Posted on: 07th Sep, 2007 05:27 am
Different Types of Appraisal Report
There are basically 3 types of report:
self-contained,
summary and
restricted
self-contained,
summary and
restricted
Let me briefly explain when each of these 3 reports that Phyllis mentioned are used:
Self-contained Appraisal Report -
It includes all the details & information which can be used to derive market value or some other conclusion with the report.
Summary Appraisal Report -
This report summarizes the conclusions. Explanation provided is limited & would have references to details contained in files that would be included in a self-contained report.
Restricted Appraisal Report -
It provides minimal discussion of the appraisal & contains references to internal file documentations. If someone only wants to know about value of the property and it is not required it to anyone for their use or reference then this type of report is selected. It is less expensive than other two types of reports.
Miller
Self-contained Appraisal Report -
It includes all the details & information which can be used to derive market value or some other conclusion with the report.
Summary Appraisal Report -
This report summarizes the conclusions. Explanation provided is limited & would have references to details contained in files that would be included in a self-contained report.
Restricted Appraisal Report -
It provides minimal discussion of the appraisal & contains references to internal file documentations. If someone only wants to know about value of the property and it is not required it to anyone for their use or reference then this type of report is selected. It is less expensive than other two types of reports.
Miller
Uniform Residential Appraisal Report (Category 1004)
Exterior-Only Individual Cooperative Interest Appraisal Report
Exterior-Only Inspection Individual Condominium Unit Appraisal Report
Exterior-Only Inspection Residential Appraisal Report
Individual Condominium Unit Appraisal Report
Individual Cooperative Interest Appraisal Report
Small Residential Income Property Appraisal Report
Exterior-Only Individual Cooperative Interest Appraisal Report
Exterior-Only Inspection Individual Condominium Unit Appraisal Report
Exterior-Only Inspection Residential Appraisal Report
Individual Condominium Unit Appraisal Report
Individual Cooperative Interest Appraisal Report
Small Residential Income Property Appraisal Report
Hi Ravi,
Can you please give some more details about these appraisal reports? It would be helpful for me. I do not have knowledge of many of the report types you have mentioned.
Can you please give some more details about these appraisal reports? It would be helpful for me. I do not have knowledge of many of the report types you have mentioned.
summary apprasial is the most commonly used report for residential lending. it is also used in a various valuation assignments like divorce, setting price list, estates, liquidation, insurance claims, assessment appeals, pmi removal, court testimony, foreclosures...
Well you asked...
Below is a detailed list of the most commonly requested appraisal reports.
Most common Report Types:
URAR 1004 SFR Full Appraisal – with interior inspection
Appraisal of a single-family home (or PUD unit), with an interior inspection by the appraiser. This is the most commonly requested appraisal report type.
Individual Condominium Unit Appraisal Report - FNMA 1073 / FHLMC 465
Appraisal of a condominium unit, with an interior inspection by the appraiser.
2055 Exterior Drive-By Appraisal Report - Drive-By (FNMA 2055)
Limited scope appraisal of a single-family home, PUD or condo unit. Drive-by only, no interior inspection.
Manufactured Home Appraisal - FNMA 1004C/FHLMC 70B
Appraisal of a manufactured home, with an interior inspection by an appraiser (FNMA 1004C).
Investment Property – URAR 1004 + 1007 + 216 (FNMA 1004 / FHLMC 70)
Full URAR 1004 interior appraisal of a rental property Including; Comparable Rent Schedule (FNMA 1007 / FHLMC 1000) and Operating Income Statement (FNMA 216 / FHLMC 998) addenda. Used for single family rental properties.
704 Drive-by Appraisal
Limited scope drive-by appraisal of a single family home using Freddie Mac form 704. Exterior only. Typically used for second mortgages or home equity loans.
FHLMC 2070 - Condition and Marketability Report - Drive-By Only
Condition and Marketability Report with no final determination of value. Drive-by only, no interior inspection.
