Appraisal On Form 1004 For 'individual Client'

[Howard Klahr]

I use Total. Client needs the 'Market Value'. What are the other options

a) "Market Value" is in and of itself not a scope of work
b) search the forms in Total for the General Purpose forms. As I have already said, there are more than one format to choose from. If it were me, I'd look them over and decide from there

 

[TRESinc]

I'm violating FNMA's copyright? Really?

Well, I would never publicly admit it, but I may have used the form, dropped the Cert Pages and used the old general cert pages. There is a couple of reasons for this....one, I have to reformat all the data (and my software pretty much keeps it that way, something about CU). I've looked through the form and there is virtually nothing about "lending" and I include a statement about how the UAD form is used by lenders, but this isn't being used for lending and to disabuse themselves of it being used for lending. I include an abreviation list and I've NEVER had anyone complain.

you are the supposed professional that a client came to for a need which you can supply. it's not up to them to complain. they are relying on you to give them the correct product for their needs. if the report is not for lending purposes then you should not be using the form, especially when there are so many other forms available to you.

 

[BRCJR]

I'm violating FNMA's copyright? Really?

Well, I would never publicly admit it, but I may have used the form, dropped the Cert Pages and used the old general cert pages. There is a couple of reasons for this....one, I have to reformat all the data (and my software pretty much keeps it that way, something about CU). I've looked through the form and there is virtually nothing about "lending" and I include a statement about how the UAD form is used by lenders, but this isn't being used for lending and to disabuse themselves of it being used for lending. I include an abreviation list and I've NEVER had anyone complain.

The "complaint" would likely come from a state board not a client that knows not the difference.

 

[Elliott]

So its a defacto violation or does someone have to actually say why its a violation? : )

 

[BRCJR]

So its a defacto violation or does someone have to actually say why its a violation? : )

I think it is misleading as your form choice indicates that the appraisal is for a mortgage lending decision, when in fact the appraisal you perform is not.

 

[TRESinc]

So its a defacto violation or does someone have to actually say why its a violation? : )

as posted...

It is a violation of Fannie Mae/Freddie Mac copyright. It is also misleading since the form states it is for a mortgage financing. It would be a USPAP violation since it is misleading. Use the General Purpose form.

 

[Peter LeQuire]

I use Total. Client needs the 'Market Value'. What are the other options

A la mode has the Appraisal Institute's report in its menu - and also has a statement of assumptions and limiting conditions and a value definition. The assumptions and limiting conditions need some amplification (IMO). I prefer the AI reports because the site value and the summary of the three approaches are presented on separate pages which can be omitted from the report that is delivered to the client.

 

[Terrel L. Shields]

your form choice indicates that the appraisal is for a mortgage lending decision

Exact reason you want to avoid it.

 

[Tumbuktu]

A la mode has the Appraisal Institute's report in its menu - and also has a statement of assumptions and limiting conditions and a value definition. The assumptions and limiting conditions need some amplification (IMO). I prefer the AI reports because the site value and the summary of the three approaches are presented on separate pages which can be omitted from the report that is delivered to the client.

Only AI Reports I could find are 'Restricted Use', and 'Summary', which is no longer good. No, simple 'Appraisal Report'

 

[Tumbuktu]

Usa a GPAR (General Purpose Appraisal Report)

If you use Total it's the "GP Residential [Signature]" form

The reason we're telling you NOT to use the 1004 URAR 3/05 is because of the preprinted Intended Use which states the report is for "Mortgage Finance transaction." (found just under the preprinted Scope of Work section

The latest "GP Residential [Signature]" Form" I could find is dated 03/07 [March 2007] along with its "Assumptions, Limiting Conditions & Scope of Work" dated the same. Anything I need to add/edit/comment ... to bring it up-to-date.