Fannie Mae “2055” Short Form Report
We offer a high quality low cost short form alternative ”Limited Residential Appraisal and Summary Report” It has been widely accepted for use where the more lengthy FNMA 1004 Report is not necessary. It can be used for tax grievance (small claims assessment review), uncontested matrimonial, estate or financial planning, gift tax, bail bonds or to establish fair market value for sellers or purchasers. It is available for use on one to four family dwellings, condominium individual units, homeowner association individual units, co-operative apartment individual units and vacant residential land (single lot).
The appraiser’s description of the physical characteristics of the property will be obtained from reliable data sources and either an interior and exterior inspection or drive-by exterior inspection (when interior access is not possible or desired).
A Our “short form Residential Appraisal Report” typically consists of a letter of transmittal; brief neighborhood analysis; brief description of the site; brief description of the improvements; direct sales comparison approach; reconciliation; definition of market value; certification; contingent & limiting conditions; exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map and qualifications of the appraiser and reviewer.
Uniform Residential Appraisal Report
The Form 1004, “Uniform Residential Appraisal Report” is the most commonly used appraisal form. It is designed for single-family and owner occupied two family (not for lending purposes) homes, including those with auxiliary apartments or “mother/daughter” units. It is extensively used by lenders and other investors for purchases and refinancing purposes. It is also used for formal certiorari tax appeals, condemnation, contested matrimonial or any situation involving a single family dwelling or owner occupied two family dwelling in which court testimony is contemplated.
The appraiser’s description of the physical characteristics of the property and comparables will be obtained from reliable data sources. There will be a thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the house.
A “Uniform Residential Appraisal Report” typically consists of a letter of transmittal; neighborhood analysis; description of the site; description of the improvements; cost approach; direct sales comparison approach utilizing a minimum of four comparable sales on the comparison grid (five comparable sales above $350,000); reconciliation; definition of market value; certification; contingent & limiting conditions; firrea addendum; interior and exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; sketch of subject property showing room layout; flood map if in print and qualifications of the appraiser and reviewer.
Individual Condominium Unit Appraisal Report
The Form 1073, “Individual Condominium Unit Appraisal Report” is designed for condominium or homeowner association individual units. It is extensively used by lenders and other investors for purchases and refinancing purposes. It is also used for formal certiorari tax appeals, contested matrimonial or any situation involving an individual condominium or homeowner association unit in which court testimony is contemplated.
The appraiser’s description of the physical characteristics of the property and comparables will be obtained from reliable data sources. There will be a thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the project and of the unit.
An “Individual Condominium Unit Appraisal Report” typically consists of a letter of transmittal; neighborhood analysis; description of the site; description of the improvements; cost approach; direct sales comparison approach utilizing a minimum of four comparable sales on the comparison grid (five comparable sales above $350,000); reconciliation; definition of market value; certification; contingent & limiting conditions; firrea addendum; interior and exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; sketch of subject property showing room layout; flood map if in print and qualifications of the appraiser and reviewer.
Individual Co-operative Apartment Unit Appraisal Report
The Form 1055, “Individual Co-operative Apartment Unit Appraisal Report” is designed for co-operative apartment individual units. It is extensively used by lenders and other investors for purchases and refinancing purposes. It is also used for contested matrimonial or any situation involving an individual co-operative apartment unit in which court testimony is contemplated.
The appraiser’s description of the physical characteristics of the property and comparables will be obtained from reliable data sources. There will be a thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the project and of the unit.
An “Individual Co-operative Apartment Unit Appraisal Report” typically consists of a letter of transmittal; neighborhood analysis; description of the site; description of the improvements; cost approach; direct sales comparison approach utilizing a minimum of four comparable sales on the comparison grid (five comparable sales above $350,000); reconciliation; definition of market value; certification; contingent & limiting conditions; co-operative apartment addendum; firrea addendum, interior and exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; sketch of subject property showing room layout; flood map if in print and qualifications of the appraiser and reviewer.
Small Residential Income Property Appraisal Report
The Form 1025, “Small Residential Income Property Appraisal Report” is designed for two to four family income properties. It is extensively used by lenders and other investors for purchases and refinancing purposes. It is also used for formal certiorari tax appeals, condemnation, contested matrimonial or any situation involving a two to four family income property in which court testimony is contemplated.
The appraiser’s description of the physical characteristics of the property and comparables will be obtained from reliable data sources. There will be a thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the dwelling.
A “Small Residential Income Property Appraisal Report” typically consists of a letter of transmittal; neighborhood analysis; description of the site; description of the improvements; rental income analysis; cost approach; income approach; direct sales comparison approach utilizing a minimum of four comparable sales on the comparison grid (five comparable sales above $350,000); reconciliation; operating income statement, definition of market value; certification; contingent & limiting conditions; firrea addendum; interior and exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; sketch of subject property showing room layout; flood map if in print and qualifications of the appraiser and reviewer.