Property Valuation
What is a 'Fannie Mae Form 1004' appraisal and when is it used in Delaware?
AA commercial property appraisal form for office buildings
BThe Uniform Residential Appraisal Report (URAR) — the standard appraisal form required by Fannie Mae and Freddie Mac for conventional mortgage loans on 1–4 unit residential properties in Delaware✓ Correct
CA form used for all Delaware residential appraisals regardless of loan type
DA Delaware state form used for property tax assessment purposes
Explanation
Fannie Mae Form 1004 (the Uniform Residential Appraisal Report) is the standard appraisal form for 1–4 unit residential properties used for conventional mortgages. It includes property information, neighborhood analysis, comparable sales, adjustments, cost approach (if applicable), and the appraiser's value conclusion. Delaware lenders require Form 1004 (or FHA Form 1004 with additional pages) for most residential mortgage appraisals.
Related Delaware Property Valuation Questions
- In the cost approach, accrued depreciation includes:
- The sales comparison approach to value is most appropriate for:
- What is an 'as-improved' value in a Delaware appraisal?
- A Delaware appraisal determines the value of a residential property at $350,000. The bank's loan officer believes the value should be $390,000. Who has the authority to change the appraised value?
- A property's land-to-building value ratio is important in the cost approach because:
- What is 'stabilized NOI' in a Delaware income property appraisal?
- What is 'paired sales analysis' used for in Delaware appraisal?
- What is a 'gross lease' in the context of a Delaware income property appraisal?
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