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What Is an Appraisal Form 1007

The single-family home rental plan is used by the appraiser to estimate market rent. Typically, the appraiser analyzes three rental properties that share or classify important rental characteristics with the property in question. Form 1007 is often requested by lenders when they grant loans for properties that are not owned by the owner. Form 1007 of the Comparable Rent Schedule for Single-Family Families is designed to provide an appraiser with a familiar format for estimating the market rent of a property. Adjustments should only be made for elements which show a significant difference between the reference values and the property in question. Evaluations of prefabricated houses are indicated on the FNMA Form 1004C. Form 1004C requires the appraiser to conduct a full interior and exterior inspection of the property in question, report the boundaries and features of the neighborhood, analyze market trends, consider location characteristics, fully target the cost approach, and report a variety of home details made from the HUD date plate and certification labels. Only external inspection reports of the property are reported on Form 2075 and should be considered an assessment of the market value of the property rather than its appraisal. This form is used by lenders as a brief analysis of current market conditions in the neighbourhood, as well as summary reports on the observed condition of the site in question and improvements. The evaluator does not give an assessment. The Residential Assessment Review Report (Form 2000) is a four-page form used by one examiner to professionally review the work of another examiner. An evaluator uses this form to verify the accuracy of the data contained in the review report to be reviewed and to form an opinion on the appropriateness of the evaluation methods and techniques used by the original reviewer. The completed Form 2000 report includes photos of the outside of the subject and the comparable, a location map, all other appropriate comparison features, as well as USPAP certifications and restrictive conditions Form 216 (Operating Income Account) The operating income statement is used to estimate the operating income associated with a profitable asset.

It can be ordered on single-family and multi-family assessments. Fannie Mae Form 1004C March 2005. The purpose of this summary valuation report is to provide the lender or client with an accurate and appropriately substantiated opinion on the market value of the property in question. Single-family residential assessment report 1004, not owner-occupied, with 216 and 1007, is used to estimate the market value of a property in accordance with the Uniform Standard of Professional Valuation Practice (USPAP). It offers the advantage of a complete interior and exterior inspection. Valuation of single-family, owner-occupied homes (1004, 216 and 1007) Form 1004D is used for two completely different purposes: (1) The top part of the form, the Assessment Update Summary Report, can be used in certain circumstances to extend the «life» of a rating from 120 to 180 days. After an exterior visual inspection of the property in question, the appraiser must indicate whether the value of the property has decreased since its initial assessment and attach any photo or supporting documentation. (2) The lower part of the form is a certificate of completion and is used to indicate the status of the «subject» requirements. This form is usually ordered by lenders after all required repairs after the assessment has been completed or the construction of a new home is fully completed.

This reporting format is usually requested by lenders when financing single-family homes. The inspection, reporting and supplementary documents are similar in all respects to the standard uniform dwelling valuation report for single-family homes with the following additions: a completed single-family home rental plan (Form 1007) and an operating income statement (Form 216). Pure Exterior Assessment is a USPAP compliant assessment report based on a pure exterior inspection of a single-family home. Using this form usually gives a less reliable estimate compared to a full internal and external assessment, although it is a more cost-effective assessment suitable for low-risk loans. The report contains the appropriate assessments, photos of the exterior of the property in question and objects for comparison, a location map showing the proximity of comparable persons to the property in question, as well as corresponding certifications and restrictive conditions. Tenant Survey (1007) Used to provide an estimate of a property`s market rent based on similar and comparable rents in the area. Description: Form 1007 of the Schedule of Comparable Rents for Single-Family Families is designed to provide an appraiser with a familiar format for estimating the market rent of a property. The Residential Assessment Review Report (Form 2000A) is a five-page form used to examine a property with 2 to 4 units. An evaluator uses this form to verify the accuracy of the data contained in the review report to be reviewed and to form an opinion on the appropriateness of the evaluation methods and techniques used by the original reviewer.

The inspection, search and reporting requirements of Form 2000A are similar to those of Form 2000. FHA/USDA compliant assessments are requested when lenders issue a loan to be secured by the U.S. Federal Housing Administration or Department of Agriculture. The form and additional attachments are similar to a typical URAR for single-family homes, while the inspection and report comments are slightly more extensive than a traditional loan. There is an additional mandate from the FHA/USDA for the appraiser to pay close attention to certain property conditions that they deem potentially dangerous to the health and/or safety of residents. The report on the valuation of single-family homes that are not owner-occupied is similar to the standard valuation of single-family homes, but also includes a completed single-family rental plan form 1007 and an operating income statement 216. Condominium assessments completed for conventional and FHA loans are reported in the Individual Condominium Unit Assessment Report (Form 1073) and comply with the USPAP and all custom guidelines. A full indoor and outdoor inspection of the unit in question will be conducted and a summary analysis of the condominium project and the market will be provided. Attachments comparable to those included in the single-family home report are also included in the condominium report. The desk-based assessment reviews listed on form 2006 are often requested by lenders for pre-financing and refinancing reviews. The assessment to be reviewed is analyzed to determine the logic and reasoning displayed to support the assessment and the compliance of the assessment report with the USPAP.

Confirmation of the data used in the report comes from a variety of publicly available sources. Any additional data taken into account by the auditor is then recorded in the body of the completed exam. This is the most commonly used report, known in the industry as URAR, which is completed on form FNMA 1004. This assessment report requires a full interior and exterior inspection of the property in question. The URAR report contains numerous photos, supporting documents and calculations that support the appraiser`s opinion of value. The report`s exhibits include thematic and comparable photos, floor plan sketches, gross calculations of living space, a site plan with an indication of the proximity of the comps to the subject as well as relevant certifications and restrictive conditions. . . .

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