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:
- concur with the original
appraisal,
- perform an exterior inspection
of the subject property from at least the street, and
- 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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