Get the free 1004MC/Freddie Mac Form 71) and Appraisal Reporting

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How to fill out 1004mcfreddie mac form 71

How to Fill Out 1004MC/Freddie Mac Form 71

1. Start by gathering all the necessary information related to the subject property. This includes the property address, legal description, and any recent sales or listings within the neighborhood.
2. Fill out the top section of the form, which includes the borrower's name, address, loan number, and lender information. Make sure to provide accurate and up-to-date information.
3. Move on to the Market Conditions section. Here, you'll need to analyze the local market and provide data on the supply and demand within the neighborhood. This includes the number of active listings, pending sales, and recent sales, as well as the average days on market and list-to-sale price ratios.
4. Fill out the Market Conditions as of the Effective Appraisal Date section. This requires you to assess current market conditions for the neighborhood, considering factors such as the stability of the market, supply and demand, and any recent changes in market conditions.
5. Complete the Neighborhood Analysis section. This involves providing information about the neighborhood, including its boundaries, characteristics, and any significant external influences that may impact property values.
6. Proceed to the Supply Analysis section. Here, you'll need to analyze the current supply of homes in the neighborhood and classify them based on their age, construction type, and price range. Additionally, you may need to estimate the months of supply based on the available listings.
7. Move on to the Demand Analysis section. This requires analyzing the recent buyer activity in the neighborhood, considering factors such as the number of pending sales, the buyer profile, and any significant market trends that may affect demand.
8. Complete the Competitive Market Analysis section. This involves identifying and analyzing similar properties that were recently sold or listed in the neighborhood. Provide detailed information about these properties, including their address, sale price, listing price, and any adjustments made to account for differences.

Who Needs 1004MC/Freddie Mac Form 71?

1. Real Estate Appraisers: Appraisers need to fill out this form when conducting appraisals for properties that are being financed through Freddie Mac. This form is essential for providing an accurate analysis of the market conditions and the neighborhood.
2. Lenders: Lenders require this form to evaluate the market conditions and make informed decisions about mortgage financing. It helps them assess the value and risk associated with financing a property in a particular neighborhood.
3. Buyers and Sellers: Buyers and sellers may also find value in reviewing the information provided on this form. It helps them understand the market conditions and consider how they may impact their purchase or sale decisions.

In conclusion, filling out the 1004MC/Freddie Mac Form 71 requires a thorough assessment of the market conditions and neighborhood analysis. This information is crucial for real estate appraisers, lenders, buyers, and sellers to make informed decisions regarding property financing and transactions.

For pdfFiller’s FAQs

What is 1004mcfreddie mac form 71?

1004mcfreddie mac form 71 is a specific form used by Freddie Mac for reporting certain financial information.

Who is required to file 1004mcfreddie mac form 71?

Individuals or entities who have financial dealings with Freddie Mac may be required to file form 71.

How to fill out 1004mcfreddie mac form 71?

Form 71 can be filled out online or by using the provided paper form. It is important to accurately report all required financial information.

What is the purpose of 1004mcfreddie mac form 71?

The purpose of form 71 is to provide Freddie Mac with important financial data from individuals or entities that have financial transactions with the organization.

What information must be reported on 1004mcfreddie mac form 71?

Information such as income, expenses, assets, and liabilities may need to be reported on form 71.

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