Appraisal Order Forms - Page 2

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Commonly Asked Questions about Appraisal Order Forms

Are there different types of appraisals?

The four types are the full appraisal, exterior-only appraisal, the rental analysis, and the broker price opinion. A full appraisal is the most common type of appraisal. How the appraised value is determined is the same for all home appraisal types. The appraisal costs for each is different.

What is a Form 1004C used to report an appraisal on?

The Manufactured Home Appraisal Report (Fannie Mae Form 1004C/Freddie Mac Form 70B) is a stand- alone appraisal report form designed exclusively to report an appraisal of a 1-unit manufactured home, based on an interior and exterior inspection of the subject property.

What are the two types of appraisal reports?

There are presently only two recognized forms of Appraisal Report; the Appraisal Report and the Restricted Appraisal Report. These forms are not defined by the actual form utilized or the number of pages of a report, but rather by the depth of reporting within the report.

What is the difference between 71A and 71B appraisal forms?

71A 71B Commercial Multi-Family Both of these forms have the same base template and provide the same results in a similar methodology; the 71A is just a much more in-depth report. The 71B appraisal form is a condensed version of the 71A form.

Does a 1025 appraisal include a 1007?

4) Form 1025 Multi-Family (Standard / FHA) For Investment/Income properties, the Form 1025 will be accompanied by Form 216 (Operating Income Statement). The Form 1007 (Comparable Rent Schedule) is not needed as an add on form as the 1025 includes a section for the Comparable Rent Schedule as part of the standard form.

What is the difference between a 1004 and a 1004C appraisal?

1004 - (URAR) Uniform Residential Appraisal Report - One Unit (Single Family) appraisal with an interior and exterior inspection. 1004C - Manufactured Home Appraisal Report - One Unit manufactured homes (mobile home) based on an interior and exterior property inspection.

What appraisal form is 1025?

What is a Small Residential Income Property Appraisal Report (Form 1025)? This is the industry-standard appraisal report type for 2-4 unit residential properties. It is the most commonly used report format for two to four unit residential income property appraisals.

What is a 1004 desktop appraisal?

Appraiser conducts analysis and develops opinion of value. Use Form 1004 Desktop. No physical inspection of the subject property; data may be provided by various parties (buyer/seller agent, homeowner, builder, appraiser files, etc.) and through secondary data sources (public records, MLS, internet, etc.).

What is 1004MC for appraisal?

The Market Conditions Addendum (Form 1004MC) is designed to enhance the transparency of the market trends and conditions conclusions made by the appraiser.

What is a 1004D appraisal form?

An Appraisal Update and/or Completion Report (Fannie Mae Form 1004D) is used to update the value of an appraisal that is more than four months old or to confirm completion of, construction of, or renovations to a dwelling when the original appraisal was performed prior to completion.