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Most universally used and
recognized appraisal report format for single
family residential appraisals. This is a
Complete Appraisal Analysis, presented in
a Summary Appraisal reporting format. This
format is most easily adapted for a variety
of appraisal requirements ranging from loan
evaluation to specific uses relating to
valuation of marital assets for dissolution,
probate, litigation or to assist a party
in arriving at an estimate of the value
of arriving at an offer to sell or purchase.
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Manufactured Home Appraisal
Report. This appraisal report format is
required for appraisals prepared for loans
purchased by Fannie Mae or Freddie Mac on
properties improved with manufactured dwellings
constructed in accordance with the HUD code.
In addition to the basic and essential information
relating to the subject, subject site, analysis
of comparable sales,etc. found in the Uniform
Residential Appraisal Report (Form 1004),
this format provides specific information
identifying the manufactured dwelling unit(s),
marketability and develops a more detailed
cost approach as well as requiring the development
of a site value support by market sales.
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This appraisal format is
primarily used for relocation appraisal,
prepared for transfer companies. This format
provides a comprehensive study of the market
including an analysis of current listings
as well as closed sales. This is however
generally considered a :Limited Appraisal
in that it does not employ a Cost Approach
or an Income Approach. This report format
would also be useful for individuals wanting
a comprehensive analysis of the marketability
of their property to serve as a basis for
setting an offering price.
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This is a Summary Appraisal
report developed by Fannie Mae for use with
its Desktop Underwriter loan evaluation
program. This reporting format is very similar
to the Uniform Residential Appraisal Report
(Form 1004) with the exception that it is
designed specifically for appraisals prepared
based solely upon an exterior inspection
and other reliable data sources. . This
appraisal report is sometimes referred to
as a "Drive-By" appraisal.
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Like the FNMA 2055, this
is a short form appraisal report originally
developed by Freddie Mac (Federal Home Loan
Mortgage Corporation) for use with second
mortgage loans. It is now used primarily
when only a limited documentation appraisal
is required to satisfy underwriting requirements
for a loan or to meet the specific limited
needs of the client.
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This report format, like
the FNMA 1004, is the most widely utilized
appraisal format for reporting the appraisal
of condominiums. In addition to the information
typically developed in residential form
reports, this appraisal format also describes
in limited detail the features, amenities
and other common elements found in the project
as well as delineates the number of completed
units, units for sale, and for rent both
in the subject phase of the project and
in the overall development. The condominium
budget is analyzed as project reserves,
assessments and other fees to arrive at
an opinion of their adequacy and affect
on marketability. A minimum of three sales
of units with similar features, amenities,
and location influences are arrayed and
analyzed. All relevant approaches to value
are considered and reconciled to arrive
at an opinion of the most probable market
value.
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This appraisal reporting
format is designed to allow for a Complete
Appraisal Analysis reported in the Summary
Report format. This form is used generally
by lenders and investor clients in the valuation
of 2-4 family residential income properties.
Included in the analysis are a rent survey,
competing listings, as well as an analysis
of closed sales. All three relevant approaches
to value (Cost, Income, and Market) are
provided for in this report and reconciled
into an opinion of most probable market
value. Supplemental forms such as an Operating
Income and Expense Analysis can be provided
in support of cash flow estimates.
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This appraisal report format
provides for the simplified reporting of
a Complete Appraisal Analysis in a Summary
Appraisal reporting format. Subject, neighborhood,
and site features are summarized, supplemented
where necessary by descriptive addenda.
A minimum of three sales are arrayed and
analyzed to arrive at an opinion of the
most probable market value.
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This appraisal review format
provides a framework for the third party
review and analysis of an appraisal report.
This report is used primarily by lenders
for quality control purposes, either in
random sampling or as a result of underwriting
concerns or is used by investors as a check
of the quality control employed by loan
originators. In a field review, the reviewer
addresses the completeness, accuracy and
appropriate nature of the data as well as
verifies by field inspection (exterior views)
the features, condition and value influencing
factors relating to the subject and the
comparable sales recited. The reviewer,
based upon a review of the information in
the appraisal and that developed independently,
will arrive at an opinion as to the reliability
of the value conclusion in the appraisal.
In this event the reviewer’s opinion
of value differs from that of the original
appraiser, the reviewer will prepare a supplemental
sales analysis supporting their subsequent
value opinion.
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Like the field review described
above, the desk review is designed as a
quality control instrument and addresses
the completeness, accuracy, and appropriate
nature of the data contained in the appraisal
report. However, unlike the field review
which involves a physical inspection of
the subject and sales, the desk review is
essentially a technical review analyzing,
based solely upon the data contained or
not contained in the appraisal or as can
be reasonably be verified from independent
sources.
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This appraisal report is used
primarily by a lender/investor to arrive at an
opinion of the value of their collateral either
in anticipation or shortly after acquisition as
a result of foreclosure. This appraisal format
utilizes the FNMA 1004 Uniform Residential Appraisal
Report as the basis for the analysis, supplemented
by a special REO addendum that analyzes current
supplemented by a special REO addendum that analyzes
current listings as well as details the nature
and estimated cost of any deferred maintenance.
An "as is" and "as repaired"
value is estimated based upon the marketing parameters
specified by the client.
Like the REO – Foreclosure
Appraisal, the HUD/FHA appraisal uses the basic
FNMA 1004 Uniform Residential Appraisal Report
form as the basis for the appraisal, but is supplemented
by special addendum required by the Department
of Housing and Urban Affairs, Federal Housing
Administration (DU/FHA). This consists of a Valuation
Condition Addendum (HUD Addendum) that addresses
specific compliance items, repairrequirements
and other conditions required by the HUD Handbook
4150.2.
Like the HUD/FHA appraisal, a
Veterans Administration Appraisal (VA) uses the
basic FNMA 1004 Uniform Residential Appraisal
Report form as the basis for the appraisal, but
is supplemented by special addendum required by
the Veterans Administration. While no specified
Valuation Condition Addendum (VC Addendum) like
that required for HUD/FHA appraisals is specified,
the appraisal addresses specific minimum property
standards as promulgated by the Department of
Veterans Affairs.
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