As of 2009 all appraisals including ones from San Diego County submitted to Fannie Mae and Freddie Mac are required to have a Market Condition Addendum or 1004 MC form. On this form there is statistical information for properties that are similar or comparable to the property being appraised. The information is broken down into three time periods of 7-12 months prior, 4-6 months prior, current – 3 months prior. It shows the number of sales settled, number of active listings, days on the market, sales price, and list price for each period. By separating comparable sales into these time periods it clearly shows if the market is increasing, decreasing, or stable. If the property is a condominium you will receive all comparable sales information as well as specific statistics for the subject condominium complex only.
There are also a few subjective questions required to be answered on this form, such as concession trends, if foreclosures sales are a factor to the market, data source, and a summarization of the information on the form. The overall purpose of this form is to provide the lender with a clear understanding of market trends in the subject’s neighborhood.
Brandlin Appraisals Inc. specialize in helping people who need appraisals for estate purposes, divorce, date of death, bankruptcy, FSBO’s and more throughout San Diego county. For more information please contact us at (760)741-7699, or visit our website at Brandlinappraisals.com, or email us at admin@brandlinappraisals.com
Mike Brandlin
San Diego, CA // Real Estate Appraiser
www.brandlinappraisals.com
(760) 741-7699
San Diego Real Estate Appraisal Services For:
* Divorce Appraisals / Marriage Dissolution
* Bankruptcy Appraisals
* Bail Bonds Appraisals
* Estate / Date of Death / Retrospective Appraisals
* Financial Planning & Trusts
* PMI Removal Appraisals
* Pre-Foreclosure & Short Sales
* Tax Assessment Appeals
* Pre-Listing, Pre-Purchase, FSBO’s
* Probate Appraisals
