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what's a 442 inspection
- Thread starter Heidi
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Colorado Guy
Member
- Joined
- Feb 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Colorado
Hello Heidi
A 442 is a certificate of completion. This is typically called for by a lender when the inital appraisal was based on plans and specs. Both Fannie and Freddie "recommend" the original appraiser complete the 442, but it is not a hard requirement.
A 442 is a certificate of completion. This is typically called for by a lender when the inital appraisal was based on plans and specs. Both Fannie and Freddie "recommend" the original appraiser complete the 442, but it is not a hard requirement.
Mark to market
Junior Member
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- Nov 14, 2004
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- Certified Residential Appraiser
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- New Mexico
Freddie Mac form 442 2005 = Fannie Mae form 1004D 2005
Lobo Fan
Elite Member
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- Nov 28, 2004
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- Certified Residential Appraiser
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- New Mexico
442 is the number of the old form. The newer version is a 1004D. It usually involves a previous appraisal that was done subject to a repair or completion of some kind. Such as new construction or the removal of illegal security iron. It is generally no big deal. Just find out what was required, make sure it is ready for you to inspect, and head out.
I say that because I have one customer that sends out 442 requests timed more around commission checks than actual completion. Got one yesterday, hot rush. Call the builder, they are at least 3 weeks from a final inspection. WTF????
You might want to get a supervisor or someone to out with you, and be sure to take lots of photos.
I say that because I have one customer that sends out 442 requests timed more around commission checks than actual completion. Got one yesterday, hot rush. Call the builder, they are at least 3 weeks from a final inspection. WTF????
You might want to get a supervisor or someone to out with you, and be sure to take lots of photos.
Lloyd Bonafide
Senior Member
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- Jan 15, 2006
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- Certified Residential Appraiser
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- California
I have not yet had any lender request a 1004D, the correct name of the new form. The term "442" will probably never die.
CANative
Elite Member
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- Jun 18, 2003
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- Retired Appraiser
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- California
442 is still the correct form number for Freddie Mac.
Don't do a completion certificate if you didn't do the original appraisal unless you know and trust the other appraiser, the client and are familiar with proposed construction assignments, new construction, can get a copy of the original appraisal to compare with the finished product and are comfortable with the liability.
Don't do a completion certificate if you didn't do the original appraisal unless you know and trust the other appraiser, the client and are familiar with proposed construction assignments, new construction, can get a copy of the original appraisal to compare with the finished product and are comfortable with the liability.
Thanks! I've been an appraiser for 10 years, and have probably done over a 100 final inspections.... I never had to fill out the form though... Just had to send the pics over for these. It's a brand new world doing things independantly!!!
TC
Elite Member
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- Jan 31, 2002
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- Certified Residential Appraiser
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- Pennsylvania
OK, you're a newbie on this board, so I'll be nice. You NEVER filled out the form in 10 years? Seriously?
TC
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