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Fannie Mae Appraisal Forms

& their Intended Uses

These single-family Fannie Mae appraisal forms are the most common forms we use in Indiana.  In order to better serve you, we have provided .pdf copies of these forms, brief explanations of their intended uses, and any restrictions the forms may present to you.  We prepare these streamlined appraisal reports in a manner sufficient with the underwriting expectations of Fannie Mae/HUD.  If none of these forms fit your situation call for the availability of other less common or narrative report forms.

 

Uniform Residential Appraisal Report (Form 1004)

Exterior-Only Inspection Residential Appraisal Report (Form 2055): PDF

Individual Condominium Unit Report Form (Form 1073)

Exterior-Only Inspection Individual Condominium Unit Report (Form 1075)

Retrospective Appraisals- Estate, Dissolution, Insurance/Catastrophic Loss

Appraisal Update and/or Completion Report (Form FM 1004D FM 442)

Small Residential Income Property Appraisal (Form 1025)

Single Family Comparable Rent Schedule (Form 1007)

Manufactured Home Appraisal Report (Form 1004C)

Definition of Market Value

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Uniform Residential Appraisal Report (Form 1004)  

Download PDF (.pdf, 93KB, 6 pages)
 

Use

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.
 

Modifications, Additions, or Deletions

This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications contained in the report form. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted.

Scope of Work

The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser will, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
 

Included Exhibits

  • A street map that shows the location of the subject property and of all comparables that the appraiser used;
  • An exterior building sketch of the improvements that indicates the dimensions. The appraiser will also include calculations to show how he or she arrived at the estimate for gross living area. A floor plan sketch that indicates the dimensions is required by Fannie Mae instead of the exterior building or unit sketch if the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood;
  • Clear, descriptive photographs (either in black and white or color) that show the front, back, and a street scene of the subject property, and that are appropriately identified. (Photographs will be originals that are produced either by photography or electronic imaging.);
  • Clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. Generally, photographs will be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser's files are acceptable by Fannie Mae if they are clear and descriptive, and may be substituted;
  • 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.

Items to include (from lender) when placing an order for this form             Order Now

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Exterior-Only Inspection Residential Appraisal Report (Form 2055)

 Download PDF (.pdf, 217KB, 6 pages)

Use

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 inspection only 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.
 

Modifications, Additions, or Deletions

This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications contained in the report form. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment.  The appraiser may also necessarily expand the scope of work by requiring an upgrade to an interior inspection.
 

Scope of Work

The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser will, at a minimum: (1) perform a complete visual inspection of the exterior areas of the subject property visible from the public right-of-way, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
 

Included Exhibits

  • A street map that shows the location of the subject property and of all comparables that the appraiser used;
  • Clear, descriptive photographs (either in black and white or color) that show the front and street scene of the subject property, and that are appropriately identified. (Photographs will be originals that are produced either by photography or electronic imaging.);
  • If requested by the lender, clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale will be included that are appropriately identified. Generally, photographs will be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser's files are acceptable by Fannie Mae if they are clear and descriptive, and may be substituted;
  • 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.

Items to include (from lender) when placing an order for this form             Order Now

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Individual Condominium Unit Report Form (Form 1073)

Download PDF (.pdf, 104KB, 6 pages)

Use

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.
 

Modifications, Additions, or Deletions

This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications contained in the report form. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment.

Scope of Work

The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. 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.
 

New Projects

For units in new (or recently converted) condominium projects, the appraiser must (per Fannie Mae) compare the subject property to other properties in its general market area as well as to properties within the subject project. This comparison should help demonstrate market acceptance of new developments and the properties within them. Ideally, based on the amount of sales information available to the appraiser at the time of the appraisal, the appraiser will select one comparable sale from the subject project, one comparable sale from outside the subject project, and one other comparable sale, which can be from inside or outside of the subject project, that the appraiser considers to be a good indicator of value for the subject property. In selecting the comparables, the appraiser will keep in mind that re-sales from within the subject project are preferable to sales from outside the project as long as the developer or builder of the subject property is not involved in the transactions.
 

Established Projects

For units in established condominium projects (those that have resale activity), the appraiser will Ideally, based on the amount of sales information available to the appraiser at the time of the appraisal, use comparable sales from within the subject project if there are any available. Resale activity from within the subject project is generally regarded as the best indicator of value for properties in that project. If the appraiser uses sales of comparable properties that are located outside of the subject neighborhood, he or she will try to use sales from similar and competing projects, and include an explanation with the analysis.
 

