Appraise This

Well, the 1004 MC is upon us.  Just about every appraisal will now require this extra bit of paperwork - FHA appraisals included.  I am a little bit disappointed in the report format.  In the effort to make the form useful in all circumstances, it is less than perfect in most.  We must be careful filling in the form to make sure it is not misleading.  Users of the appraisal must be careful in reading the form so they know what information they are getting.

As before, Barnes Family Appraisal will include a Market Statistics section in the addendum of each report which will expand on the data we are forced to include in the 1004 MC.  And it will include items more specific and pertinent to the specific subject property being appraised.  We don't want to just churn out numbers - we want to make sense of the Subject Market.

For more information from Fannie Mae on the 1004 MC, see the following:  https://www.efanniemae.com/is/appraisers/index.jsp?from=hp

Per Mortgagee Letter 2009-09, all FHA appraisals also need the 1004 MC:  http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-09ml.doc