In fact, many compare residential appraisals to merely "form-filling." Ever since the introduction of fixed-format appraisal report standards by Fannie Mae more than 25 years ago (the so-called Green Hornet form), appraisers have migrated to a single appraisal report format--the
Uniform Residential Appraisal Report (URAR) for most assignments.
A standardized residential REO appraisal requires a Supplemental Real Estate Owned Appraisal Addendum along with the property-specific form, such as Fannie Mac Form 1004,
Uniform Residential Appraisal Report (URAR); Form 1075, Individual Condominium Unit Appraisal Report; Form 1075, Exterior-Only Inspection Individual Condominium Unit Appraisal Report; and Form 1025, Small Residential Income Property Appraisal Report.
If you were appraising 20 years ago, you may recall the arrival of the
Uniform Residential Appraisal Report, or URAR, as we've come to call it.
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Uniform Residential Appraisal Report (Fannie Mae Form 1004, Freddie Mac Form 70);
The
Uniform Residential Appraisal Report form includes the certification, "I performed a complete visual inspection of the interior and exterior areas of the subject property" Fannie Mae's Selling Guide adds: "We expect that appraisals based on an interior and exterior inspection will include a complete visual inspection of the accessible areas of the property.
As of November 1, the government-sponsored entity is requiring that all loans secured through them are to be reported on the new
Uniform Residential Appraisal Report (1004) and related forms.
AppraiserSuite also allows appraisers using ACI2010 [TM] to import their property and comparable research data directly into industry-standard appraisal report forms such as a
Uniform Residential Appraisal Report (Form 1004) without manually rekeying the information.
The
Uniform Residential Appraisal Report (URAR) is an example of a fairly detailed, widely used, and well-tested protocol.
Since the advent of the
Uniform Residential Appraisal Report 20 years ago, residential appraisers have used it not only for mortgage lending purposes but also for a variety of residential appraisal assignments.
* The
Uniform Residential Appraisal Report, used for valuing single-family residences;
Addressing concerns of appraisers over the "intended user" elements of its latest
Uniform Residential Appraisal Report, Fannie Mae has issued a clarifying statement, based in part on input received from the Appraisal Institute.
In the past, it was common for residential appraisers to use the
Uniform Residential Appraisal Report (URAR) and other Fannie Mae forms to report appraisals for nonlender uses, including divorce settlement, estate settlement, property owner advice, and in some cases for low-cost relocation appraisals.