Included Exhibits

  • A street map that shows the location of the subject property and of all comparables that the appraiser used;
  • A sketch of the subject unit that will indicate interior perimeter unit dimensions rather than exterior building dimensions. Generally, the appraiser will also include calculations to show how he or she arrived at the estimate for gross living area; however, for a unit in a condominium project, the appraiser may rely on the dimensions and estimate for gross living area that are shown on the plat. In such cases, the appraiser does not need to provide a sketch of the unit as long as he or she includes a copy of the plat with the appraisal report. A floor plan sketch that indicates the dimensions is required by Fannie Mae instead of the exterior building or unit sketch if the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood;
  • Clear, descriptive photographs (either in black and white or color) that show the front, back, and a street scene of the subject property, and that are appropriately identified. (Photographs will be originals that are produced either by photography or electronic imaging.);
  • Clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. Generally, photographs will be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser's files are acceptable by Fannie Mae if they are clear and descriptive, and may be substituted;
  • 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.

Items to include (from lender) when placing an order for this form             Order Now

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Exterior-Only Inspection Individual Condominium Unit Report (Form 1075)

Download PDF (.pdf, 99KB, 6 pages)

Use

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 exterior only 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.
 

Modifications, Additions, or Deletions

This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications contained in the report form. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. The appraiser may also necessarily expand the scope of work by requiring an upgrade to an interior inspection.

Scope of Work

The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser will, at a minimum: (1) perform a complete visual inspection of the exterior areas of the subject unit visible from the public right-of-way, (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.
 

New Projects

For units in new (or recently converted) condominium projects, the appraiser must (per Fannie Mae) compare the subject property to other properties in its general market area as well as to properties within the subject project. This comparison should help demonstrate market acceptance of new developments and the properties within them. Ideally, based on the amount of sales information available to the appraiser at the time of the appraisal, the appraiser will select one comparable sale from the subject project, one comparable sale from outside the subject project, and one other comparable sale, which can be from inside or outside of the subject project, that the appraiser considers to be a good indicator of value for the subject property. In selecting the comparables, the appraiser will keep in mind that re-sales from within the subject project are preferable to sales from outside the project as long as the developer or builder of the subject property is not involved in the transactions.
 

Established Projects

For units in established condominium projects (those that have resale activity), the appraiser will Ideally, based on the amount of sales information available to the appraiser at the time of the appraisal, use comparable sales from within the subject project if there are any available. Resale activity from within the subject project is generally regarded as the best indicator of value for properties in that project. If the appraiser uses sales of comparable properties that are located outside of the subject neighborhood, he or she will try to use sales from similar and competing projects, and include an explanation with the analysis.
 

Included Exhibits

  • A street map that shows the location of the subject property and of all comparables that the appraiser used;
  • Clear, descriptive photographs (either in black and white or color) that show the front and a street scene of the subject property, and that are appropriately identified. (Photographs will be originals that are produced either by photography or electronic imaging.);
  • If requested by the lender, clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale will be included that are appropriately identified. Generally, photographs will be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser's files are acceptable by Fannie Mae if they are clear and descriptive, and may be substituted;
  • 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.

Items to include (from lender) when placing an order for this form             Order Now

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Retrospective Appraisals- Estate, Dissolution, Insurance/Catastrophic Loss

Use

These specialized reports are intended to estimate the market value of a property at a previous point in time.  For example, the effective date of the appraisal will not be the date of the site visit, but rather the date that the loss was incurred, the decedent passed, or the date of the dissolution of the partnership.  These reports are generally not intended to set a "list price" for a property (if this is your intention, we must be notified at the time of the order), but to establish a basis for settlement.

Based upon what kind of access can be obtained to the subject property, if the subject property still exists, these specialized reports are made on one of the following forms.

Uniform Residential Appraisal Report (Form 1004)

Exterior-Only Inspection Residential Appraisal Report (Form 2055): PDF

Individual Condominium Unit Report Form (Form 1073)

Exterior-Only Inspection Individual Condominium Unit Report (Form 1075)

 

Modifications, Additions, or Deletions

These appraisal reports are subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications contained in the report form. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted.

Scope of Work

The scope of work for these appraisal are determined on a case-by-case basis and is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser will, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
 

Included Exhibits

  • A street map that shows the location of the subject property and of all comparables that the appraiser used;
  • An exterior building sketch of the improvements that indicates the dimensions. The appraiser will also include calculations to show how he or she arrived at the estimate for gross living area. A floor plan sketch that indicates the dimensions is required by Fannie Mae instead of the exterior building or unit sketch if the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood;
  • Clear, descriptive photographs (either in black and white or color) that show the front, back, and a street scene of the subject property, and that are appropriately identified. *Photographs of the site only may be available if this is for an insurance loss. (Photographs will be originals that are produced either by photography or electronic imaging.);
  • If requested by the lender, clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. Generally, photographs will be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser's files are acceptable by Fannie Mae if they are clear and descriptive, and may be substituted;
  • 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.

Items to include (from lender) when placing an order for this form             Order Now

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Appraisal Update and/or Completion Report (Form FM 1004D FM 442)

Download PDF (.pdf, 38KB, 1 page)

Use

This multiple-use report form is intended to provide the lender/client with an accurate update of a prior appraisal and/or to report a certification of completion. The appraiser will identify the service(s) provided by selecting the appropriate report type.

