Which form should I use?

This document contains general information and recommendations regarding our forms.

Document 4990  |  Last updated:  08/16/2018 RR2

We specialize in creating software, so when it comes to appraising, you are the expert.  As a result, we can't definitively tell you which form you should use for a given assignment.  With that said, as a courtesy to our customers, we've answered some frequently asked questions below to help point you in the right direction.

For definitive guidance regarding forms, please consult your client, lender, underwriter, or local Board of Appraisers.

Question:

Which form should I use to create a report for lending purposes?

Answer:

If it is primary lending and is going to stay in-house, use the form that the lender requests. If the lending is being sold off to a large institution, like Fannie/Freddie, typically you use one of the UAD forms, or the Small Income 1025 for a 2-4 Unit.  Click here for more information about UAD.


Question:

Which form should I use to create a report for a non-lender?

Answer:

Any of our General Purpose forms are suitable for this type of work.  Click here to learn more.


Question:

Which form should I use to appraise a multi‑family property with 4 units or fewer for lending purposes?

Answer:

If it's for primary lending the two most likely forms to use are the Small Income 1025 or GP 2-4, but check with your client or underwriter to be sure.


Question:

Which form should I use to appraise apartments or a multi‑family property with 5 or more units for lending purposes?

Answer:

Take a look at the 71A and 71B forms.  You probably shouldn't use the forms labeled [Old].  Also keep in mind that anything with more than 4 units is typically considered commercial.


Question:

Which form should I use for a multi‑family drive‑by?

Answer:

You might be able to use the GP Restricted Use form, or possibly the GP 2-4 form.


Question:

Which form should I use for new construction/proposed construction?

Answer:

Depending on your scope of work, you might use the FNM 1004 (UAD), or the Marshall & Swift 1007 Square Foot Appraisal Form.  The FNM 1004D may be needed as a follow‑up if the subject is still under construction at the time of the appraisal inspection.

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