ACTIVITY: COMPARABLE SALE ADJUSTMENTS (TERM PAPER PART 4) For this assignment, y

ACTIVITY: COMPARABLE SALE ADJUSTMENTS (TERM PAPER PART 4)
For this assignment, you will finishing completing the 1004 appraisal form with the data which you started in Part 3. You will save the completed form to your computer and then upload here as a .PDF file. You will need a copy of it later for your final paper, “Appraisal Report for Single Family House”. It will be inserted as the appendix in your final paper. In addition, you will analyze this appraisal for your Part 5 activity. Appraisal form part 3 and part 2 attached. I d not have. the text. book. but this is the text book needed.
TEXTBOOK:
Real Estate Appraisal Principles and Procedures 5th Edition by Walt Huber, Levin Messick, and William Pivar
INSTRUCTIONS FOR PAGE 2 (VIDEO REPLAY)
STEP 1.
Download the URAR 1004 Appraisal Report you completed in Part 3. Open your textbook to chapter 9, specifically pages 298-303. NOTE: I realize you may not have read this chapter yet as part of your Reflection Summary, so you will need to spend some time studying this chapter and getting familiar with the concepts.
STEP 2.
Using the 5 comparable properties (“comps”) you saved from Part 2, select 3 that are most similar to the subject property. On page 2 of the 1004, complete the columns for Comparable Sale #1, Comparable Sale #2, and Comparable Sale #3. Note the comps are called “Sales”. Each comp has 2 columns. The left column is to enter the data, and the right column is to enter the adjustment amount. Remember, if the comps has a feature that is MORE VALUABLE than the subject property, you will need to SUBTRACT the difference. On the other hand, if the comps has a feature that is LESS VALUABLE than the subject property, you will need to ADD the difference.
Please refer to your textbook, chapter 9, specifically pages 298-303 for the proper addition and subtraction techniques. NOTE: If you were not able to find sold comps, you may use active comps (currently listed for sale) and assume the list price is the sale price.
URAR FORM 1004 PAGE 2 EXAMPLES/INFORMATION:”Sales Comparison” section = textbook page 306 (Ch. 9) & page 368 (Ch. 12)
STEP 3.
Based upon the data collection techniques learned in chapter 5 of the textbook, you will gather general data. Research the economic data for the region, including major employers, industries, and demographics (such as population, income levels). Think about how the property value is affected by the community and economy. Go back to the URAR form 1004 appraisal report page 1 (illustrated as Figure 5-2 on page 153, and 5-5 on page 159 of the textbook) and update the appraisal based on the new data you have researched. Keep these sources handy so you can incorporate them into your final paper with citations and references.
Data sources can be found easily on the internet, including some of the suggested searches on pages 15-160 in the textbook. Refer to Figure 5-1 on page 152 for a list of appraisal-related internet sites.
URAR FORM 1004 PAGE 1 EXAMPLES/INFORMATION:”Neighborhood” section = textbook page 153 (Ch. 5) & page 364 (Ch. 12)
“Site” section = textbook page 159 (Ch. 5) & page 365 (Ch. 12)
MODEL
Following is a completed 1004 appraisal report (page 2) as required for this activity.
SAMPLES:
Sample completed appraisal form: 1004 Appraisal Form Completed SAMPLE.pdfDownload 1004 Appraisal Form Completed SAMPLE.pdf
View a completed model URAR 1004 appraisal report: Appraisal_Sample.pdf Download Appraisal_Sample.pdf (NOTE: the sample 1004 begins on page 4)
Example of an online fillable form completed: https://www.pdffiller.com/100012517-fillable-2005-appraisal-report-formLinks to an external site.
GUIDES:
View an extensive step-by-step instructional guide for completing the 1004 report:
1004 Instructions.pdf
Appraisal Fields UAD Quick Reference Guide.pdf
Appraisal Fields UAD-Specifications.pdf
Appraisal UAD Definitions Addendum.pdf
Appraisal-Report-and-Data-Delivery-Guide FHA.pdf
Appraisal-Review-Guide MGIC.pdf
MULTIMEDIA GUIDE:
View videos that demonstrate how to complete the 1004 report:
TO SUBMIT:
Save the completed PDF form to your computer. Click the “Submit” Button. Attach the PDF document. Click “Submit” again.