Previous Topic

Next Topic

Completing the 1004MC form using TREND

Help Topic 4076

Using TREND to complete the 1004MC form can save you time and get you the information you need quickly and easily.

The 1004MC form requires appraisers to provide a detailed inventory analysis for three specified time periods. Statistical analysis and reporting of median sale, list price, days on market and list to sale price ratios for three specified time periods. Other information required includes seller concession trends and foreclosure trends.

Get the 1004MC Form

Follow these steps to most effectively complete the 1004MC form.

Set Preferences to View Information

Display Results Statistics

  1. Click the My Account tab.
  2. Click Preferences in the blue navigation bar.
  3. Click Report Preferences on the left side of the page.
  4. In the "Show Results Statistics" drop-down menu, click Yes.
  5. Click Save.

You can also add fields to your search criteria.

Finding Information for Comparable Sales

From the Listing Search screen

  1. In the Status section, check Settled.
  2. In the Dates section, under Settled Date, enter the start and end dates for the time period to be evaluated.

    Tips for searching dates

  3. Enter your other search criteria.
  4. Click Next.
  5. Click View Results.
  6. Scroll to the bottom of the report page to the "Results Statistics- Median."
  7. From the Settled Information line, enter the following:
    1. Enter the Count from the Settled line in Results Statistics into the Total Number of Comparable Sales (Settled) line on Form 1004MC.
    2. Enter Median Price from Results Statistics into the Median Comparable Sales line.
    3. Enter Median Days on Market (DOM) from Results Statistics into the Median Comparable Days on Market line.
    4. Enter Median Settled Price to Last List Price Ratio on the Median Sales Price as % of List Price line on the 1004MC
    5. Calculate the Absorption Rate by dividing the Total Number of Comparable Sales by the number of months in the period of time you have selected.
  8. Under Listing Search criteria located on the right side of the page, click the Pencil Edit Criteria/Listing next to Settled Date.

    (A pop-up window will appear.)

  9. Enter the start and end dates for the next evaluation period.
  10. Repeat the above steps to complete the addendum for the other time periods.

Finding Information for Active Sales

From the Listing Search screen

  1. In the Status section, check the boxes next to Available, Not Available and Off Market.
  2. The updated guidelines for appraisals after September 1, 2010 specify the available inventory on the last day of the period being evaluated.Under List Dates section, enter a List Date from the distant past, such as 1/01/2000 as the start date and the last date of the period being evaluated as the end date. (This excludes all listings that began after the end of the period being evaluated.)
  3. In Off Market Date, enter the last day of the period being evaluated as the start date and today's date as the end date. (Using this criteria eliminates all listings that were off-market prior to the last day of the period. If a listing was activated on or before the last day of the period or went Off Market on or after the last day of the period, it must have been Active on the last day of the period.)
  4. Enter your other search criteria.
  5. Click Next.
  6. From the Results Manager drop-down menu, select "Member One-Line."
  7. Click View Results.
  8. Click Select All.
  9. Scroll to the bottom of the report page to the "Results Statistics-Median."
  10. From the Totals line, enter the following:
    1. Complete the Total Number of Comparable Listing with the count from the Results Statistics.
    2. The Median Comparable List Price is the Median Current Price in Results Statistics.
    3. The Median Comparable Listing Days on Market is the Median PMP.
  11. Under Listing Search criteria located on the right side of the page, click the Pencil Edit Criteria/Listing next to List Date.

    (A pop-up window will appear.)

  12. Change the end date to the last day for the next evaluation period.
  13. Using the Pencil Edit Criteria/Listing edit the Off Market date to the last day for the next evaluation period.
  14. Repeat the above steps to complete the addendum for the other time periods.

Important Things to Know