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1004c

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Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Just sent out my first 3 appraisals with the new 1004C Fannie Mae Manufactured Housing Addendum on it. Not really a bad form but well worth the $25 surcharge we put on it for the amount of work involved.

I told my clients that we were going to start putting them on because if they did not close the deal by 8/24 and suddenly found that they needed this mandated addendum, I would most likely be in Canada fishing and they would have to wait 2 weeks minimum to get one done. Hence, we are putting them on all HUD Code manufactured single and multi-sectional housing we do beginning last week.

Anybody else using them yet?
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Got a couple coming up next week!
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Richard:

Thanks for the heads up about the 8/24 due date. We've got 3 or 4 of these in the hopper now. I know you charge $25 extra but about how much time did it take to complete the form.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I used it in two reports last week; it's pretty easy to adapt to the new form, & the data entry for the Cost Approach is not really any different from what we were doing before. The Clients were very impressed that we already use the new form. Start using it now & you will be ahead of the game!
 

Rich Heyn

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Michigan
FWIW, the 1004C is required if the loan application is taken after 8/24/03. On applications taken before that date, no 1004C is needed although the loan must be delivered to Fannie Mae prior to 10/31/03.

Rich Heyn
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Recently did my first two. The biggest change we've made is recording the land sales in support of the site value. In the past, we've just put that data in the work file, but now we record it on the new form. Also, we still work up a cost approach using M&S, put that worksheet in our work file and still enter the information on page two of the URAR and refer the reader of the 1004C back to the URAR.

A little extra time than we've been spending but overall, I like the new form.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Rich, we did not need to hear that.

There is no way I am going to go back and try to educate these folks on this thing now. I had one client fax me a Manufactured Housing Check List and tell me that Fannie was going to require this after 8/24. I said nothing. She is rapidly moving into the 20th century. Next month she gets a push button phone with a hold button.

As to how much time it takes, I did not check that out. I've completed 4 to date and should run a clock on it. Most of the time is in the justification for the site value. I scan in a list from the MLS sheet of similar sales for vacant property over the past 12 months to support my findings rather than talk about them in the text. Also, the market data for ManSec's for the surrounding market area takes a little while to run through the MLS and interpret. Since we are a low density rural market, I've taken to including the immediate surrounding areas for the sales data as it give me numbers that are more believable than 2 or 3 sales in the immediate area. The cost approach is right out of Marshall & Swift. After the first one I did (gratis just to try it) I felt comfortable with the $25 fee.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
We have sent last 3 MFH with new form. Has anyone done the NADA Cost Approah as we filled in the data for that cost approach method. The NADA method does not come out same as Marshall Swift NADA method gonna make LOTS of Loan Offercers very UNHAPPY cause The Cost Approach for the home then add Land is significantly lower than M&S
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Karl,

I have done the 1004C several times, but it is not necessary to do both the NADA and M & Swift section. You will find that average and good quality in the M & S is the correct cost figures and they always seem to come out dead on in every case here. Don't forget the depreciation figures (true depreciation, not the implied drive off the lot depreciation). If you will notice, the very good and excellent quality usually corresponds to the modular type homes. Most manufactured homes in this area are in the average and good quality. Most are sold as "top of the line", but after doing several REO and re-fi appraisals, I have come to discover that most are the stripped down models without many extras.
 
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