Form 442 Appraisal Update And/or Completion Report (Page 2 of 2) in pdf

Form 442 Appraisal Update And/or Completion Report Page 2

Instructions

Appraisal Update and/or Completion Report

This report form is intended to provide the lender/client with an accurate update of a prior appraisal and/or to report a certification of completion. The

appraiser must identify the service(s) provided by selecting the appropriate report type.

Learn How to Use the New Market Conditions Addendum

Gain an understanding of and recognize the sources of market information necessary to analyze market conditions. Our new recorded training is

organized to address the Market Conditions Addendum (Form 1004MC), effective April 1, 2009, section by section.

View Recorded Training

Scope of Work for an Appraisal Update

he appraiser must, at a minimum:

concur with the original appraisal,

perform an exterior inspection of the subject property from at least the street, and

research, verify, and analyze current market data in order to determine if the property has declined in value since the effective date of the original

appraisal.

Required Exhibits

•

For new or proposed construction, clear, descriptive photographs (either in black and white or color) of the completed improvements must

accompany this report form

•

Any other data--as an attachment or addendum to the appraisal report form--that are necessary to provide an adequately supported

opinion of market value

Instructions Page