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TYPES OF APPRAISALS

 



Fannie Mae and Freddie Mac revised their appraisal forms in March of 2005. These revised appraisal forms were designed primarily for their use. There is a lot of language on these forms that indicates their use is only for mortgage lending purposes. If you order an appraisal nowadays for a purpose other than lending, then the certification pages will have to be re-written for your particular use.

Some of our appraisals are also reported in a narrative style that is similar to a business report as opposed to a report on pre-printed form. The decision as to what format your appraisal report will be delivered on is decided on a case-by-case basis. Please give us a call and we can discuss your particular needs and provide you with a fee estimate based upon your particular circumstances. You can 'click' on any of the form pictures below to display a PDF document of that particular form. If you need the free Adobe Acrobat Reader, just click on the graphic at the bottom right of this page. Some of the forms are comprised of multiple pages. Additionally, almost all of our appraisal reports include additional pages besides the actual pre-printed form itself.

 

Fannie Mae Form 1004. Uniform Residential Appraisal Report. Also known as the Freddie Mac Form 70. This is the 'standard' appraisal form that is sometimes known as a 'full appraisal.' This version is the revised (March 2005) version and requires an interior and exterior inspection of the subject property. This is one of the most popular form reports available.

 



 

Fannie Mae Form 2055. Exterior-Only Inspection Residential Appraisal Report. Also known as the Freddie Mac Form 2055. It was created for the lending industry and is sometimes knows as a 'short form' appraisal. It does not contain a lot of data about the subject property and it only uses the sales comparison approach as its sole approach to value. It's useful for anyone needing an appraisal on a property that they are already familiar with and are willing to sacrifice some detail in the appraisal in order to save some money. This form can also be used with an interior inspection of the subject property and that is the only way that we accept assignments based on this form. That's because this form does not allow us to make assumptions about the interior condition of the property we are appraising, and it's virtually impossible to complete this form by 'guessing' at what's inside the house.


FNMA Form 1025. Small Residential Income Property Appraisal Report. this form is also known as the Freddie Mac Form 72 and is used with multi-family properties. It is a very detailed appraisal report that provides information on comparable rental properties, cost, sales, and income approaches to value. It is used for 2-4 family properties, though we can sometimes use the Fannie Mae Form 1004 for a duplex.




 

Fannie Mae Form 1073. Individual Condominium Unit Appraisal Report. Also known as the Freddie Mac Form 465. This is the standard form used for condominiums.

 

 

 

 

Fannie Mae 1004D. Appraisal Update and/or Completion Report. This is also know as Freddie Mac Form 442. This form can be used in two different ways. First, it can be used to report whether the subject property has declined in value since the original appraisal was completed. Even though this form is rather short in length, we still have to analyze a lot of data that is stored in our work file in order to substantiate whether or not the subject's value has declined. Secondly, this form can be used as a certification of completion based upon a prior appraisal that was developed subject-to some sort of condition(s).

 


Fannie Mae Form 2000. One-Unit Residential Appraisal Field Review Report. Also known as Freddie Mac Form 1032. This form can be used to report the findings of a field review of an appraisal.

 

 

 
 


Fannie Mae Form 2000a. Two-to Four-Unit Residential Appraisal Field Review Report. Also known as Freddie Mac Form 1072. This is similar to the form above (2000) except that it is used to review an appraisal of a multi-unit property.

 

 




ERC appraisal form- this form is used for relocation appraisals and was created by the Worldwide ERC. This form is used to report the appraiser's estimate of the anticipated selling price of a property. If you are being transferred by an employer and they have a relocation program then this is the type of report they would order. This form was updated in 2010 with most client's requiring its use effective for any appraisals completed starting in 2011.

 

 


 

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