Residential Appraisal Form: the Best Way to Know the Market Value of Your Property
Uniform Residential Appraisal Form
If you decide to sell your apartment or house and you have a problem knowing how to determine the market value of the real estate, it would be a wise choice to hire an independent appraiser. An appraiser inspects your property and fills out a special document – a Residential Appraisal Form. This appraisal report is also required for some other purposes including, for example, refinancing your house or for buying a certain estate.
Today we are going to talk about the Uniform Residential Appraisal Report, which is also called Fannie Mae Form 1004 or Freddie Mac form 70. This report is used by the above mentioned governmental organizations only for residential mortgage lending. The home owner(s) may need to take out a mortgage on the property to raise funds for different purposes such as education, medical expenses, or traveling. Before giving you a loan, however, the lender needs a completed appraisal report.
Who needs a Uniform Residential Appraisal Report?
As mentioned above, before receiving a loan, the owner of the real estate should provide the lender with an adequate appraisal of his or her property. The appraised value is very important for mortgage lending: it determines the sum of the loan.
What is the Uniform Residential Appraisal Report?
The Uniform Residential Appraisal Report is one of the basic forms utilized for real estate appraisal. It was created for analysis of conditions and evaluation of single-family dwellings or single-family dwellings with an “accessory unit” (including a unit in a planned unit development) but it should not be used for appraisals of manufactured homes or condominiums. Lenders will request the report each time a property is purchased or refinanced. All information provided in the report is used to appraise the actual market value of the property.
Is the Uniform Residential Appraisal Report accompanied by other forms?
All the necessary photos and maps of the property, location, neighboring houses must be attached to the report.
When is the Uniform Residential Appraisal Report due?
Generally, there is no expiration day for the Uniform Residential Appraisal Report, but the lenders may not accept it after 120 days from the date of appraisal, because market changes over time.
How do I fill out the Uniform Residential Appraisal Report?
There are several boxes you should fill out in the report:
- Property Description;
- Neighborhood and PUD (an overview of the history of that particular area);
- Site (covers the property specs);
- Final Determination.
The report also needs an interior and exterior examination of the subject property, a street map with the location of the subject property, and an exterior building draft of the improvements that indicates the dimensions.
Where do I send the Uniform Residential Appraisal Report?
The certified report should be directed to the client/lender.