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APPRAISAL FORMS |
| Form |
Description |
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Click on the form number in this column to order the
form. |
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FNMA 1004 |
FannieMae's standard
form appraisal report for single family properties. |
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FNMA 2055 |
FannieMae's limited
reporting format. Less information is provided to the client and the Cost
and Income Approaches are eliminated. |
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FNMA 2075 |
FannieMae's drive by
form |
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FNMA 2065 |
Take a blurry photo
from the street and don't bother with determining a value. Yep, even
the banking industry likes this form. |
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APPRAISAL ADDENDUMS |
| Click on the form name or number in this
column to order the form. |
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Comments, Explanations- Conventional 1004 |
Additional comments & Explanations for Residential Properties.
Superior explanations and limiting conditions that go beyond FIRREA and typical appraisal boiler-plate. This forms goes out with
every appraisal we do on a Single Family Residence. This form was
created through trial and error over a 10 year period, with the help from
top appraisers, attorneys, and the input from a judge or two.
This addendum covers all of the items that are required
and must be addressed in every appraisal. Without a discussion on
these items an appraisal would be in violation of Federal and State laws as
well as USPAP. Areas covered are:
- Purpose of the Appraisal
- Type of Appraisal and reporting format (Complete,
limited or summery)
- What is being appraised (what real estate rights)
- Competency of the Appraiser
- Scope of the Appraisal (including a description of the
13 steps taken in an appraisal)
- Confirmation of Information (What did the appraiser
confirm, how and what didn't get confirmed)
- Data Sources
- Role of the Supervisory Appraiser
- Trend Analysis (Generic for an entire region)
- Market Time for the Subject
- Cost Approach (What role does it take, or not take, in
the appraisal - and why)
- Income Approach (What role does it take, or not take,
in the appraisal - and why)
- Date of Appraisal
- Liability of the appraiser to the client and third
parties (This one section can help protect you from people that may obtain
a copy of the appraisal in the future)
- A massive section the disclaims and protects against
unknows including paint, hazardous materials and anything else we have
come across in 17 years of appraising)
- What is the purpose of the appraisal and who may
utilize a copy.
Designed for use with FNMA's Form 1004
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Comments, Explanations- Condos |
Additional Comments & Explanations for
Condominiums
(The same as listed above, but designed specifically
for Condominiums)
Designed for use with FNMA's Form 1073 |
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Explanations -
Multi-Family Residential |
Additional Comments & Explanations for
Small Income, Multi-Family Buildings
(The same as listed above, but designed specifically
for 2-4 unit buildings)
Designed for use with FNMA's Form 1025 |
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Comments, Explanations - Vacant
Land Appraisals |
Additional Comments & Explanations for
Vacant Land
(The same as listed above, but designed specifically
for Condominiums)
Designed for use with the standard form |
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Explain Types of Appraisals |
Types of Appraisals
This form explains the different appraisal processes
(Limited and Complete) and the different reporting formats (Self-Contained,
Summary Report, Restricted). This form goes out with every engagement
letter or the final appraisal product. It informs the clients about
different types of appraisals and creates "Informed Consent" (a legal
doctrine that is a defense against sue happy clients). This form
closes a loophole that helps protect the appraiser from sue happy clients. |
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Home Owner Notification |
To the Home Owner or Borrower:
When we arrive at the house, we hand this form to the
people we meet at the door. This accomplishes three purposes:
- Informs them of the appraisal process
- Increases our chances for a referral
- Keeps them occupied while we inspect the property
We find the use of this form reduces problems,
phone calls and lawsuits that happen when the homeowner don't understand
the appraisal process. |
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Appraisal Office Operations Manual CDROMs |
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Click on the form number in this column to order the
form. |
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Appraisal Office Operations Manual CDROMs |
Starting an Appraisal Office? Have less than 15 years
experience? Then you need this manual! This is a how-to guide for running an Appraisal Office.
Includes methods for collecting past due accounts! |
