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Developing and Reporting An Appraisal Fannie Mae Revised Appraisal Report Forms CONTENTS This document is a compilation of recent Fannie Mae Lender Announcements: 04-02, 04-03, 04-04, 04-07, and 05-02.

How to fill out fannie mae revised appraisal

How to fill out Fannie Mae revised appraisal:

1. Start by gathering the necessary information and documents related to the property and the appraisal process. This may include property records, previous appraisals, and any relevant market data.
2. Review the Fannie Mae Appraisal Report (Form 1004) instructions thoroughly to understand the specific guidelines and requirements for filling out the revised appraisal. Familiarize yourself with any recent updates or changes to ensure compliance.
3. Begin completing the sections of the form step by step, providing accurate and detailed information. Start with the property and borrower details, such as the address, legal description, and borrower's name.
4. Assess the property's characteristics, including the type of property (e.g., single-family home, condominium), number of units, interior and exterior features, and any improvements or additions.
5. Evaluate the condition of the property and note any observable deficiencies or repairs needed. Provide specific descriptions and photographs, if applicable.
6. Research and analyze comparable properties in the local market. Determine the most appropriate comparable sales and adjust for any differences in size, condition, or location. Present the data and justifications for your adjustments in a clear and organized manner.
7. Estimate the market value of the property based on your analysis of comparable sales, market trends, and expert judgment. Provide a well-supported opinion of value, taking into consideration any factors specific to the property or market conditions.
8. Generate the reconciliation section, where you summarize and explain any discrepancies or variations in your analysis. Justify your final opinion of value and address any flagged issues or concerns.
9. Complete the certification and signature section of the appraisal report, ensuring that all required parties have signed and dated the document.
10. Finally, review the completed appraisal thoroughly for accuracy, clarity, and adherence to Fannie Mae guidelines. Make any necessary revisions or corrections before submitting the revised appraisal.

Who needs Fannie Mae revised appraisal?

1. Lenders: Fannie Mae revised appraisals are typically required by lenders for mortgage loan applications that involve Fannie Mae as the investor or guarantor. Lenders must ensure that the property's value is adequately determined and supported by a professional appraisal.
2. Borrowers: Homebuyers or individuals seeking to refinance their mortgage may need a Fannie Mae revised appraisal to verify the value of the property they intend to purchase or refinance. This ensures that the loan amount aligns with the property's market value.
3. Real estate professionals: Appraisers, real estate agents, and brokers involved in the buying or selling process may require a Fannie Mae revised appraisal to help determine an accurate listing price, negotiate offers, or assess the value of a property before closing a transaction.
4. Investors: Investors who are considering purchasing properties or mortgage-backed securities associated with Fannie Mae may want a revised appraisal to assess the underlying collateral's value and make informed investment decisions.

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What is fannie mae revised appraisal?

Fannie Mae revised appraisal is an updated valuation of a property that complies with the specific guidelines set forth by Fannie Mae.

Who is required to file fannie mae revised appraisal?

Lenders and Appraisers are required to file Fannie Mae revised appraisals.

How to fill out fannie mae revised appraisal?

To fill out a Fannie Mae revised appraisal, the appraiser must follow the guidelines provided by Fannie Mae and include all necessary information about the property.

What is the purpose of fannie mae revised appraisal?

The purpose of Fannie Mae revised appraisal is to provide an accurate valuation of a property to ensure that lenders are making informed decisions.

What information must be reported on fannie mae revised appraisal?

The Fannie Mae revised appraisal must include details about the property's condition, market value, comparable sales, and any relevant market trends.