1004 Uniform Residential Appraisal Report

Uniform Residential Appraisal Report

File #

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address
City
State
Zip Code
Borrower
Owner of Public Record
County
Legal Description
Tax Year
R.E. Taxes $
S Assessor’s Parcel #
U
Neighborhood
Name
Map
Reference
Census Tract
B
J Occupant
Owner
Tenant
Vacant
Special Assessments $
PUD
HOA $
per year
per month
E
Property
Rights
Appraised
Fee
Simple
Leasehold
Other
(describe)
C
T Assignment Type
Purchase Transaction
Refinance Transaction
Other (describe)
Lender/Client
Address
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?
Yes
No
Report data source(s) used, offering price(s), and date(s).

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I
did
did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
Contract Price $
Date of Contract
Is the property seller the owner of public record?
Yes No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?
If Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics
One-Unit Housing Trends
Location
Urban
Suburban
Rural
Property Values
Increasing
Stable
Built-Up
Over 75%
25–75%
Under 25% Demand/Supply
Shortage
In Balance
Growth
Rapid
Stable
Slow
Marketing Time
Under 3 mths
3–6 mths
Neighborhood Boundaries

Declining
Over Supply
Over 6 mths

One-Unit Housing
PRICE
AGE
$ (000)
(yrs)
Low
High
Pred.

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No

Present Land Use %
One-Unit
%
2-4 Unit
%
Multi-Family
%
Commercial
%
Other
%

Neighborhood Description

Market Conditions (including support for the above conclusions)

Dimensions
Area
Shape
Specific Zoning Classification
Zoning Description
Zoning Compliance
Legal
Legal Nonconforming (Grandfathered Use)
No Zoning
Illegal (describe)
Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?
S
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Yes

View

Yes

No If No, describe

Utilities
Public Other (describe)
Public Other (describe)
Off-site Improvements—Type
Public Private
Electricity
Water
Street
Gas
Sanitary Sewer
Alley
FEMA Special Flood Hazard Area
Yes
No FEMA Flood Zone
FEMA Map #
FEMA Map Date
Are the utilities and off-site improvements typical for the market area?
Yes
No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?
Yes
No If Yes, describe

General Description
Foundation
Exterior Description
materials/condition Interior
materials/condition
Units
One
One with Accessory Unit
Concrete Slab
Crawl Space
Foundation Walls
Floors
# of Stories
Full Basement
Partial Basement Exterior Walls
Walls
Type
Det.
Att.
S-Det./End Unit Basement Area
sq. ft. Roof Surface
Trim/Finish
Existing
Proposed
Under Const. Basement Finish
% Gutters & Downspouts
Bath Floor
Design (Style)
Outside Entry/Exit
Sump Pump Window Type
Bath Wainscot
Year Built
Evidence of
Infestation
Storm Sash/Insulated
Car Storage
None
Effective Age (Yrs)
Dampness
Settlement
Screens
Driveway # of Cars
Attic
None
Heating
FWA
HWBB
Radiant Amenities
Woodstove(s) #
Driveway Surface
Drop Stair
Stairs
Other
Fuel
Fireplace(s) #
Fence
Garage
# of Cars
Floor
Scuttle
Cooling
Central Air Conditioning
Patio/Deck
Porch
Carport
# of Cars
Finished
Heated
Individual
Other
Pool
Other
Att.
Det.
Built-in
Appliances Refrigerator
Range/Oven
Dishwasher Disposal
Microwave Washer/Dryer
Other (describe)
Finished area above grade contains:
Rooms
Bedrooms
Bath(s)
Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.)
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?

Freddie Mac Form 70 March 2005

Page 1 of 6

Yes

Yes

No If Yes, describe

No If No, describe

Fannie Mae Form 1004 March 2005

Uniform Residential Appraisal Report
There are
comparable properties currently offered for sale in the subject neighborhood ranging in price from $
There are
comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $
FEATURE
SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
Address

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File #

to $
to $
COMPARABLE SALE # 3

.
.

Proximity to Subject
Sale Price
$
$
$
$
Sale Price/Gross Liv. Area $
sq. ft. $
sq. ft.
$
sq. ft.
$
sq. ft.
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-) $ Adjustment
DESCRIPTION
+(-) $ Adjustment
DESCRIPTION
+(-) $ Adjustment
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Total Bdrms. Baths Total Bdrms. Baths
Total Bdrms. Baths
Total Bdrms. Baths
Above Grade
Room Count
Gross Living Area
sq. ft.
sq. ft.
sq. ft.
sq. ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porch/Patio/Deck

Net Adjustment (Total)
+
$
+
$
Adjusted Sale Price
Net Adj.
%
Net Adj.
%
of Comparables
Gross Adj.
% $
Gross Adj.
% $
I
did
did not research the sale or transfer history of the subject property and comparable sales. If not, explain

+
Net Adj.
Gross Adj.

