What is a 442 form in appraisal?

Appraisal Update and/or Completion Report Form 442 is designed to report an update of an appraisal and whether a new appraisal must be obtained.

What is a 1004D appraisal form?

Fannie Mae Form 1004D: Appraisal Update and/or Completion Report. This report is used to complete an Appraisal Update, a Final Inspection, or both. The Appraisal Update is used to update the effective date of an existing appraisal report.

Is a 1004D a final inspection?

The bottom section of the 1004D is used to certify that any required repairs or improvements stated in the original report have been completed. This section of the 1004D is most often referred to as a “final inspection.” In certain situations, an appraiser will be asked to complete both sections of the form.

What is a Form 465 appraisal?

Form 465 is designed to report the results of an appraisal of a 1-unit property in a Condominium Project, whether attached or detached. An interior and exterior inspection of the subject property is required. For an appraisal of a 1-unit property in a Condominium Project using only an exterior inspection, see Form 466.

What determines appraisal completion?

A property’s appraisal value is influenced by recent sales of similar properties and by current market trends. The home’s amenities, the number of bedrooms and bathrooms, the floor plan’s functionality, and the square footage are also key factors in assessing the home’s value.

How do you update an appraisal?

How Do You Get An Appraisal Update or Extension? A homeowner cannot ask for an appraisal update. Appraisal updates are requested by the lender, asking the appraiser to complete paperwork and analyze the market conditions to verify that values have not declined.

What is a 1004D 442?

Freddie Mac Form 442 March 2005. Page 1 of 1. Fannie Mae Form 1004D March 2005. The purpose of this report form is to provide the lender/client with an accurate update of an appraisal and/or to report a certification of. completion.

How long does a 1004D extend the appraisal?

Appraisers may perform an update of a previously completed appraisal using the Fannie Mae Form 1004D/Freddie Mac Form 442/March 2005 when requested by the Mortgagee. Appraisals are good for six months for existing construction, and automatically considered to be expired if the loan closes.