• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

1004 or 1025 ?

Status
Not open for further replies.

jcoffey

Thread Starter
Freshman Member
Joined
May 8, 2008
Professional Status
Certified Residential Appraiser
State
Missouri
Does an owner occupied 2 family residence (with the other unit vacant but will be rented to his daughter) have to be a 1025 or 1004 with rent schedule and operating cost?
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Does an owner occupied 2 family residence (with the other unit vacant but will be rented to his daughter) have to be a 1025 or 1004 with rent schedule and operating cost?
What is the highest and best use? Appraise it to the HBU.
 

Dan/Fla

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Just for bell and whistles what is the zoning and or property use? Is it a duplex or a single family with something like a Mother in Law suite? which should also help you do a Highest and best. Next what does the client want. Even with Duplex in past if Client request 1004, Then Note every thing in report and state basically : per clients request subject was reported on a 1004" then disclose in detail what the property is so the reader knows all that you know about the Property.
 

Rich Heyn

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Michigan
The reporting format is primarily driven by the needs of the intended user(s). What does your client say?
 

Joyce Potts

Elite Member
Supporting Member
Joined
Feb 6, 2005
Professional Status
Certified Residential Appraiser
State
Florida
The reporting format is primarily driven by the needs of the intended user(s). What does your client say?

The same can be said for AMC's.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Does an owner occupied 2 family residence (with the other unit vacant but will be rented to his daughter) have to be a 1025 or 1004 with rent schedule and operating cost?

I take it that the appraisal is for use by either the FHA or VA...yes?

If "yes"...and, taking a big leap, I assume that you have rightfully concluded that the Subject is a 2-unit vs. SFR w/accessory unit...you will communicate the appraisal using the 1025 form. In this situation, I don't know what occupancy status might have to do with the vehicle for communication.

Piggy-backing on Rich Heyn's post, you COULD communicate the appraisal on the back of an envelope as long as the report of the appraisal is USPAP compliant--but I also suspect that such would not be accepted by your client.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks