FNMA 1004 - Uniform Residential Appraisal Report

The URAR is the most commonly used appraisal form. It's primarily designed for single-family homes, including those with auxilliary apartments or "in-law, mother/daughter" units. It's extensively used by lenders and other investors for purchases and refinancing purposes. It's also used for formal tax appeals, condemnation, contested matrimonial or any situation involving a single family dwelling or owner occupied two family dwelling in which court testimony is contemplated.

The appraiser's description of the physical characteristics of the property and comparables will be obtained from reliable data sources. There will be a thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the house.

A "Uniform Residential Appraisal Report" typically consists of a letter of transmittal; market area analysis; description of the site; description of the improvements; cost approach; direct sales comparison approach using comparable sales on the comparison grid; reconciliation; definition of market value; certification; contingent & limiting conditions; FIRREA addendum; interior and exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; plat map; detailed sketch of subject property showing room layout; flood map if applicable and qualifications of the appraiser and reviewer.

FNMA 2055 - Short Form Appraisal

We also offer a high quality, lower cost, "short form" alternative to the Full Appraisal. Desktop Underwriter Quantitative Analysis Appraisal Report (FNMA2055) It has been widely accepted for use where the more lengthy FNMA 1004 Report is not necessary. It can be used for tax grievance, uncontested matrimonial, estate or financial planning, or to establish fair market value for sellers or purchasers. It is available for use on one to four family dwellings and condominium individual units. The appraiser's description of the physical characteristics of the property will be obtained from reliable data sources and either an interior and exterior inspection or drive-by exterior inspection (when interior access is not possible or desired).Our "short form Residential Appraisal Report" typically consists of a letter of transmittal; brief market area analysis; brief description of the site; brief description of the improvements; direct sales comparison approach using recent comparable sales on a comparison grid; reconciliation; definition of market value; certification; contingent & limiting conditions; exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; plat map; and qualifications of the appraiser and reviewer.

FNMA 1073 - Individual Condominium Unit Appraisal

The Form 1073, "Individual Condominium Unit Appraisal Report" is designed for condominium or homeowner association individual units.(Form 1073) It's extensively used by lenders and other investors for purchases and refinancing purposes. It is also used for formal tax appeals, contested matrimonial or any situation involving an individual condominium or homeowner association unit in which court testimony is contemplated.

The appraiser's description of the physical characteristics of the property and comparables will be obtained from reliable data sources including the thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the project and of the unit.

An "Individual Condominium Unit Appraisal Report" typically consists of a letter of transmittal; market area analysis; description of the site; description of the improvements; direct sales comparison approach utilizing comparable sales on the comparison grid; reconciliation; definition of market value; certification; contingent & limiting conditions; FIRREA addendum; interior and exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; plat map; sketch of subject property showing room layout; flood map if applicable.

FNMA 2070 / 2075 - Property Inspection and Marketability Report

Single family residential inspection reports can be ordered as 'Exterior Only" [from a public street only] or can include an interior inspection.  "Exterior only" reports will rely on public records and MLS data.  Interior inspection assignments will include a property sketch and verified property characteristic data.  The Freddie Mac form 2070 or Fannie Mae 2075 reports will both include subject pictures [front and street scene], plat and location maps.

Residential Appraisal Field and Desk Reviews

The Residential Appraisal Field Review Report is used by lenders as part of their quality assurance system and by individuals to verify or contest the data or conclusions of an existing report.  Exterior inspections of the subject property and comparables are NOT within the scope of a Desk Review. 

A field or desk review will provide both a sale/transfer and a listing history for the subject property for the three years prior to the effective date of the appraisal report under review and consider any trends this information reveals.  The review appraiser will also briefly summarize the steps taken to verify the report's data and explain the items that are not factual and/or accurate.

The review appraiser will indicate whether the original opinion of market value for the subject property was reasonable*.  In any instance in which the review appraiser determines that the original value conclusion was unreasonable, he or she will complete Sections II and III of the review report form.

 

*Because appraisers' opinions can vary, the review appraiser must have conclusive evidence to support his or her determination that the original value opinion was unreasonable.