How to get out of doing things? The mantra for today's workforce.

How about considering how helpful it might be for the client if completed correctly - and add it in.
  #7  
Old 11-04-2009, 03:29 PM
Tom Woolford Tom Woolford is online now
 
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Quote:
Originally Posted by ValuMan View Post
How to get out of doing things? The mantra for today's workforce.

How about considering how helpful it might be for the client if completed correctly - and add it in.

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  #8  
Old 11-04-2009, 03:29 PM
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Joyce Potts Joyce Potts is offline
 
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If your client doesn't require it, don't worry about it. That said, it can be a handy little back up tool to include in your appraisal. The more of those I do, the more I like them.
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  #9  
Old 11-04-2009, 03:35 PM
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hglenbetts hglenbetts is offline
 
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For every GPR I complete, I go through the paces of the 1004MC and keep it in my work file, then use a narrative (with the ever popular charts and graphs) to communicate the findings.

I've got it down to about 20 minutes thanks to an in depth Excel program. I even run the program for agents in my real estate office that are concerned about different markets.
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  #10  
Old 11-04-2009, 03:37 PM
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Lloyd Bonafide Lloyd Bonafide is offline
 
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For a private party, I would include it only if I wanted to completely baffle the client.
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