Appraiser CooperativeAlternative To Appraisal Management Companies

There are many reasons people obtain an appraisal or valuation services. The most common reason is a real estate or mortgage transaction, but we have compiled a list of other reasons one may need to order the services of an appraiser. Click Here.

Types of Appraisal Reports

Single Family Interior/Exterior Appraisal Report
(FNMA 1004/FHLMC 70)
This standard summary appraisal report considers market value trends, supply and demand and marketing times. The report also provides an indicated value by a cost and income approach, where and when it is deemed appropriate. It also provides a sales comparison analysis grid reflecting quantitative adjustments to each comparable sale and concludes with an estimated market value.

Manufactured Home Interior/Exterior Appraisal Report
(FNMA 1004C/FHLMC 70B)
This standard summary appraisal report is similar to the one above but the form has been specifically designed for reporting the market value of manufactured homes.

Exterior Only Single Family Appraisal Report
(FNMA 2055/FHLMC 2055)
This limited summary appraisal report is designed to report an estimated value of a single family residence, based on an exterior-only inspection of the subject property from at least the street. The report provides a sales comparison analysis grid reflecting quantitative adjustments to each comparable sale and concludes with an estimated market value based on the assumptions stated in the report.

Condo-PUD Interior/Exterior Appraisal Report
(FNMA 1073/FHLMC 465)
This standard summary appraisal report considers market value trends, supply and demand, and marketing times. This report indicates room count, actual square footage and notes on the condition of the improvements, depreciation, repairs needed, and quality of construction. Project and phase information also includes number of units, number of units for sale, and number of units currently rented, which allows assessment for any location risk within the complex. It also provides a sales comparison analysis grid reflecting quantitative adjustments to each comparable sale, and concludes with an estimated market value.

Exterior Only Condo-PUD Appraisal Report
(FNMA 1075/FHLMC 466)
This limited summary appraisal report is designed to report an estimated value of a Condo/PUD, based on an exterior-only inspection of the subject property from at least the street. The report provides a sales comparison analysis grid reflecting quantitative adjustments to each comparable sale and concludes with an estimated market value based on the assumptions stated in the report.

Multi-Family Appraisal Report
(FNMA 1025/FHLMC 72)
This Standard small residential income property appraisal report is for two- to four-family residences. The report provides neighborhood, site, and improvement descriptions and a general discussion of the subject’s physical structure indicating the condition of improvements, depreciation, repairs needed and quality of construction. the report also includess an analysis of market rents, with rental comparables, and an estimated market value base on the sales comparison, income, and cost approaches when applicable.

Property Inspection Report
(FNMA 2075)
This Fannie Mae limited summary report is designed to report the visual condition of a property based on an exterior-only inspection of the subject property from at least the street. The report presents a limited view of current market conditions as there are no comparable sales or estimated market value provided.

Single Family Comparable Rent Schedule
(FNMA 1007)
This Fannie Mae supplemental report includes rental comparables in familiar grid format to report the estimated market rent.

Operating Income Statement
(FNMA 216)
This Fannie Mae supplemental report provides income and expense projections for the next 12 months and estimates necessary cash reserves.

Appraisal Update and/or Completion Report
(FNMA 1004D)
This Fannie Mae form is used by the original appraiser to update a previous appraisal that was prepared subject to its completion of finalization of repairs. The form describes the items completed, or those still needing to be completed, since time of original appraisal. This allows a lender to ascertain the current status of subject property without incurring the cost of another appraisal.

Supplemental REO Appraisal Addendum
This supplemental addendum is included with the standard FNMA/FHLMC Forms. The addendum provides a general description of subject's exterior, foundation, basement and insulation and makes note of the condition of improvements, depreciation (physical, function and external), repairs needed and quality of construction. It also identifies competing listings and market trends. the addendum also provides "as is" and "subject to" values for normal and client requested marketing times.

General Purpose Appraisal Reports
These report formats were developed after Fannie Mae and Freddie Mac revised their appraisal forms in 2005 because using the new forms for non-lending purposes was awkward, and potentially violated the Uniform Standards of Professional Appraisal Practice (USPAP). These forms specifically are more suitable for appraisal assignments where the intended use involves any use other than lending such as pre-listing, pre-purchase, divorce, estate, or tax appeals.

Special Assignments

Broker Price Opinion
This Fannie Mae limited summary report may or may not include an exterior inspection. The report provides general market conditions without any of the property details. There is a sales comparison analysis grid reflecting quantitative adjustments to each comparable sale and concludes with an estimated market value based on the assumptions stated in the report.

Desktop Valuation
This limited summary report does not use an inspection. The report provides limited market conditions without any of the property details. There is a sales comparison analysis grid reflecting quantitative adjustments to each comparable sale, which concludes with an estimated market value based on the assumptions stated in the report.

Land Appraisal
This type of assignment is used to report the estimated value of single or multiple vacant land parcels. It provides a sales comparison analysis grid reflecting quantitative adjustments to each comparable sale and concludes with an estimated market value based upon the assumptions stated in the report.

Prospective Appraisal
This type of assignment is used to report the estimated value based on some expected future event. Most often prospective appraisals are used to determine the market value of a property on the assumption that it has been completed according to plans and specifications.

Relocation Appraisal
A relocation appraisal is used for relocation negotiations. In addition to the standard preparations of a typical appraisal report, the appraiser will estimate the anticipated sales price, within "a reasonable marketing period not to exceed 120 days" commencing on the date of appraisal (inspection).

Retrospective Appraisal
This type of assignment provides an estimated market value at a specific time, in the past, and not when the property is actually inspected. The retrospective appraisal utilizes information only up to the retrospective date. Retrospective appraisals are often used when settling an estate, determining market value prior to certain set of events or validating the belief that a property was overvalued in a previous appraisal.

Reverse Mortgage Appraisal
This type of appraisal assignment is used in connection with a reverse mortgage product that allows a qualifying homeowner to convert a portion of their equity in their homes into tax-free income without selling their home, taking a new monthly mortgage payment, or giving up their title.The reverse mortgage is named such because the stream of payments is "reversed." Instead if making monthly payments to the lender, the lender makes payments to the homeowner.

Appraisal Review

Standard Desk Review
A review of an appraisal provided by a lender, to determine if the opinion of value in the appraisal is reasonable. The subject property and comparables are not inspected, but the reviewing appraiser verifies lot size, square footage, sales price, and date of sale for the subject property and the comparables.

Enhanced Desk Review
Same as the Standard Desk Review, with the reviewing appraiser providing up to 3 additional comparable sales. A location map of the subject property and additional comparables is also included.

Standard Field Review
A review of an appraisal provided by a lender, to determine if the opinion of value in the appraisal is reasonable. The subject property and original comparables receive an exterior inspection, by the reviewing appraiser, from the street. Photographs of the subject's front and street, as well as the front view of the original comparable sales are included. The reviewing appraiser also verifies lot size, square footage, sales price, and date of sale for the subject property and the comparables.

Standard Field Review w/Interior Inspection
A review of an appraisal provided by a lender, to determine if the opinion of value in the appraisal is reasonable. The subject property receives an interior inspection and comparables receive an exterior inspection from the street. Photographs of the subject's front, street and interior, as well as the front view of the original comparable sales are included. The reviewing appraiser also verifies lot size, square footage, sales price, and date of sale for the subject property and the comparables.

Enhanced Field Review
Same as a the Standard Field Review, with the reviewing appraiser providing up to 3 additional comparable sales. A location map of the subject property and comparables is also included.