The FNMA form 1004 is often referred to as the "full appraisal form". It is design to be used for lending purposes only. It is the most comprehensive standardized lending form. This is the form that is most commonly used in conjunction with a first trust deed mortgage. Add the REO form and you get 3 additional competitive listing comps, and four opinions of value: as-is, as-is and less than 30 days on market, as-if repaired, and as-if repaired and less than 30 days on the market. The REO appraisal is often used when the mortgage loan is in default and the lender is considering a short sale offer.
Key Benefits
- Most comprehensive
- Commonly accepted in the secondary mortgage market
- Includes measuring the subject improvement and a computer generated sketch
- Also includes interior and exterior photos of the subject and exterior photos of the comps
Note: the 1004 form is a 6 page form. Pages 4 - 6 contain standardized uneditable text and are not shown.
Pricing
All valuations include a detailed map of the subject and comparable properties.
| Description | Turn Time | Price |
|---|---|---|
| FNMA Form 1004 includes pictures of subject and comps | 3-6 Days | 400 |
| FNMA Form 1004 with REO Addendum includes pictures of subject and comps | 3-6 Days | 450 |
| FNMA Form 1004 with Comparable Rent Schedule form 1007
includes pictures of subject and comps |
3-6 Days | 450 |