New Appraiser Market Conditions Addendum
Form 1004MC
Form 1004MC, the Market Conditions Addendum, is a form required on all
appraisals submitted to Fannie Mae and Freddie Mac beginning April 1.
The form requires statistical information of properties comparable to
the appraised property for the previous year broken into 3 time periods,
as well as analysis to evaluate whether overall trends are increasing,
decreasing or stable. Additional subjective information is also
requested, such as whether foreclosures are a factor, whether
seller-paid financial assistance is prevalent, to name a few.
MarketLinx has created an Excel spreadsheet that has been posted on the
RAMC’s Website for use to calculate all statistical data required
in 1004MC. This spreadsheet is tailored to the specific rules of the
MLS, and may even be customized by individual appraisers if you wish. A
search results grid has also been created in MLXchange. This grid
includes the core fields needed to compute the 1004MC statistics. Just
use the regular search functions to return a list of all comparable
properties within the last year, and then export those results using
this grid to specify the fields to export. You then copy the exported
data and paste it into the spreadsheet where all calculations are
performed instantly.
You may download the forms here:
1004 MC
Spreadsheet (.xltx format)
End-User
Instruction Sheet
If you have any questions please feel free to contact Marisa
Moleiro at 772-283-1748 or
marisa@martin-realtors.org