Mortgage 1004 – Single Family Residences
Many sellers of single family residences do not realize that there are various appraisals for this type of home. The Mortgage 1004 is for single family residences who are Non-Owner Occupied. Real estate appraisals are needed for this home for many reasons. This will tell you what is included in the Mortgage 1004 Single Family Residences Report.
What Forms Are Included In the Mortgage 1004:
- A URAR Form 1004 that has already been completed
- 1007 Form that has already been completed
- 216 Form that has already been completed
In addition to these forms, the Mortgage 1004 Single Family Residences appraisal report will have photographs of the property that will include the front, rear and street scenes. These add market value. It also includes any comparable properties in the area, location of the property, any certifications or limitations the property may carry, a flood map if the property is located in a frequent flood area and a floor plan sketch that includes floor area calculations and exterior dimensions of the property.
What Does Your Real Estate Appraiser Need to Know?
The real estate appraiser must be able to provide the lender or client with market value information as accurately as possible. He must have experience and knowledge in conducting these types of appraisals and valuations.
AS with anything, do your homework. A seasoned real estate appraiser will make life a lot easier for the lender or the client with the ability to see how the market is looking and the value of the property with regards to the other properties in the area. The real estate appraiser will tell yo about any price changes, the history of the property, any add on in the past, the changing structure of the property, the condition and quality of the property and if there are any future plans for the community.