Appraisal Update / Completion Report - St Lucie County Florida Appraiser: TruValue Real Estate Services

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Appraisal Update and/or Completion Report (FNMA 1004D)
The Fannie Mae Appraisal Update and/or Completion Report (Form 1004D) serves two functions: an appraisal update and a completion report.

The purpose of the Appraisal Update is to determine if the market value of the subject property has declined since the effective date of the original appraisal.  This is used by clients when a time milestone has been exceeded.  The key word here is “declined”.  If the subject has not declined since the effective date of the original appraisal, the client can utilize the value in the original appraisal report to underwrite the loan process.  The form does not ask if the value has increased, only whether it has declined or not.  If the value has increased, the client would need a new appraisal if the loan process were to be based on any increase in value.

An Appraisal Update is considered to be a new appraisal assignment and must include the certification disclosing any prior services that were performed regarding the subject property within the three years prior to accepting the new assignment.  Additionally, per USPAP, the report must contain a signed certification addressing items specified in Standards Rule 2-3.  Because this is a new assignment, the appraiser cannot simply reference the certification from the prior report.  Appraisers should familiarize themselves with Standards Rule 2-3 to ensure this new appraisal assignment contains the necessary certification required for all appraisal assignments.  Keep in mind that many of these certifications, which are included on the 1004 report, are not preprinted and included on the Fannie Mae 1004D.  Appraisal report forms need not be USPAP compliant.  It is the job of the appraiser to include all necessary information to make the report form USPAP compliant.

With this new assignment, the appraiser must include in his or her work file the current supporting market data that was researched, verified and analyzed in order to be compliant with USPAP.

The scope of work for the Appraisal Update report also requires the appraiser to perform an exterior inspection of the subject property from at least the street.  Clients generally require the appraiser to also submit original photos of the subject property taken at the time when this exterior inspection was performed.  Do not fall into the trap of not re-inspecting the subject property from at least the street for this assignment.  Not only would it be in conflict with the scope of work, but something significant may have happened to the subject property since the original appraisal was performed that could not be ascertained from just analyzing current market data.  An appraiser does not want to say the market value of the subject property has not declined since the effective date of the original appraisal only to find out a large tree has fallen on the subject property or it was recently destroyed by a fire.

There are four date fields on the Appraisal Update and/or Completion Report.  The first is the Effective Date of the Original Appraisal which is found in the subject section.  This would be populated with the effective date from the original report.

The next three date fields are located in the signature section.  The Date of Signature and Report should be populated with the signature date of this assignment, not the original appraisal report date.  The next is the Effective Date of the Appraisal Update.  This date reflects the date the appraiser performed the analysis to determine if the market value of the subject property has declined.  The last date field is the Date of Inspection, which would reflect the date that the appraiser performed an exterior inspection of the subject property from at least the street.  This is not the inspection date of the original report.

As you can see, the only date field that is related to the original appraisal report is the Effective Date of the Original Appraisal located in the subject section.  All other date fields located in the signature section are specific to this assignment.

The TruValue Difference

TruValue prides itself on producing the most accurate and timely appraisals possible by:

  • Using Intelligent Quality Control, our pro-active quality control process that leads to more one-touch appraisals
  • Organizing customer service around you, with a single point of contact – no more being transferred from person to person
  • Being singularly focused on residential real estate valuation and your success

TruValue offers an Appraisal Update and/or Completion Report as part of its suite of residential appraisal products. To learn more about TruValue’s appraisal services, contact us today at 561-568-5515.


When you order an appraisal report from us, you can expect. . . .

  • Prompt response to your initial inquiry: We will give you personalized information for your particular appraisal need. Just tell us your situation and we will make suggestions. Do you want to sell your home quickly or for the highest value?
  • Quick turnaround time: Typically 2-3 days from the date the request is received. If you've chosen to receive a copy of your appraisal or consulting report via the Internet (EDI), you'll receive it within MINUTES of its completion.
  • Appraisal and consulting reports formats to suit YOUR needs: When it comes to appraisal and consulting, "One size does NOT fit all!" We offer a variety of report types and delivery methods. We can deliver your report attached to a standard email, or notify you of an Internet site to download your report, the MINUTE it's completed!
  • Quick response to follow-up questions: Our reports are clearly written, understandable, and meet or exceed the Uniform Standards of Professional Practice that governs the appraisal practice. If you have any questions regarding your appraisal, after you've read the report, we encourage you to email or call us!

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Copyright © TruValue RES, Inc. 2023
(561)-568-5515

581 NW Grenada St
Port Saint Lucie, FL 34983



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