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2022 4.9 Satisfied (41 Votes)
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An appraisal is a written document that shows an opinion of how much a property is worth. The appraisal gives you useful information about the property.
Narrative Appraisal Report A Narrative Appraisal Report is a detailed and comprehensive document that provides an in-depth analysis that explains the appraisers methodology, reasoning and supporting data to determine the valuation of a property.
GENERAL. The short form appraisal may be used only in preparing appraisals on unimproved land and improved single family or duplex residential properties. Its use assumes the availability of reasonably comparable market data requiring limited adjustments.
Form reports are typically used for residential appraisals and are designed for financing purposes when a quick turnaround is required. These reports are completed by qualified appraisers and are designed for residential work where data is abundant and appraiser experience is crucial.
A URAR form, also known as Fannie Mae Form 1004, contains information needed to complete a full appraisal of a property using three primary approaches to determine value: cost approach, sales comparison approach and income approach.
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A lender uses this form for the spot-check appraisal component of its quality control process. This appraisal desk/field review report is intended to provide the lender/client with an opinion on the accuracy of the appraisal report under review.
Enhanced programmatic desk reviews (EPDRs) are also usually conducted virtually with the grantees participation to follow up on any issues identified during the desk review, verify grantee activities, validate reported information, and assess the status of project implementation.
Appraisal reports that communicate either complete or limited appraisals may be presented in three formats: self-contained reports, summary reports, and restricted reports.

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