Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > General Appraisal Discussion
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 11-06-2009, 09:36 PM
Appraisal Time's Avatar
Appraisal Time Appraisal Time is offline
 
Join Date: Jun 2009
Location: Jimmy John City
State: Virginia
Professional Status: Certified Residential Appraiser
Posts: 823
Default It's a funny but odd thing with REO's

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?
__________________
Just so you know, all earned realities begin with dreams!!!
Sponsored Links

  #2  
Old 11-06-2009, 10:04 PM
Tim Hicks (Texas)'s Avatar
Tim Hicks (Texas) Tim Hicks (Texas) is online now
 
Join Date: Jan 2002
Location: Crowley
State: Texas
Professional Status: Certified Residential Appraiser
Posts: 11,849
Default

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.
__________________
Please don't log on here and ask for our blessings unless you are prepared to accept the truth.
  #3  
Old 11-06-2009, 10:38 PM
Frederick R. Ruffell Frederick R. Ruffell is offline
 
Join Date: Jan 2002
Location: San Diego
State: California
Professional Status: Certified General Appraiser
Posts: 1,821
Default

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  
Old 11-06-2009, 11:21 PM
Appraisal Time's Avatar
Appraisal Time Appraisal Time is offline
 
Join Date: Jun 2009
Location: Jimmy John City
State: Virginia
Professional Status: Certified Residential Appraiser
Posts: 823
Default

Quote:
Originally Posted by Tim Hicks (Texas) View Post
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.
Quote:
Originally Posted by Frederick R. Ruffell View Post
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.
Great comment guys. That's my thinking as well.

Anyone else with experiences using either form?
__________________
Just so you know, all earned realities begin with dreams!!!
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 07:39 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93