Which report form should be used to report the appraisal of a four unit property prepared for a Fannie Mae lender?
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Which report form should be used to report the appraisal of a four unit property prepared for a Fannie Mae lender?
Appraisals reported on Form 1073 must be completed in accordance with the UAD Specification. For appraisals of two- to four-unit properties (including two- to four-unit properties in PUD, condo, or co-op projects) based on interior and exterior property inspections.
What is a 1025 appraisal?
The Small Residential Income Property Appraisal Report (FHLMC 72/FNMA 1025) is for the appraisal of two- to four-unit properties, including properties in PUD, condo or co-op projects.
What information should be contained in an appraisal report?
A property appraisal report will generally include the real estate agent’s estimated value of your property based on their knowledge of the area, the current market, and the property itself.
Do appraisers look at square footage?
One of the main factors appraisers consider is the size of the home. They take into account the total square footage, the size of each room, and the number of bedrooms and bathrooms. They’ll also look to see if your home has a crawlspace, attic, or basement, which all add value.
What is a 1025 appraisal form used for?
The Small Residential Income Property Appraisal Report (FHLMC 72/FNMA 1025) is for the appraisal of two- to four-unit properties, including properties in PUD, condo or co-op projects.
What is Form 216 on an appraisal?
(Form 216) must be obtained to provide the information needed to determine the cash flow and operating income derived from the rental property. u2022 Additionally, a Single-Family Comparable Rent Schedule (Form 1007) or a Small Residential Income Property Appraisal Report.
What is the 1004 form?
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. Basic information including address, legal description, owner’s and/or borrower’s names.
What is a 1025 with 216 appraisal?
Conventional 1025 Triplex with 216 Operating Income Statement. This counterpart to the 1004 form is used when appraising 2-4 family properties (multi-family)
Does a 1025 appraisal include a rent schedule?
Property Appraisal Report (Form 1025), as applicable, and copies of the current lease agreement(s). rent supported by the Single-Family Comparable Rent Schedule (Form 1007) or a Small Residential Income Property Appraisal Report (Form 1025), as applicable, may be used
What are the 3 types of appraisal reports?
Conventional 1025 Triplex with 216 Operating Income Statement. This counterpart to the 1004 form is used when appraising 2-4 family properties (multi-family)
What is a 1007 appraisal?
The Uniform Standards of Professional Appraisal Practice set forth the requirements for appraisal reports, which may be presented in one of three written formats: self-contained reports, summary reports, and restricted-use reports.