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*NEW* Fannie Mae Lending ONLY Forms

Chart of New Report Types

FNMA 1004 (3/05) - Uniform Residential Appraisal Report Back to top

Form 1004 [3/05], "Uniform Residential Appraisal Report" [URAR]. The URAR is the most commonly used appraisal form. This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an interior and exterior inspection of the subject property. This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.

  • 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 "visual inspection". The visual 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; exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; plat map; an exterior sketch of subject property; a flood map if applicable and qualifications of the appraiser; and any other data--as an attachment or addendum to the appraisal report form--that are necessary to provide an adequately supported opinion of market value.

    FNMA 2055 (3/05) Exterior Only Inspection Residential Appraisal Back to top

    We also offer a high quality alternative to the Full Appraisal.  The [2055] Exterior Only Residential Appraisal Report (FNMA 2055)    

  • This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an exterior-only inspection of the subject property from at least the street. This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. 

  •  The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to, condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections, appraisal files, information provided by the property owner, etc.

  • The 2055 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 other data--as an attachment or addendum to the appraisal report form--that are necessary to provide an adequately supported opinion of market value. 

    FNMA 1073 (3/05) Interior - Individual Condominium Unit Appraisal      Back to top

    The Form 1073, "Individual Condominium Unit Appraisal Report" is designed for condominium or homeowner association individual units. (1073).  It's extensively used by lenders and other investors for purchases and refinancing purposes. This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD) based on an interior and exterior inspection of the subject property. This report form is not designed to report an appraisal of a manufactured home or a unit in a cooperative project.

    The appraiser will, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject unit, (2) inspect and analyze the condominium project, (3) inspect the neighborhood, (4) inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data from reliable public and/or private sources, and (6) report his or her analysis, opinions, and conclusions in this appraisal report.  The visual 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; 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 if applicable; a flood map if applicable; and any other data--as an attachment or addendum to the appraisal report form--that are necessary to provide an adequately supported opinion of market value

    FNMA 1025 (3/05) Small Residential Income Property Appraisal       Back to top

    The Form 1025, "Small Residential Income Property Appraisal Report" is designed for two to four family income properties. (1025)  It's extensively used by lenders and other investors for purchases and refinancing purposes. It is also used for formal tax appeals, condemnation, contested matrimonial or any situation involving a two to four family income property 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 a thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the dwelling.

    A "Small Residential Income Property Appraisal Report" typically consists of a letter of transmittal; market area analysis; description of the site; description of the improvements; rental income analysis; cost approach; income approach; direct sales comparison approach with comparable sales; reconciliation; operating income statement, 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; qualifications of the appraiser and reviewer.

  • FNMA 2075 - Property Inspection and Marketability Report    Back to top

    ( 2070 / 2075 )  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.

    ERC - Single-Family Relocation Report (ERC)       Back to top

  • Residential Appraisal Field and Desk Reviews    Back to topThe Residential Appraisal Field Review Report (Form 2000) 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 ReviewA 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
     

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