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 . ... Data indicating physical characteristics of the subject property such as age, materials and condition.
What is a 1025 appraisal form used for?
What is a Small Residential Income Property Appraisal Report (Form 1025)? This is the industry-standard appraisal report type for 2-4 unit residential properties . It is the most commonly used report format for two to four unit residential income property appraisals.
What is the form 1025?
This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in a planned unit development (PUD).
What is a 1025 with 216 appraisal?
2-4 Unit Residential Appraisal (Form 1025)
This report provides an income analysis based on comparable rental properties, cost approach, and the sales comparison analysis . Included in the attachments is a completed operating income statement (Form 216).
What are the 3 types of appraisal reports?
In addition to these two types of appraisals, there are three types of report formats: self-contained, summary, and restricted .
What is included in a 1025 appraisal?
- Basic information including address, legal description, owner’s and/or borrower’s names.
- Information on the contract for sale.
- Information pertaining to the size, shape, zoning and access to utilities as well as FEMA flood-zone information.
What is a 1004MC appraisal form?
The Market Conditions Addendum (Form 1004MC) is designed to enhance the transparency of the market trends and conditions conclusions made by the appraiser. The Market Conditions Addendum will be required with all one- to four-unit property appraisals performed on or after April 1, 2009.
Is appraisal Form 70 the same as 1004?
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.
What is Form 216 on an appraisal?
The Operating Income Statement Report Form 216 is used on 1-4 income investment properties and 2-4 family owner-occupied properties .
What is a 1075 appraisal?
The Exterior-Only Individual Condominium Unit Appraisal Report (Form 1075) is the form used for appraisals of individual condominium units . ... When appraising one unit in a condominium project, the appraiser should use the Sales Comparison Analysis and consider the Income Approach to value.
What is the difference between 1007 and 216?
Fannie Mae Form 1007 is used to provide an estimated market rent for the subject. Fannie Mae Form 216 is used to estimate the operating income associated with income-producing property.
What is Form 216 used for?
Operating income statement (216) Form 216 is used for 14 investment properties and 24 inhabited properties . Description: The applicant provides estimates of income and expenses which are used to determine the valuation.
What is a 1007 appraisal form?
Fannie Mae Form 1007 (8/88)
Single-Family Comparable Rent Schedule . This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant difference between the comparables and the subject property.
What are the 2 types of appraisals?
- straight ranking appraisals.
- grading.
- management by objective appraisals.
- trait-based appraisals.
- behaviour-based appraisals.
- 360 reviews.
Which type of appraisal report is the most formal?
The narrative appraisal report is the longest and most formal format for reporting and explaining appraisal conclusions and contains a step-by-step description of the facts and methods used to determine value. Self-contained narrative reports are typical in appraisals of major income-producing properties.
What is the first step in the appraisal process?
- Step 1: Define the Appraisal Problem. ...
- Step 2: Determine the Scope of Work. ...
- Step 3: Analyze the Property’s Use, Select Most Appropriate Market,
- Step 4: Collect and Analyze Data, Apply Most Appropriate.
- Step 5: Analyze Subject Property Listings or Prior Sales.
