The 1004 Form is so Poor… – TAA Podcast 045

When it comes to the 1004 form, we all know its hard to use.  But its all we have, so we overcome its limitations and do our best.  When it comes to analyzing the subject’s neighborhood, Fannie Mae asks us to answer 36 questions.  Yes, there is not enough space on the form.  We must roll it over to the addendum.  That causes a lot of page flipping.  Is that really a help to understanding an appraisal report?  And there is no reason to get started on the 1004MC form, which was too confusing to begin with!

So, the purpose of this podcast is not to dump on the 1004 form (well, not too much, anyway).  But, it is to make sure we understand those limitations so we can work with them, overcome them, and form credible value opinions.  Then on the form itself, we need to write a clear, persuasive, logical appraisal report.  A non-misleading report leads the client(s)/intended user(s) to the same conclusions we eventually arrived at.  

So, when it comes to the 1004 form, it has its limitations.  But we can overcome them!  Check out the links above and listen to this podcast to learn how.  Thanks!