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Get Mgic 71-42080 2012-2025
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How to fill out the MGIC 71-42080 online
This guide aims to assist you in accurately completing the MGIC 71-42080 form online. The provided steps will ensure a smooth and efficient process for users of all experience levels.
Follow the steps to complete the MGIC 71-42080 form online effectively.
- Press the ‘Get Form’ button to access the MGIC 71-42080 form and open it in your browser.
- Begin by reviewing the subject section. Ensure that the property address and the seller or borrower names match those in the loan file. Confirm if the buyer or seller is an LLC or corporation and note any special assessments if applicable.
- For the contract section, confirm that the appraiser has analyzed the contract. Ensure that the owner of public record corresponds with the seller names on the contract and check if any financial assistance is being provided to the borrower.
- In the neighborhood section, assess whether the property's location is rural or has less than 25% built-up areas. Record details about property values, buyer demand, and any negative conditions reported in the neighborhood.
- For the HUD data plate section (if applicable), verify if the HUD Data Plate/Compliance Certificate and HUD Certificate label are attached as required.
- Next, examine the site section. Determine if the zoning is legal nonconforming or illegal and evaluate whether the property's current use represents its highest and best use.
- In the improvements section, check the condition rating and document any adverse property conditions that could affect property livability or structure.
- Proceed to the sales comparison approach. Ensure that comparable sales selected are appropriate and relevant, and verify whether the appraiser has considered the necessary factors for value analysis.
- Lastly, complete any additional comments section as necessary and ensure that the appraiser’s certification is signed and dated, along with appropriate license number entries. Review all sections carefully before finalizing the form.
Complete your documents online today to ensure accuracy and efficiency.
Yes, you can request a copy of an appraisal from your lender or the appraiser. Under the Equal Credit Opportunity Act, you have the right to access appraisal reports for loans. To navigate this smoothly, consider referencing MGIC 71-42080 for guidance on your rights.
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