What is a 1004 appraisal?

Single Family Residential Appraisal (1004) URAR Form 1004. Purpose: The Single Family Residential Appraisal is used to estimate the market value of the subject property as defined in Uniform Standard of Professional Appraisal Practice (USPAP). It provides the benefit of a full interior and exterior inspection.

What is a 1004 UAD appraisal?

A 1004 appraisal form is considered to be one of the most commonly used forms in residential real estate appraisals. In accordance with USPAP a 1004, or URAR, is completed when estimating the market value of a single-family dwelling complete with an exterior and interior inspection.

Is a 1004 A full appraisal?

The most current incarnation of the URAR is the “Fannie Mae Form 1004” updated for March 2005. It is considered a full appraisal with all three approaches to value, cost approach, sales comparison approach, and income approach.

Does an appraiser look at Windows?

An appraiser will assess the structure and overall condition of a home. While they will typically not pay as much attention to cosmetic details, they will take note if the home is particularly run down. They will look at the doors, windows, ceilings, walls, and any leaking faucets or visible electrical issues.

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.

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.

Do appraisers look in attics?

The Appraiser must observe the interiors of all attic spaces. If there is evidence of a deficient condition (such as a water-stained ceiling, insufficient ventilation, or smell of mold), the Appraiser must report this condition, and render the appraisal subject to inspection and repairs if necessary.

What are the 2 types of appraisals?

The most common types of appraisal are:

• straight ranking appraisals.
• grading.
• management by objective appraisals.
• trait-based appraisals.
• behaviour-based appraisals.
• 360 reviews.

What is an exterior only appraisal?

A drive-by appraisal, also referred to as an exterior-only appraisal, is an alternative form of home appraisal where the appraiser assesses only the exterior of the property, instead of inspecting both the interior and exterior, to determine the property’s value.