• 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.

Form to use?

Status
Not open for further replies.

mjcrodgers

Thread Starter
Freshman Member
Joined
Mar 12, 2007
Professional Status
Licensed Appraiser
State
California
I might be overthinking this. I have a home owner as my client how needs the current market value of his home. He is using the appraisal to give to the company that currentely services his loan to show that the value has decreased (which it has) in order to renegotiate his current loan as he is unable to refi or sell the house due to the negative LTV. I am thinking of using a General Purpose form, but wondering if it would be OK to use the Fannie form since technically it is for a loan and the people servicing the form might want that form. What form would you use?
 

Tom Barclay

Senior Member
Joined
Apr 7, 2002
Professional Status
Retired Appraiser
State
Oregon
I would not use the current Fannie form. It is not for lending purposes unless the lender engages you to perform the appraisal. Discuss this with your client, but it appears that the General Purpose form would be appropriate.
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I agree with the esteemed Mr. Barclay. DO NOT use the FNMA 1004 form. :nono: I would explain to your client that you will be using a "generic" form. I would also explain that the lender, if they need to have an appraisal for any type of lending, decision will mostly like have to hire their own appraiser and have the report on the FNMA 1004. Your client might find themselves in a position of paying 2 appraisal fees.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I disagree with Mr Barclay and Ms Colston. The report is obviously for financing purposes.....albeit, the financing is for a modification rather than a new loan. You should notify the homeowner that the lender may want to order an additional appraisal as they may consider the report ordered by the homeowner to be biased and advocating in favor of the your client.
 

Andy Taylor

Member
Joined
Sep 22, 2003
Professional Status
Certified General Appraiser
State
North Carolina
Have the HO find out from the lender what would be acceptable/needed to perform this type appraisal. In the past I have had HO's contact me for an appraisal to have PMI removed and the lender had told the HO to have an appraisal done themselves. I sure it varies from lender to lender so I would get it straight from the horse's mouth. Solve the problem before it's created.
 
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