FNMA 2090 - Individual Cooperative Interest Appraisal Report - Interior Inspection
Appraisal of a cooperative unit, with an interior inspection by the appraiser.
Qualitative Analysis Appraisal Report - Drive-By (FNMA 2065)
Limited scope appraisal of a single-family home. Drive-by only, no interior inspection.
Small Residential Income Property Report (FNMA 1025 / FHLMC 72)
Appraisal of a 2, 3 or 4 family home, with an interior inspection. Includes an Operating Income Statement (FNMA 216 / FHMLC 998).
FNMA 2075 - Property Inspection Report
Property Inspection Report with no final determination of value. Drive-by only, no interior inspection.
FNMA 1075/FHLMC 466 – Single Condominium Unit Appraisal Report - Drive-by
Appraisal of a cooperative unit. Drive-by only, no interior inspection.
FNMA 2095 - Individual Cooperative Interest Appraisal Report - Drive-By
Appraisal of a cooperative unit. Drive-by only, no interior inspection.
Appraisal Update/Completion Report - FNMA 1004D/FHMLC 442
Addendum report from a re-inspection of the property by the appraiser to show if the conditions or requirements stated in the original appraisal have been complete. Common for new construction or subject to repairs.
Land Appraisal
Appraisal of a vacant parcel of land.
FHA Appraisal Reports:
FHA - Uniform Residential Appraisal Report (FNMA 1004)
Full interior inspection appraisal by an FHA certified appraiser. Normally used by FHA loans only.
FHA - Condominium Unit Appraisal Report (FNMA 1073 / FHLMC 465)
Full appraisal of a single condominium unit with an interior inspection by an FHA-certified appraiser. Normally used for FHA loans only.
FHA - Manufactured Home Appraisal Report (FNMA 1004c/FHLMC 70B
Comprehensive appraisal of a manufactured home, with an interior inspection by an appraiser by an FHA-certified appraiser. Normally used for FHA loans only.
FHA - Small Residential Income Property Report (FNMA 1025/FHLMC 72)
Comprehensive appraisal of a 2, 3 or 4-family home, with an interior inspection by an FHA-certified appraiser. Includes an Operating Income Statement (FNMA 216/FHMLC 998). Normally used for FHA loans only
FHA Appraisal Field Review Report (HUD 1038) |
A field review of an existing FHA appraisal report by a licensed appraiser.
Review Appraisals:
Residential Appraisal Review - Short Form (2006)
A desktop review of an existing appraisal report by a licensed appraiser on a short form, without comparables
One-Unit Residential Appraisal Field Review Report (FNMA 2000 / FHLMC 1032)
A field review of an existing appraisal done by another licensed appraiser.
Two-to-Four Unit Residential Appraisal Field Review Report (FNMA 2000A/FHLMC 1072)
A Field review of an existing appraisal report (two-to-four unit residential property) by a licensed appraiser
Residential Appraisal Review Form - Desk Review (2002)
A desktop review of an existing appraisal report by a licensed appraiser.
Residential Appraisal Review Form - Enhanced Desk Review (2002)
A desktop review of an existing appraisal report by a licensed appraiser, with two adjusted comparable sales added by the reviewer.
Commercial Property Reports:
71A - Appraisal Report for Residential Income Property (Long Form)
This appraisal report is a form-based report, completed by a Commercial Appraiser, for Residential Income Properties where the loan amount exceeds $750,000.
71B - Appraisal Report for Residential Income Property (Short Form)
This appraisal report is a form-based report for residential income properties of 5 or more units, where the loan amount is less than $750,000.
HUD Multi-Family Summary Appraisal Report (92264)
This appraisal report is a form-based report, for Multi-Family Properties, used for HUD.
Commercial Appraisal Review
A review of a completed commercial appraisal by licensed commercial appraiser.
Narrative Commercial Appraisal Report
This appraisal produces a non-form-based report, completed by a commercial appraiser, The appraiser can specify what components they require in the narrative report based on the properties complexity.
Uniform Commercial and Industrial Summary Appraisal Report for Small Properties A form-based commercial appraisal report for uncomplicated income producing properties such as Office, Commercial and Industrial property.
