What Is Form 1073

Form 1004 is by far the most common and widely used real estate appraisal form. And that`s because the form is used for single-family homes. You will use Form 1004 if you need to perform an exterior and interior inspection. You should usually use it when a lender, such as a bank, orders an appraisal for a real estate refinance or purchase transaction. It should also be noted that credit insurers such as the Veterans Administration also rely heavily on standardized valuation forms and reports. Did you know that proprietary appraisal software is also configured to meet the various requirements of many standard property appraisal forms? For this reason, as an appraiser who uses appraisal forms, you may also need to receive professional training from professional groups as well as real estate schools. This will help you maintain the skills and abilities required for this home appraisal specialty. A real estate valuation is a formal appraisal. For financial planning, estate planning or selling price decisions, trusted individuals or advisors often seek expert opinion. And if an appraisal is used to obtain an appraisal of a home or commercial property for loan purposes, you know that federal regulations require lenders or their agents to issue an appraisal order. As an examiner, you need to be meticulous because many parties rely on your opinion. Note that these two forms are used for the same type of commercial real estate, namely apartment buildings (five or more units).

Also, keep in mind that both assessment forms have the same “skeleton,” and we can say that Form 71A is a much more detailed report than Form 71B. This is also where evaluation forms come in handy, as they ensure that you follow the relevant protocols and procedures. The Uniform Residential Assessment Report (URAR) is the most commonly used single-family assessment form and is also known as Form 1004. Note that Form 1004C is used for the appraisal of single-family homes, while Form 1073 is used for condos. On the other hand, Form 1025 is intended for small multi-family properties. Evaluation forms are important because they ensure consistency and improve the transparency of the entire process. For this reason, regulators in the United States have developed standardized forms to evaluate many types of real estate, such as: Condominiums. Also, keep in mind that standards and appraisal forms change over time as market forces, property types, and lending practices change across the country. As an appraiser, you have many options for communicating the results of your appraisal engagements to various stakeholders such as banks and home sellers. Some of these options include written evaluation reports, oral evaluation reports, limited written evaluation reports, or several standardized reporting forms.

And it should be noted that the appropriate format of the real estate appraisal report is usually determined by the client, taking into account the purpose of the valuation, as well as the specific requirements of the supervisory authorities. Note that this report is designed to evaluate a real estate appraisal report prepared by another appraiser. Although the evaluator analyzes and evaluates all the information and conclusions of the original report, he does not complete the inspection of the subject or comparable characteristics. And that means the form contains fields specific to the condominium project where the owner is located, and various other attributes that most single-family homes don`t have. We can divide evaluation forms into a few simple categories; However, the two main types are forms of housing and commercial forms. Forms of housing, as the name suggests, are used for various residential properties. Residential properties include condominiums, single-family homes, mobile homes and residential units of 2 to 4 units. You probably know that many government-sponsored companies, including the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), buy home loans to create a secondary investment market. Fannie Mae has developed a variety of valuation report forms to standardize and streamline all of its assets. That`s because the company is such an important part of this residential investment in the United States. Plus, you`re probably aware that available real estate appraisal formats change as professional valuation standards or regulatory requirements change across the country.

Therefore, as a professional real estate appraiser, you need to know the current reporting options. The form must also meet the following requirements: Form 1073 is the second most commonly used residential property assessment form. This form is used for the evaluation of condominiums. Essentially, it has the same form as Form 1004 and also serves the same purpose. Note, however, that the co-ownership form will be modified. An Individual Condominium Unit Assessment Report (ICUAR) is used to evaluate individual properties in condominium projects based on inspections of interior and exterior properties. Also known as Form Fannie Mae 1073, notices reported on this form must be completed in accordance with the UAD specification. The form is similar to the Uniform Residential Assessment Report (Form 1004), but includes additional housing-specific questions. The third commercial real estate appraisal form is called the GP commercial form. “GP” stands for “General Purpose”. As you can imagine, you can use this evaluation form for any type of commercial property, such as: Office building, which is not too complicated. You can value properties such as office buildings, one-room buildings, and religious institutions using the GP Commercial form.

[…] Evaluation forms| Assessment Compliance Forms […] There is no doubt that the appraisal process is an integral part of modern real estate ownership today. As an appraiser, you know that the real estate appraisal process is an effective way to communicate the value of a home or commercial property to all parties involved, such as lenders and homeowners. Save my name, email address, and website in this browser for the next time I comment. Your email address will not be published. Required fields are marked with a * Pro Teck offers a full range of evaluation products and services. We don`t favor one solution over another – we look at your requirements, risk tolerance and any regulatory considerations to recommend the best solution. As a competent and conscientious evaluator, you must tailor the scope of your assessment engagement to factors such as professional ethics and the specific needs and preferences of your clients. You should also choose an appropriate reporting option based on the intended use of your customer reviews. Pro Teck offers ICUAR as part of its residential appraisal product line. To learn more about Pro Teck`s assessment management services, contact us today.

We know that the hundreds of data fields and checkboxes that usually make up a real estate appraisal report are enough to make everyone`s eyes shine. Together, however, all the inputs help determine the value of a home. For this reason, many credit institutions, such as banks, use a valuation management company (AMC), such as AmeriMac Appraisal Management, to manage the valuation process and maintain quality control. These assessments also strengthen oversight and promote transparency.