Personal Appraisal

[Suncoast]

If a property owner wants an appraisal for his personal property (sgl fam res) and he is the intended user, what form do you use since the 1004 has "for morgage" and "Lender" embedded in it?

Thanks

 

[PropertyEconomics]

Use one of the generic residential appraisal forms included with your software.

 

[Suncoast]

like which one?

 

[Mztk1]

It depends on your software. Total has the General Purpose form. You can use the long or the short version.

There are also Appraisal Institute forms. Just don't use the URAR or any other Fannie form.

 

[JonGalt]

I'm currently doing one like that right now. I use the GP Residential Form (GPRES LT) That's what it's called in Wintotal, it's a good form for pre-listing, divorce, estate, or just non-lending appraisals in general.

 

[Indiana Jones]

I've been told it is acceptable to use the old 2055 form.

Is this not correct?

 

[Suncoast]

Oops I used a 1004. Is that a big nono? Thanks for the advice.

 

[CANative]

Oops I used a 1004. Is that a big nono? Thanks for the advice.

A lot of appraisers use the old version 1004 for non-lending appraisal reports. The revised 1004 is very lendercentric but as long as the intended user understands your report and can use it for it's intended use, then I don't think you need to lose any sleep over it. Just try not to use that form for non-lending uses going forward.

I suppose if you're really worried you could transfer the data to the non-lender forms available and which are very similar to Fannie's 1004 and then send the new report to your client.

 

[Suncoast]

That all makes sense. Thanks all. It's just that in 8 years I've never done a personal appraisal and all of a sudden I get 4 in one month.

 

[RSW]

I've been told it is acceptable to use the old 2055 form.

Is this not correct?

The old 2055 has a certification #9 which mentions, "subject to the dparture provision of USPAP." You can use the old 2055 if you can block out that certification since the departure provision of USPAP has been retired.