Uniform Commercial and Industrial Summary Appraisal Report for Existing Properties
A form-based commercial appraisal report, for small, complicated income producing properties such as Office, Commercial, Industrial, and Mixed-Use property.
Below is a detailed list of the most commonly requested appraisal reports.
Most common Report Types:
URAR 1004 SFR Full Appraisal – with interior inspection
Appraisal of a single-family home (or PUD unit), with an interior inspection by the appraiser. This is the most commonly requested appraisal report type.
Individual Condominium Unit Appraisal Report - FNMA 1073 / FHLMC 465
Appraisal of a condominium unit, with an interior inspection by the appraiser.
2055 Exterior Drive-By Appraisal Report - Drive-By (FNMA 2055)
Limited scope appraisal of a single-family home, PUD or condo unit. Drive-by only, no interior inspection.
Manufactured Home Appraisal - FNMA 1004C/FHLMC 70B
Appraisal of a manufactured home, with an interior inspection by an appraiser (FNMA 1004C).
Investment Property – URAR 1004 + 1007 + 216 (FNMA 1004 / FHLMC 70)
Full URAR 1004 interior appraisal of a rental property Including; Comparable Rent Schedule (FNMA 1007 / FHLMC 1000) and Operating Income Statement (FNMA 216 / FHLMC 998) addenda. Used for single family rental properties.
704 Drive-by Appraisal
Limited scope drive-by appraisal of a single family home using Freddie Mac form 704. Exterior only. Typically used for second mortgages or home equity loans.
FHLMC 2070 - Condition and Marketability Report - Drive-By Only
Condition and Marketability Report with no final determination of value. Drive-by only, no interior inspection.
FNMA 2090 - Individual Cooperative Interest Appraisal Report - Interior Inspection
Appraisal of a cooperative unit, with an interior inspection by the appraiser.
Qualitative Analysis Appraisal Report - Drive-By (FNMA 2065)
Limited scope appraisal of a single-family home. Drive-by only, no interior inspection.
Small Residential Income Property Report (FNMA 1025 / FHLMC 72)
Appraisal of a 2, 3 or 4 family home, with an interior inspection. Includes an Operating Income Statement (FNMA 216 / FHMLC 998).
FNMA 2075 - Property Inspection Report
Property Inspection Report with no final determination of value. Drive-by only, no interior inspection.
FNMA 1075/FHLMC 466 – Single Condominium Unit Appraisal Report - Drive-by
Appraisal of a cooperative unit. Drive-by only, no interior inspection.
FNMA 2095 - Individual Cooperative Interest Appraisal Report - Drive-By
Appraisal of a cooperative unit. Drive-by only, no interior inspection.
Appraisal Update/Completion Report - FNMA 1004D/FHMLC 442
Addendum report from a re-inspection of the property by the appraiser to show if the conditions or requirements stated in the original appraisal have been complete. Common for new construction or subject to repairs.
Land Appraisal
Appraisal of a vacant parcel of land.
FHA Appraisal Reports:
FHA - Uniform Residential Appraisal Report (FNMA 1004)
Full interior inspection appraisal by an FHA certified appraiser. Normally used by FHA loans only.
FHA - Condominium Unit Appraisal Report (FNMA 1073 / FHLMC 465)
Full appraisal of a single condominium unit with an interior inspection by an FHA-certified appraiser. Normally used for FHA loans only.
FHA - Manufactured Home Appraisal Report (FNMA 1004c/FHLMC 70B
Comprehensive appraisal of a manufactured home, with an interior inspection by an appraiser by an FHA-certified appraiser. Normally used for FHA loans only.
FHA - Small Residential Income Property Report (FNMA 1025/FHLMC 72)
Comprehensive appraisal of a 2, 3 or 4-family home, with an interior inspection by an FHA-certified appraiser. Includes an Operating Income Statement (FNMA 216/FHMLC 998). Normally used for FHA loans only
FHA Appraisal Field Review Report (HUD 1038) |
A field review of an existing FHA appraisal report by a licensed appraiser.
