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This document provides a limited appraisal and summary report, detailing the market value of a specific property based on the sales comparison approach.

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How to fill out bac desktop appraisal:

1. Start by accessing the bac desktop appraisal form on the official website or platform.
2. Provide your personal information accurately, including your name, contact details, and any identification numbers required.
3. Answer the questions listed in the appraisal form honestly and to the best of your knowledge. These questions may include details about your property, its condition, any recent renovations or upgrades, and any special features.
4. If applicable, provide supporting documents such as photographs, property documents, or any other evidence that may be required.
5. Review the completed form to ensure all necessary information has been provided and there are no errors or omissions.
6. Submit the filled-out bac desktop appraisal form through the designated online submission process or through the specified offline method, such as mailing or dropping it off at a designated location.

Who needs bac desktop appraisal:

1. Homeowners who are looking to refinance their mortgage or apply for a home equity loan may require a bac desktop appraisal to determine the current value of their property.
2. Real estate investors who are considering purchasing a property may need a bac desktop appraisal to assess its value and determine if it aligns with their investment strategy.
3. Insurance companies may request a bac desktop appraisal to determine the replacement cost of a property for insurance purposes.
4. Financial institutions, such as banks or credit unions, may require a bac desktop appraisal before approving a loan or mortgage application.
5. Individuals or entities involved in legal proceedings, such as divorce or estate settlements, may need a bac desktop appraisal to determine the value of a property for equitable distribution.

People Also Ask about

What is a BAC desktop appraisal?

A desktop appraisal is a property valuation that is completed at the appraiser's desk, using tax records and information listed on the Multiple Listing Service (MLS), instead of through an in-person survey of the property.

What is form 1004 on an appraisal?

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD).

What is a 1025 appraisal form used for?

The Small Residential Income Property Appraisal Report (FHLMC 72/FNMA 1025) is for the appraisal of two- to four-unit properties, including properties in PUD, condo or co-op projects.

What is the difference between 1004 and 1025 appraisal form?

Keep in mind that Form 1004C is used for appraising single-family manufactured housing, while Form 1073 is used for condominium units. On the other hand, Form 1025 is for small multi-family investment properties.

Is appraisal form 70 the same as 1004?

Fannie Mae Form 1004: Uniform Residential Appraisal Report. Also known as the Freddie Mac Form 70. This is the 'standard' appraisal form that is sometimes known as a 'full appraisal.

What form is used for a desktop appraisal?

A desktop appraisal reported on the Uniform Residential Appraisal Report (Desktop) (Form 1004 Desktop) is permitted for certain transactions.

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What is bac desktop appraisal?

A BAC desktop appraisal is a valuation method that assesses the value of a property without a physical inspection, using data and information available online.

Who is required to file bac desktop appraisal?

Lenders, brokers, and real estate agents may be required to file a BAC desktop appraisal when seeking a valuation of a property for financing purposes.

How to fill out bac desktop appraisal?

To fill out a BAC desktop appraisal, you typically need to provide property details, comparable sales data, and any relevant market analysis, using the guidelines provided by the appraisal company or platform.

What is the purpose of bac desktop appraisal?

The purpose of a BAC desktop appraisal is to provide an estimated value of a property quickly and cost-effectively, often for loan underwriting or property assessment.

What information must be reported on bac desktop appraisal?

The BAC desktop appraisal must report property details, such as size and condition, comparable sales, market trends, and any adjustments made to arrive at the assessed value.