Our First Appraiser Tool in REsearch!
Appraisers are an important part of our real estate community, and many of them are also members of our MLS. Over the past few months, we have been working with local appraisers (see below!) to build a special tool to help save them time in preparing a standard appraisal report.
The Fannie Mae 1004MC
REsearch can now help appraisers complete a Form 1004MC (Market Conditions) Addendum, which is required under Fannie Mae appraisal policy.
Form 1004MC is intended to provide lenders with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood, and provides appraisers with a structured format to report data and to more easily identify current market trends and conditions. (Click here for more information on the form.)
How To Use the Appraiser Tool
There are two ways to select listings to include in the Form 1004MC statistical market analysis. First, you can conduct a search for listings using the standard MLS 1-Line format, select the listings to include, then select ‘Appraisal Report’ from the ‘More’ menu.
Or secondly, you can just click the new ‘Appraiser‘ item in the main REsearch menu, then enter the MLS numbers to include in the analysis.
This appraisal tool is a work in progress, and is being released as a “beta,” meaning that we are still adjusting and improving it. But we were eager to get it into the hands of all of our member appraisers, and now look forward to receiving more valuable feedback on how it can be improved.
Mahalo & More to Come!
We’d like to especially thank local appraisers Rob Olchin, Molly Hart, and Moj Scheidler for their help in designing and testing this tool. It’s just the first dedicated tool for appraisers that we’re introducing in REsearch, and we plan to add more! If you are an appraiser and have suggestions on how to improve this or other aspects of our system, please drop us a line!
The enhancements featured in this series were developed in response to feedback from members; the best ideas on how to improve REsearch often comes from people like you! If you have a suggestion on how REsearch can be even better, please don’t hesitate to let us know!