Review Appraisals:
Residential Appraisal Review - Short Form (2006)
A desktop review of an existing appraisal report by a licensed appraiser on a short form, without comparables
One-Unit Residential Appraisal Field Review Report (FNMA 2000 / FHLMC 1032)
A field review of an existing appraisal done by another licensed appraiser.
Two-to-Four Unit Residential Appraisal Field Review Report (FNMA 2000A/FHLMC 1072)
A Field review of an existing appraisal report (two-to-four unit residential property) by a licensed appraiser
Residential Appraisal Review Form - Desk Review (2002)
A desktop review of an existing appraisal report by a licensed appraiser.
Residential Appraisal Review Form - Enhanced Desk Review (2002)
A desktop review of an existing appraisal report by a licensed appraiser, with two adjusted comparable sales added by the reviewer.
Commercial Property Reports:
71A - Appraisal Report for Residential Income Property (Long Form)
This appraisal report is a form-based report, completed by a Commercial Appraiser, for Residential Income Properties where the loan amount exceeds $750,000.
71B - Appraisal Report for Residential Income Property (Short Form)
This appraisal report is a form-based report for residential income properties of 5 or more units, where the loan amount is less than $750,000.
HUD Multi-Family Summary Appraisal Report (92264)
This appraisal report is a form-based report, for Multi-Family Properties, used for HUD.
Commercial Appraisal Review
A review of a completed commercial appraisal by licensed commercial appraiser.
Narrative Commercial Appraisal Report
This appraisal produces a non-form-based report, completed by a commercial appraiser, The appraiser can specify what components they require in the narrative report based on the properties complexity.
Uniform Commercial and Industrial Summary Appraisal Report for Small Properties A form-based commercial appraisal report for uncomplicated income producing properties such as Office, Commercial and Industrial property.
Uniform Commercial and Industrial Summary Appraisal Report for Existing Properties
A form-based commercial appraisal report, for small, complicated income producing properties such as Office, Commercial, Industrial, and Mixed-Use property.
Mike,
These are wonderful informations on different appraisal reports. Thank you.
These are wonderful informations on different appraisal reports. Thank you.
I need some help to write an appraisal report on my juniors.
mary, what in the world are you talking about? your "juniors"???
you realize, don't you, that this forum is for discussions about matters relating to real estate and mortgages, right?
you realize, don't you, that this forum is for discussions about matters relating to real estate and mortgages, right?
we were given aconstruction loan to put in a new manufactuered home on a basement in a rural area. 4 month interst only during the construction were convinced it had to be complete in that time or we would be in default. Finished on time ready to close with end lender. end lender wanted comps none to be found could not approve mortgage cause of no comps. construction lender, mortgage broker told us it was are credit?we owned the land free and clear before this. pryer to this we wre told we did not need a lawyer for closing on construction. please give any advice.
There are many forms, but only 3 types of Appraisals. See for yourself go to the Appraisal Foundation and read USPAP. Self Contained, Summary and Restricted which was correctly posted by some. Others are talking about forms. See Standard 2 a, b & c to properly understand the differences. Look in the 2010 - 2011 USPAP on The Appraisal Foundation website.
The 2003 ERC Summary Appraisal Report form, is another type of form, but only 3 types of Appraisals exist, Self Contained, Summary and Restricted Use. Think of the Self Contained as the Cadillac, the Summary as the Chevy and the Restricted Use as a Yugo. The Summary is normally the way to go.
There are several forms, but only three types of evaluation. See for yourself the Foundation to evaluate and read USPAP. Independent, summary and restricted to be displayed properly by some. Others talk of ways. See rule 2 a, b and c understand the differences.
Whether or not to sign a new loan or lease, or manage an account portfolio, the tools of due diligence assessments and inspections to assess security before and after an agreement is signed. Near the end, the borrower and the lender both to the advantage of disposing of excess or obsolete inventory, they may suffer a loss to a later date.