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About Appraisal Reports |
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The form 1004, Uniform Residential Appraisal Report, is the most commonly used appraisal format for single-family and owner-occupied two family homes. It is the primary valuation tool for residential lending purposes for the purchase or refinancing of property. Other uses would include formal tax appeals, condemnation, contested marital divorces or any other court proceeding where valuation of residential use properties is required. Fannie Mae Short Form Report Form "2055" This is a limited residential appraisal report is generally accepted for use when the form 1004 is not necessary. It can be utilized for tax appeals, uncontested divorces, pre-purchase or sale of single family dwellings, and also for mortgage lending provided the borrower meets certain lending and credit criteria. Condominium Valuation Report The individual Condominium Valuation Report is designed for use whenever a condominium property is the subject. This form is generally accepted as a replacement for the Form 1004 and contains information specific to the condominium regime. Small Residential Income Property Valuation Report The form 1025 or Small Residential Income Property Valuation Report is designed for properties containing two to four living units. This format is widely accepted for purchase and refinance transactions of income producing properties. A portion of this report addresses income and expense data for the subject property and also the comparable sales. Short Form Commercial Report This is a limited valuation report used when the client does not necessarily need a more lengthy and costly narrative report. Generally, this form report is utilized for small, non-complex commercial and industrial properties such as office condominiums, or small freestanding properties. Full Narrative Valuation Report The Full Narrative Valuation Report is a "self contained" product, which is designed for use in the valuation of complex commercial and industrial properties as well as vacant land including sub-division.
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