FNMA 1004/Full Appraisal (Interior):

- Appraiser performs valuation based on current market analysis considering trends, supply and demand, and estimated marketing time

- The subject gets a full inspection of the interior, site, as well as other improvements on the lot

- Included in the report are photos of the subject and comparables, sketch of subject, and a location map

- Considers all approaches to value when applicable but mostly focuses on the sales grid provided in the report

- All factors are considered and a final estimated value in determined

FNMA 2055/Exterior Only:

- Appraiser performs a valuation based on an analysis of market data, utilizing only the sales comparison approach to value.

- The subject receives an exterior inspection from the street.

- Included in the report are photos of the subject, comparables, and a location map

- All available factors are considered and a final estimated value in determined

FNMA 1073 Condo/FHLMC 465/PUD Interior/Exterior

- Appraiser performs valuation based on current market analysis considering trends, supply and demand, and estimated marketing times

- Depending on the order, either a full inspection is performed or exterior only

- Included in the report are photos of the subject and comparables, sketch of subject, and a location map

- Subjects project and phase in examined which provides the number of units, units on the market, units rented, and units sold

- All factors considered and final estimate is determined

FNMA 1004C/Manufactured Home Full Appraisal

- Appraiser performs valuation based on current market analysis considering trends, supply and demand, and estimated marketing times

- The subject gets a full inspection of the interior, site, as well as other improvements on the lot

- Included in the report are photos of the subject and comparables, sketch of subject, and a location map

- Considers all approaches to value when applicable but mostly focuses on the sales grid provided in the report

- All factors are considered and a final estimated value in determined

FNMA 1025/Multi-Family (Interior)

- Appraiser performs valuation based on current market analysis considering trends, supply and demand, and estimated marketing times

- The subject gets a full inspection of the interior, site, as well as other improvements on the lot

- Included in the report are photos of the subject and comparables, sketch of subject, and a location map, along with rental comparables

- Also provided in the report is an analysis of market rents

- All three approaches to value are considered when estimating final market value

FNMA 1007/Comparable Rent Schedule

- Typically included in income producing properties

- Analyzes rental comparables with grid similar to the sales approach

- Assists in determining market rent for the subject

FNMA 216/Operating Income Statement

- Also typically included in income producing properties

- Shows estimated income and expenses in a 12 month period

- Helps determine estimated gross and net income for the subject

Desk Review

- Review appraiser overlooks an appraisal performed by another appraiser to determine if the opinion of value is sensible

- No inspection of subject or comparables is performed although the reviewer verifies that all data utilized in the original appraisal is accurate. This is done through all available data sources

Field Review

- Review appraiser overlooks an appraisal performed by another appraiser to determine if the opinion of value is sensible

- Appraiser performs an exterior inspection of the subject and comparable properties used in the original appraisal to verify all data used is accurate

- Exterior photos of the subject and comparables are included in the report

FNMA 1004D/Completion Report

- The subject that was recently appraised is re-inspected to see if repairs needed were completed or not

- After inspection appraiser notes what was completed and/or what needs to be repaired still

- These are performed by original appraiser and is not a full appraisal

REO Addendum

- This is included in the standard URAR 1004

- Three listings are included

- Lists all improvements needed and cost to complete them, in order to compete with comparables properties in the market

- Appraiser gives “as-is” value, “as-repaired” value, and value considering minimal market exposure time

FHA/HUD Appraisals

- All appraisals are available as FHA/HUD for an extra fee