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Uniform Residential Appraisal Report Hybrid and Desktop Appraisal Forms July 15, 2020 2020 Fannie Mae and Freddie Goals for the addition of 1004 Hybrid/70H and 1004 Desktop/70D forms Provide forms

How to fill out 1004 desktop appraisal form

How to fill out 1004 desktop appraisal form:

1. Start by entering the basic property information such as the address, legal description, and any additional details requested.
2. Provide an accurate property description, including details about its size, layout, number of rooms, and any unique features or improvements.
3. Evaluate the property's condition and note any visible damages or repairs needed.
4. Consider the property's market value by researching recent sales of similar properties in the area, analyzing market trends, and considering any external factors that may impact the property's value.
5. Complete the Sales Comparison Approach section by comparing the subject property to recent sales, making adjustments for any differences in size, condition, location, and other relevant factors.
6. Use the Cost Approach section to estimate the value of the property based on the cost of reproducing or replacing it.
7. If relevant, complete the Income Approach section by analyzing the property's income potential and estimating its value based on the income it could generate.
8. Provide a final opinion of value by considering the data and analysis conducted in the previous steps.
9. Ensure all necessary certifications, signatures, and supporting documents are included with the form.

Who needs 1004 desktop appraisal form:

1. Lenders: Lenders require the 1004 desktop appraisal form to assess the value of a property before approving a mortgage or loan.
2. Real estate agents: Real estate agents may use the form to assist their clients in determining a fair listing price for a property.
3. Property owners: Property owners may request a desktop appraisal to gain a better understanding of their property's current market value.
4. Buyers: Buyers can request a desktop appraisal to help them determine if a property's listing price is appropriate or negotiate a fair purchase price.

Note: The information provided is general in nature and may vary depending on specific guidelines and requirements of the appraisal form and the jurisdiction in which it is used. It is recommended to consult with a professional appraiser or follow any specific instructions provided with the form.

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What is 1004 desktop appraisal form?

The 1004 desktop appraisal form is a standardized document used by appraisers to evaluate the value of residential properties based on data obtained without a physical inspection.

Who is required to file 1004 desktop appraisal form?

Lenders and mortgage brokers typically require the 1004 desktop appraisal form to assess property values, particularly in situations where a traditional in-person appraisal may not be feasible.

How to fill out 1004 desktop appraisal form?

To fill out the 1004 desktop appraisal form, appraisers must collect relevant property data, analyze comparable sales, and input the information into the form in accordance with the guidelines set by Fannie Mae or similar organizations.

What is the purpose of 1004 desktop appraisal form?

The purpose of the 1004 desktop appraisal form is to provide a reliable estimate of a property's market value based on available data, making it a useful tool for lenders in their underwriting process.

What information must be reported on 1004 desktop appraisal form?

The 1004 desktop appraisal form requires information such as the property address, descriptions of the property's condition and features, neighborhood analysis, comparable sales data, and the appraiser's final value estimate.