Would Adding A 1004mc To A Completed Appraisal Comply With USPAP?

[Have Laser-Will Travel]

Funny that you chastised someone else for ad hominem, yet resulted to the same thing yourself. In case you do not have one handy, here are the instructions printed right on the 1004MC:

Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form.​

So, again I would wonder, why would a properly completed 1004MC cause any conflict with a properly completed main form? Can you answer that, or will you simply result to more ad hominem? I find that the majority who denigrate the 1004MC are/were not completing it correctly

Hi there!

I've been thinking about our conversation and while I try to base trends on comps in the neighborhood, I often expand the analysis to the market area and widen criteria to capture enough sales. I'm wondering what you do when there are few comps?


Thanks!

 

[DWiley]

Hi there!

I've been thinking about our conversation and while I try to base trends on comps in the neighborhood, I often expand the analysis to the market area and widen criteria to capture enough sales. I'm wondering what you do when there are few comps?


Thanks!

A common situation. I ran into that a lot (over 50% of the time).

Step 1 - Complete grid at top of 1004MC using ONLY comparable sales in the neighborhood
Steps 2 - If insufficient data for trend analysis, note that fact
Step 3 - Supplement (supplement, do not replace) the grid data with additional data
Step 4 - Mark trends based on Step 3

The additional data should be included in the 1004MC or as an addendum to the 1004MC

This is what the Fannie instructions say to do.

 

[Have Laser-Will Travel]

A common situation. I ran into that a lot (over 50% of the time).

Step 1 - Complete grid at top of 1004MC using ONLY comparable sales in the neighborhood
Steps 2 - If insufficient data for trend analysis, note that fact
Step 3 - Supplement (supplement, do not replace) the grid data with additional data
Step 4 - Mark trends based on Step 3

The additional data should be included in the 1004MC or as an addendum to the 1004MC

This is what the Fannie instructions say to do.

Very nice, thank you!