Apple Appraisal Blog

Yesterday, on April 1, 2009, the 1004 MC became a required addition to all appraisals. This includes single family, condo and 2-4 unit appraisals.

The Market Conditions Addendum (Form 1004MC) is designed to enhance the transparency of the market trends and conditions conclusions made by the appraiser. This requirement applies to loans delivered to Fannie Mae, however, even on loans not intended for delivery to FNMA, many lenders and investors are requiring it. This form is now a requirement on all FHA appraisals as well.

Check with your lenders and investors for thier requirements regarding this form.

Apple Appraisal will include this form on all appraisals only if the person that orders it, requests it.

Be careful, because if you have to order it as a condition, the fee for the form is $75, as opposed to $50 if you order it up front, with the appraisal.

As always, we are here to help make the appraisal process smooth in these turbulent times.

Apple Appraisal does appraisals in CA, AZ and WA. Shoot us an email for fees and turnaround times.