-

$
%
% $

My research
did
did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data source(s)
My research
did
did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data source(s)
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM
SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE # 3
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

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Indicated Value by Sales Comparison Approach $
Indicated Value by: Sales Comparison Approach $

Cost Approach (if developed) $

Income Approach (if developed) $

This appraisal is made
“as is”,
subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
completed,
subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or
subject to the
following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
$
, as of
, which is the date of inspection and the effective date of this appraisal.

Freddie Mac Form 70 March 2005

Page 2 of 6

Fannie Mae Form 1004 March 2005

Uniform Residential Appraisal Report

File #

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COST APPROACH TO VALUE (not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
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ESTIMATED
REPRODUCTION OR
REPLACEMENT COST NEW
Source of cost data
Quality rating from cost service
Effective date of cost data
Comments on Cost Approach (gross living area calculations, depreciation, etc.)

Garage/Carport
Sq. Ft. @ $
..................... =$
Total Estimate of Cost-New
.................... = $
Less
Physical Functional External
Depreciation
=$(
Depreciated Cost of Improvements...................................................... =$
“As-is” Value of Site Improvements...................................................... =$
Estimated Remaining Economic Life (HUD and VA only)

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OPINION OF SITE VALUE ................................................................. = $
Dwelling
Sq. Ft. @ $
..................... =$
Sq. Ft. @ $
..................... =$

)

Years Indicated Value By Cost Approach ...................................................... =$

INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent $
X Gross Rent Multiplier
Summary of Income Approach (including support for market rent and GRM)

= $

Indicated Value by Income Approach

PROJECT INFORMATION FOR PUDs (if applicable)
P
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F
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N

Is the developer/builder in control of the Homeowners’ Association (HOA)?
Yes
No Unit type(s)
Detached
Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal name of project
Total number of phases
Total number of units
Total number of units sold
Total number of units rented
Total number of units for sale
Data source(s)
Was the project created by the conversion of an existing building(s) into a PUD?
Yes
No If Yes, date of conversion
Does the project contain any multi-dwelling units?
Yes
No Data source(s)
Are the units, common elements, and recreation facilities complete?
Yes
No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association?

Yes

No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities
Freddie Mac Form 70 March 2005

Page 3 of 6

Fannie Mae Form 1004 March 2005

Uniform Residential Appraisal Report

File #

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’s
continuing education or membership in an appraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’s
reaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.

Freddie Mac Form 70 March 2005

Page 4 of 6

Fannie Mae Form 1004 March 2005

Uniform Residential Appraisal Report

File #

APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.

Freddie Mac Form 70 March 2005

Page 5 of 6

Fannie Mae Form 1004 March 2005

Uniform Residential Appraisal Report

File #

21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’s
analysis, opinions, statements, conclusions, and the appraiser’s certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,
statements, conclusions, and the appraiser’s certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature______________________________________________
Name ________________________________________________
Company Name ________________________________________
Company Address_______________________________________
_____________________________________________________
Telephone Number ______________________________________
Email Address __________________________________________
Date of Signature and Report ______________________________
Effective Date of Appraisal ________________________________
State Certification #______________________________________
or State License # _______________________________________
or Other (describe) __________________ State # _____________
State _________________________________________________
Expiration Date of Certification or License ____________________

Signature ___________________________________________
Name______________________________________________
Company Name _____________________________________
Company Address ____________________________________
__________________________________________________
Telephone Number ___________________________________
Email Address _______________________________________
Date of Signature ____________________________________
State Certification # ___________________________________
or State License # ____________________________________
State ______________________________________________
Expiration Date of Certification or License _________________
SUPERVISORY APPRAISER
SUBJECT PROPERTY

ADDRESS OF PROPERTY APPRAISED
_____________________________________________________
_____________________________________________________
APPRAISED VALUE OF SUBJECT PROPERTY $ _____________

Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection _________________________________
Did inspect interior and exterior of subject property
Date of Inspection _________________________________

LENDER/CLIENT
Name ________________________________________________
Company Name ________________________________________
Company Address_______________________________________
_____________________________________________________
Email Address __________________________________________

Freddie Mac Form 70 March 2005

COMPARABLE SALES

Page 6 of 6

Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection _________________________________

Fannie Mae Form 1004 March 2005