What is 1004 form in Mortgage Process.
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5 answer(s)
About 8 months ago
Sonu! Great question! Form 1004 is known as the "Uniform Residential Appraisal Report" (URAR). It is a standard appraisal form used by appraisers to evaluate residential properties. When a borrower applies for a mortgage to purchase or refinance a residential property, the lender typically requires an appraisal to determine the property's current market value. The appraiser, who is a licensed and certified professional, conducts an inspection of the property and compiles relevant information to complete Form 1004. The form includes details about the subject property, comparable properties in the area, and an assessment of the property's condition and features that influence its value. If you have any other questions or need further guidance, feel free to reach out! codysellsproperty@gmail.com 346-412-6603
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DislikeAbout 11 months ago
Form 1004 is also known as the Uniform Residential Appraisal Report (URAR) and is used by appraisers to report their findings to lenders ( to determine the value of a property).
The purpose of the Form 1004 is to provide a detailed description of the property being appraised, including its location, condition, and amenities. The appraiser will also evaluate comparable properties in the area to determine the market value of the subject property.
Lenders use the Form 1004 to determine whether a property is worth the amount of money being requested in a mortgage loan application.
In summary, the Form 1004 is a critical document in the mortgage process that helps lenders assess the value of a property and make informed decisions about whether to approve a mortgage loan.
source:
Fannie Mae, Campbell Appraisals Inc., HAR
Fannie Mae, Campbell Appraisals Inc., HAR
About 1 year ago
Hey, This form is used for appraisal of the Single Family home including interior and exterior. It provides a professionally estimated market value of a residential property.
About 3 years ago
The FHA Single Family Residential Appraisal is used to estimate the market value of the subject property as defined in the Uniform Standard of Professional Appraisal Practice (USPAP). It provides the benefit of a full interior and exterior inspection.
source:
Classvaluation.com
Classvaluation.com
About 3 years ago
Looking at the date of this question, I am sure you have your answer however I thought I would place a comment for you:
What is a 1004 form?
A 1004 appraisal form is considered to be one of the most commonly used forms in residential real estate appraisals. In accordance with USPAP a 1004, or URAR, is completed when estimating the market value of a single-family dwelling complete with an exterior and interior inspection.
What is a 1004 form?
A 1004 appraisal form is considered to be one of the most commonly used forms in residential real estate appraisals. In accordance with USPAP a 1004, or URAR, is completed when estimating the market value of a single-family dwelling complete with an exterior and interior inspection.
source:
https://mountainseed.com/2018/06/21/fha-appraisal/
https://mountainseed.com/2018/06/21/fha-appraisal/
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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