Scope of Work for an Appraisal Update

The appraiser will, at a minimum:

  1. concur with the original appraisal,
  2. perform an exterior inspection of the subject property from at least the street, and
  3. research, verify, and analyze current market data in order to determine if the property has declined in value since the effective date of the original appraisal.

Included Exhibits

  • For new or proposed construction, clear, descriptive photographs (either in black and white or color) of the completed improvements must and will accompany this report form
  • 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

Items to include (from lender) when placing an order for this form            Order Now

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Small Residential Income Property Appraisal (Form 1025)

Download PDF (.pdf, 118KB, 7 pages)

Use

This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in a planned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative project will require the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.

Modifications, Additions, or Deletions

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted.

Scope of Work

The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser will, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
 

Included Exhibits

  • A street map that shows the location of the subject property and of all comparables that the appraiser used;
  • An exterior building sketch of the improvements that indicates the dimensions. The appraiser will also include calculations to show how he or she arrived at the estimate for gross building area. A floor plan sketch that indicates the dimensions is required instead of the exterior building if the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood;
  • An Operating Income Statement (Form 216) or a similar cash flow and operating income statement, if the property is an investment property (including a two- to four-family property in which the applicant will occupy one unit as a principal residence). Generally, the statement may be prepared by either the applicant or the appraiser (although the applicant for a Community Living mortgage must prepare the statement). (When the applicant prepares a Form 216, the appraiser's comments on the reasonableness of the projected operating income must be included on the form. When the appraiser prepares a Form 216, the lender must make sure the appraiser has operating statements; expense statements related to mortgage insurance premiums, owners' association dues, leasehold payments, or subordinate financing payments; and any other pertinent information related to the property.);
  • Clear, descriptive photographs (either in black and white or color) that show the front, back, and a street scene of the subject property, and that are appropriately identified. (Photographs must be originals that are produced either by photography or electronic imaging.);
  • Clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. (Fannie Mae does not require photographs of comparable rentals and listings.) Generally, photographs will be originals that are produced by photography or electronic imaging; copies of photographs from a multiple listing service or from the appraiser's files are acceptable by Fannie Mae if they are clear and descriptive, and may be substituted;
  • 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.

Items to include (from lender) when placing an order for this form             Order Now

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Single Family Comparable Rent Schedule (Form 1007)

Download PDF (.pdf, 108KB, 1 page

Use

This form is designed to present the information needed to determine the market rent for a single-family property. It calls for information on the physical structure, location, and lease terms.
 

Modifications, Additions, or Deletions

The form will be prepared by the appraiser as an attachment to the appraisal for a single-family investment property.
When ordering this form, you must also order one of the following: 

Uniform Residential Appraisal Report (Form 1004)

Exterior-Only Inspection Residential Appraisal Report (Form 2055): PDF

Individual Condominium Unit Report Form (Form 1073)

Exterior-Only Inspection Individual Condominium Unit Report (Form 1075)

 

Printing Instructions

This form must be printed on letter size paper, using portrait format. When printing this form, you must use the "shrink to fit" option in the Adobe Acrobat print dialogue box.

Items to include (from lender) when placing an order for this form          Order Now
 

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Manufactured Home Appraisal Report (Form 1004C)

Download PDF (.pdf, 112KB, 7 pages)

Use

This report form is designed to report an appraisal of a one-unit manufactured home; including a manufactured home in a planned unit development (PUD) based on an interior and exterior inspection of the subject property. A Manufactured home located in either a condominium or cooperative project will require the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.

Modifications, Additions, or Deletions

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted.


Scope of Work

The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser will, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
 

Included Exhibits

  • A street map that shows the location of the subject property and of all comparables that the appraiser used;
  • An exterior building sketch of the improvements that indicates the dimensions. The appraiser will also include calculations to show how he or she arrived at the estimate for gross living area. A floor plan sketch that indicates the dimensions is required instead of the exterior building or unit sketch if the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood;
  • Clear, descriptive photographs (either in black and white or color) that show the front, back, and a street scene of the subject property, and that are appropriately identified. (Photographs must be originals that are produced either by photography or electronic imaging.);
  • Clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. Generally, photographs should be originals that are produced by photography or electronic imaging; however, however, copies of photographs from a multiple listing service or from the appraiser's files are acceptable by Fannie Mae if they are clear and descriptive, and may be substituted;
  • 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.

Items to include (from lender) when placing an order for this form             Order Now

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Definition of Market Value (as certified by these forms)

 

Definition of Market Value:  XI, 205 (06/30/02)

Our (Fannie Mae) definition of market value is intended to ensure that appraisals reflect an opinion of market value after adjustments for any special or creative financing or sales concessions such as seller contributions, interest rate buydowns, etc. have been made. The appraiser must certify that he or she used the following definition of market value:

  Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs that are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third-party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment.

Fannie Mae's Single Family Guides

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