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*We provide many types of appraisals on request for our clients. This is only a list of the most common appraisal requests. If you have any questions about our fee schedule, please do not hesitate to contact us. | | | |
| | | SERVICE LIST Single Family Interior/Exterior Appraisal Report (FNMA 1004/FHLMC 70) - The standard Fannie Mae summary appraisal report
- Considers market value trends, supply and demand and marketing times
- Provides indicated value by cost approach, where appropriate
- Provides a sales comparison analysis grid with indicated value by sales comparison approach
- Quantitative adjustments to comparable sales
- Estimates a specific market value
Exterior Only Appraisal Report (FNMA 2055/FHLMC 2055) - Summary appraisal report documentation but includes extensive property information
- Provides quantitative adjustments to comparable sales
- Estimates a specific value
- Increases efficiency and reduces costs
Condo/PUD Interior/Exterior Appraisal Report (FNMA 1073/FHLMC 465) - Considers market value trends, supply and demand, and marketing times
- Room count and actual square footage by GLA
- Notes condition of improvements, depreciation, repairs needed, and quality of construction
- 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 Report (FNMA 1025/FHLMC 72) - Small residential income property appraisal report for two- to four-family residences
- Provides neighborhood, site, and improvement descriptions
- Provides general description of subject’s physical structure
- Notes condition of improvements, depreciation, repairs needed and quality of construction
- Includes an analysis of market rents, with rental comparables
- Sales comparison, income approach, and cost approaches are all considered in estimating market value
Single Family Comparable Rent Schedule (FNMA 1007) - Includes rental comparables in familiar grid format
- Reports estimated market rent
Operating Income Statement (FNMA 216) - Reports income and expense projections for the next 12 months
- Helps estimate necessary cash reserve
Standard Desk Review - A review of an appraisal provided by a lender, to determine if the opinion of value in the appraisal is reasonable.
- The subject property and comparables are not inspected.
- The reviewer verifies lot size, GLA, sales price, and date of sale for the subject property and the comparables.
Standard Field Review - A review of an appraisal provided by a lender, to determine if the opinion of value in the appraisal is reasonable.
- The subject property and comparables receive an exterior inspection from the street.
- Photographs of the subject's front and street, as well as the sales comparable's front are included.
- The reviewer verifies lot size, GLA, sales price, and date of sale for the subject property and the comparables.
Appraisal Update and/or Completion Report (FNMA 1004D) - Update to a previous appraisal that was prepared subject to completion of repairs or incomplete items.
- Notes items completed or still need to be completed since time of original appraisal.
- Same appraiser performs reinspection who completed original appraisal report.
- Allows lender to ascertain the current construction status of subject property without incurring the cost of another appraisal.
Supplemental REO Appraisal Addendum - Supplemental REO appraisal addendum included with standard URAR 1004 Form.
- Provides general description of subject's exterior, foundation, basement and insulation.
- Notes condition of improvements, depreciation(physical function and external), repairs needed and quality of construction.
- Identifies competing listings and market trends.
- Provides "as is" and "subject to" values for normal and client marketing times.
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