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Appraisal Products:  Traditional Appraisals

 

Condition and Marketability Report FHLMC 2070

  • Summary appraisal report that conforms to USPAP requirements
  • General condition of the subject property and marketability factors reported
  • Current market conditions of the neighborhood included
  • Option for upgrade path as adverse factors are observed
  • No estimate of market value
     

 

Property Inspection Report FNMA 2075

  • Exterior inspection of the subject property from the street
  • Report consists of limited subject property and marketability factors
  • No estimate of market value
     

 

Exterior Only Inspection Residential Appraisal Report FNMA 2055

  • Summary appraisal report documentation, but includes extensive property information
  • Quantitative adjustments to comparable sales provided
  • Estimate for a specific value included
  • Increase efficiency and reduce costs
  • Detailed comparable grid includes all important components for adjustment

 

Uniform Residential Appraisal Report (URAR) FNMA 1004

  • Most comprehensive collateral assessment product offered
  • Market value trends, supply and demand and marketing times are all considered
  • Indicated value by cost approach provided
  • Sales comparison analysis grid with indicated value by sales comparison approach included
  • Detailed comparable grid includes fence, pool, porch, patio, deck, garage/carport, heating/cooling and functional utility
  • Quantitative adjustments to comparable sales
  • Estimate for a specific market value included
     

 

Field Review Report FNMA 2000

  • Assists in determining the completeness and accuracy of the data in an appraisal report
  • Verifies accuracy of market value as of the effective date of original report
  • Includes comprehensive analysis to determine the completeness and accuracy of all appraisal components
  • Provides additional comparable sales if the sales utilized in the original report were not comparable to subject
  • Provides a market supported estimate of value if the original value was considered not reasonable
  • Includes a signed Appraiser's Certification
     

 

Condo Appraisal FNMA 1073

  • Market value trends, supply and demand and marketing times are all considered
  • Room count and actual square footage by GLA provided
  • Condition of improvements, depreciation, repairs needed and quality of construction are noted
  • Project and phase information includes number of units, number of units for sale and number of units currently rented, which allows assessment for any location risk within the complex
     

 

Exterior Condo Appraisal FNMA 1075

  • Market value trends, supply and demand and marketing time are all considered
  • Room count and actual square footage for GLA provided
  • Condition of improvements, depreciation, repairs needed and quality of construction noted
  • Project and phase information includes number of units, number of units for sale and number of units currently rented, which allows assessment for any location risk within the complex

 

Multi-Family Appraisal FNMA 1025

  • Small residential income property appraisal report for two- to four-family residences
  • Neighborhood, site and improvement descriptions provided
  • General description of subject's exterior, foundation, basement and insulation included
  • Condition of improvements, depreciation, repairs needed and quality of construction noted
     

 

Multi-Family Field Review Report FNMA 2000A

  • Assists in determining the completeness and accuracy of the data in an appraisal report of Small Residential Income Property (1025)
  • Verifies accuracy of market value as of the effective date of original report
  • Includes comprehensive analysis to determine the completeness and accuracy of all appraisal components
  • Provides additional comparable sales if the sales utilized in the original report were not comparable to subject
  • Provides a market supported estimate of value, if the original value was considered not reasonable
  • Includes a signed Appraiser's Certification
     

 

FHA Appraisal

  • FHA appraisal provided in a uniform format for reporting neighborhood, site and improvement descriptions
  • URAR, Multi-Family or Duplex may apply
  • HUD/FHA Valuation Condition Sheet and HUD/FHA Home Buyers Summary listing detailed condition of property and required improvements prior to loan closing included
  • Market value trends, supply and demand and marketing times considered
  • Sales comparison analysis grid with indicated value by sales comparison approach provided
  • Quantitative adjustments to comparable sales
  • Estimates a specific market value
     

 

Supplemental REO Appraisal Addendum

  • Comprehensive valuation program for residential real properties throughout the various stages of foreclosure and asset disposition process
  • Supplemental REO appraisal addendum included with standard URAR 1004 Form
  • General description of subject's exterior, foundation, basement and insulation included
  • Condition of improvements, depreciation (physical function and external), repairs needed and quality of construction noted
  • Competing listings and market trends identified
  • "As is" and "as repaired" values for normal marketing times provided
  • "As is" and "as repaired" values given client-imposed marketing time provided
     

 

Co-Op Appraisal FNMA 2090

  • Provides blanket mortgage information, which is in effect for the co-operative project as a whole to determine potential risks for the loan
  • Considers market value trends, supply and demand and marketing time
  • Includes room count and actual square footage by GLA
  • Notes condition of improvements, depreciation, repairs needed and quality of construction
  • Includes number of units, number of units for sale and number of units currently rented in project and phase information, which allows assessment for any location risk within the complex
     

 

Exterior Co-Op Appraisal FNMA 2095

  • Provides blanket mortgage information, which is in effect for the co-operative project as a whole to determine potential risks for the loan
  • Considers market value trends, supply and demand and marketing time
  • Includes room count and actual square footage by GLA
  • Notes condition of improvements, depreciation, repairs needed and quality of construction
  • Includes number of units, number of units for sale and number of units currently rented in project and phase information, which allows assessment for any location risk within the complex
     

 

Plans/Specs Appraisal

  • Utilized for new construction to review plans and specifications to determine estimated market value
  • Provides general description of subject's exterior, foundation, basement and insulation
  • Calculates room count and actual square footage for GLA
  • Notes condition of improvements, depreciation, repairs needed and quality of construction
  • Provides sales comparison analysis grid with indicated value by sales comparison approach
     

 

Appraisal Update and/or Completion Report FNMA 1004D

  • Update to previous appraisal that was prepared subject to completion of repairs or incomplete items
  • Items completed or to be completed since time of original appraisal noted
  • Same appraiser performs reinspection who completed original appraisal report
  • Lender can ascertain the current construction status of subject property without incurring the cost of another appraisal
     

 

Land Only Appraisal

  • Estimates the market value of unimproved sales suitable for residential development
  • Includes a signed Appraiser's Certification
     

 

Manufactured Home Appraisal Report FNMA 1004C

  • New appraisal form that replaces prior addendum appended to 1004 or 1073
  • Complete analysis that includes Cost Approach and Sales Comparison Approach
  • Specific HUD code identification