Who needs a form 1004D?
This form is used by property inspectors to inform a requesting party (usually, a lender or an owner of a property) of inspection results. Owners may request appraisal updates or completion reports with this form. Both are the obligation of the inspector. He must provide this file in order to determine a change in market value of the property.
What is form 1004D for?
When the owner requests an appraisal update, it means he wants to determine the property value after it was used by tenants or before it will be put up for sale. Also, the owner can use this form when he requested improvements to be made by the tenants or lessees and he needs assurance that certain improvements have already been implemented. Used in this way, form 1004D is a completion report and documents the current state of the property.
Is it accompanied by other forms?
Yes, it is. Inspectors are requested to conduct outdoor inspections, which is why they to attach at least two photos of the property to the completed form 1004D.
When is form 1004D due?
The owner or lender will set the due date for conducting an inspection and filing this form.
How do I fill out a form 1004D?
In the first box, inspectors must write the address and legal description of the property. They need to provide the date of contract and effective date of original appraisal. They also must give the contacts of the client. If it’s a summary appraisal update, the only question to answer on this form is whether the market value of the subject property declined since the effective date of original appraisal. If it’s a completion report, inspectors must write if the improvements have been completed in accordance with the requirements and conditions stated in the original report.
Where do I send it?
Send it to the requesting party, that is, to the lender or the owner of the inspected property.