Appraisal On Form 1004 For 'individual Client'

[Elliott]

I guess I'm just not very smart, because when I look at the form I'm trying to find on page 1, or 2, or 3 why its "exclusively, no ifs, ands, or butts for lending."

Top of Page 1:



On Page 3, then one may discuss things such as "scope" and "client." If you don't include Pages 4-6 of the 1004, and substitute standard Cert and Limiting conditions, not particular to lending, then how does it seriously cross the line? If someone would tell me where it says things like "Form only for lending purposes" then I will be indebted and humbled.

And can someone show me the copyright mark.

 

[residentialguy]

You could use the FNMA 1004 and explain, explain, explain...but it's like running across a busy road verses using the overpass walkway. It's a lot less risky on the overpass

 

[Elliott]

Yeah, I'd have to say, "This isn't for lending, its for an estate."

 

[Michigan CG]

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

I am surprised you are actually asking this.

Many appraisers have been sanctioned for using the 1004 for private work.

You read this forum enough to have seen those threads.

One must also add their own Scope of Work section, Limiting conditions and Certifications.

This is all appraisal 101.

 

[The Bob]

You could also "roll your own".
And it would be a good way to really understand Std 1 and Std 2.
You could use the SCA grid from an older form and supplement with narrative addressing all of the other items in the appraisal....Client, intended use, H&B use, etc...
Be sure to attach the Limiting conditions as outlined in USPAP.

 

[Peter LeQuire]

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

Which would mean that every appraisal done for the secondary market is "no longer good" - the top of the URAR refers to "...this summary appraisal report..."..

 

[Tumbuktu]

"...this summary appraisal report...".

I added the following comment, when the word 'Summary' got removed;

"USPAP COMPLIANT FORM - WRITTEN REPORT UNDER STANDARDS RULE 2-2(a)
I have completed the Appraisal Report "A written report prepared under Standards Rule 2-2(a)", pursuant to the Scope of Work, as disclosed
elsewhere in this report."

 

[Deleted member 134708]

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

It can have any words before or after "appraisal report." As long as says appraisal report it's fine.

My tough love.

I'd decline this assignment due to competence. I'd learn these questions your asking and become an expert in them for next time. I'd refer this assignment to someone else. These are too basic of questions for you to continue with this assignment.

Hey, I asked a long time ago how to value a spa when no comps had spas. I declined the assignment because I had no clue what I was doing.

I came here and elsewhere to become competent in my question. Not just knowing the answer, but the why, how, when, where. Only after I understood I accept these assignments.

 

[Peter LeQuire]

I prefer to call my reports "Pretty Darn Good Appraisal Report".

 

[hastalavista]

Which would mean that every appraisal done for the secondary market is "no longer good" - the top of the URAR refers to "...this summary appraisal report..."..

Peter-

That was a concern when the reporting requirements were changed, but TAF came out with this FAQ to indicate there was no issue.