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Fannie Mae Form 1004: Uniform Residential Appraisal Report. Also known as the Freddie Mac Form 70. This is the 'standard' appraisal form that is sometimes known as a 'full appraisal. ' This version is the revised (March 2005) version and requires an interior and exterior inspection of the subject property.
Form 1004. Form 1004 is easily the most common and widely used property appraisal form.
A 1004 appraisal form is considered to be one of the most commonly used forms in residential real estate appraisals. In ance with USPAP a 1004, or URAR, is completed when estimating the market value of a single-family dwelling complete with an exterior and interior inspection.
The Property must appraise at a value equal to or exceeding the purchase price or, at the option of Buyer, this contract may be terminated and all x monies shall be refunded to Buyer.
Here's an example of an appraisal gap clause: "Buyer and seller agree that if the appraised value comes back lower than the purchase price, buyer agrees to pay up to $20,000 above appraised value, but not exceeding the purchase price." Appraisal gap clauses can help strengthen your offer in a bidding war.