What Is an Appraisal Update (1004D)?

A 1004D Appraisal Update is used to determine whether the market value stated in the original appraisal remains accurate.
It is typically required when:

• Significant time has passed since the original appraisal

• A loan is being renewed or re-underwritten

• Market conditions may have changed

• A lender needs confirmation before final loan approval

This update does not establish a new opinion of value — it simply affirms or revises the value from the original report.

​

What Is a Final Inspection (Completion Report)?

A Final Inspection verifies whether completion conditions have been met, such as:

• Repairs required by the original appraiser

• Construction completion (new builds or renovations)

• FHA, VA, or lender-required corrections

• Installation of safety, structural, or health-related features

• Completion of items listed “subject to” in the original appraisal

 

The final inspection confirms whether the property now meets the requirements necessary for loan approval, closing, or certification.

​

What Our Appraisal Update / Final Inspection Includes

Depending on the assignment type, our service may include:

✔ On-site visit

To verify repairs, renovations, or construction completion.

✔ Updated photographs

Of corrected items, completed spaces, or updated features.

✔ Verification of required conditions

Ensuring the property meets the lender’s or agency’s standards.

✔ Documentation of improvements or updates

If the original appraisal required certain items to be finished or corrected.

✔ Formal certification (1004D form)

Indicating whether the property now meets the conditions outlined in the original appraisal.

✔ Update analysis (if applicable)

Affirming whether the original appraised value remains supported.

All updates and final inspections are USPAP-compliant and accepted by lenders.

​

When You May Need an Appraisal Update / Final Inspection

• FHA or VA loans with required repairs

• Conventional loans with “subject to” conditions

• New construction requiring completion verification

• Renovations or additions that must be confirmed

• Time-lapse since the original appraisal

• Underwriter requests

• Final steps before loan closing

 

If any item was noted as “subject to” or “required” in a previous appraisal, a Final Inspection is typically mandatory.

​

Types of Properties We Serve

• Single-family homes

• Condominiums

• Townhomes

• New construction

• Fix-and-flip or renovated homes

• Multi-unit (2–4 unit) residential properties