In an effort to assist real estate appraisers during a time when they are being asked to produce more for less, GeoData Plus, a well established appraiser data source for comparable sales, property information and statistics has produced a new web site – Free1004MC.com. CARLE PLACE, NY, July 17, 2009 /24-7PressRelease/ — In an effort to assist real estate appraisers during a time when they are being asked to produce more for less, GeoData Plus, a well established appraiser data source for comparable sales, property information and statistics has produced a new web site – Free1004MC.com.
The Fannie Mae 1004 Market Conditions Addendum (1004MC) is a new appraisal form required on all Fannie Mae and Freddie Mac 1-4 family appraisals. The form’s purpose is to produce an analysis of the market that the appraised property is located in, allowing the lender to get an idea of the stability of the area. This new form has created a great deal of frustration for many in the appraisal community.
"The appraiser is now required to produce more documentation and analysis than ever before, while at the same time their revenues are decreasing due to the economy and tougher regulations." explains Erik Wind, Senior Analyst at GeoData Plus, "Free1004MC.com helps the appraiser complete this new form in a fast and efficient manner, without sacrificing quality and accuracy."
The 1004MC can add a significant amount of time to the appraiser’s workload, depending on the availability of the data. With Free1004MC.com, appraisers simply enter in the zip code the subject property is located in, and a great deal of the data required for the 1004MC appears within seconds.
Bill Merrell, PhD – School director/founder of the Merrell Institute and the Appraisal Education Network School had this to say: "GeoData really identified with the appraisers on this one. Free100MC allows an appraiser to compile statistics in a manner of seconds that may otherwise take hours. This site will be of significant benefit to the appraiser in dealing with trend analysis."
The site currently produces 1004MC statistics for the Metropolitan New York area, and will be in all of New York within a few short weeks. Plans to make this service available nationwide are not out of the question.
GeoData Plus also intends to integrate the Free100MC.com reports directly into appraisal software (WinTotal, ACI, etc.), auto-filling the form for the appraiser.
About GeoData Plus
GeoData Plus is the most extensive source for real estate information in the New York Metropolitan area. Its online services include detailed property reports, a comprehensive sales comparable search tool, comparative market analysis (CMA), property photographs, digital maps, and aerial photographs. GeoData also integrates with almost every appraisal software, allowing appraisers to auto-fill their appraisal reports without the need for data entry.
GeoData was founded in 2000 by George Vinsky, a talented computer programmer with outstanding knowledge of the New York real estate market. In 2002, GeoData Inc. became GeoData Plus LLC, after forming a partnership with Real Property Technologies, (now known as the Redvision) – a well-established real estate research firm with more than five decades of experience in New York real estate.
GeoData Plus covers the entire state of New York, serving more than 500 clients – appraisers, property tax reduction specialists, mortgage companies, investors and real estate agencies – encompassing thousands of users largely in the New York area, although the program is accessed worldwide.
Source: GeoData Plus
Press release service and press release distribution provided by http://www.24-7pressrelease.com