Get the free Fannie Mae Form 1004 Instructions

Fannie Mae Form 1004 Instructions Forms that lenders and services must use in fulfilling the requirements Form instructions are appended to the back of each individual form (with a few. We have also

How to fill out fannie mae form 1004

How to fill out Fannie Mae Form 1004?

1. Start by filling out the property information section at the top of the form. Include the address, legal description, and other relevant details about the property.
2. Proceed to the subject sales comparison grid where you will compare the subject property to recently sold properties in the area. Provide information about each comparable property, such as address, sale price, and property features.
3. Complete the adjustments section of the form. Here, you will make adjustments to the comparable properties to account for any differences with the subject property. Adjustments may include factors like square footage, number of bedrooms and bathrooms, and specific features of the properties.
4. Next, complete the cost approach section of the form. This involves estimating the value of the property based on the cost to replace the improvements, less any accrued depreciation. Provide information about the estimated cost of the land, building, and other improvements.
5. Finally, fill out the reconciliation section of the form. This is where you will summarize your analysis and indicate the final estimate of the property's value. Provide any additional comments or explanations that may be necessary.

Who needs Fannie Mae Form 1004?

1. Mortgage lenders and loan officers typically require the completion of Fannie Mae Form 1004 when evaluating a property for a mortgage loan.
2. Real estate appraisers use this form to assess the market value of the subject property, providing an unbiased estimate that lenders can rely on when making lending decisions.
3. Homeowners who are considering refinancing their mortgage or applying for a home equity loan may also be required to have an appraisal completed using Fannie Mae Form 1004 to determine the value of their property.

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What is fannie mae form 1004?

Fannie Mae form 1004 is a residential appraisal report form used in real estate transactions to provide an accurate valuation of a property.

Who is required to file fannie mae form 1004?

Appraisers are required to fill out and file Fannie Mae form 1004 when conducting a property appraisal for a mortgage transaction.

How to fill out fannie mae form 1004?

Filling out Fannie Mae form 1004 involves entering detailed information about the subject property, comparable sales, and valuation analysis.

What is the purpose of fannie mae form 1004?

The purpose of Fannie Mae form 1004 is to provide an accurate and unbiased appraisal of a property to determine its market value.

What information must be reported on fannie mae form 1004?

Information such as property details, comparable sales data, valuation analysis, and the appraiser's opinion of value must be reported on Fannie Mae form 1004.