The subject and all comparables must be appropriately identified. Showing the location of the subject property and the comparables that the appraiser used.Ĭlear, descriptive photographs showing the front, back, and a street scene of the subject property and the front of each comparable. If the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood, Fannie Mae requires a floor plan sketch that includes the interior walls.įor a unit in a condo or co-op project, the sketch of the unit must indicate interior perimeter unit dimensions rather than exterior building dimensions (dimensions and estimates for gross living area shown in the condo documents are acceptable).
Small Residential Income Property Appraisal Report ( Form 1025)įor appraisals of two- to four-unit properties (including two- to four-unit properties in PUD, condo, or co-op projects) based on interior and exterior property inspections.Īppraisal Update and/or Completion Report ( Form 1004D)įor appraisal updates and/or completion reports for all one- to four-unit appraisal reports.Īn exterior building sketch that indicates dimensions and calculations that demonstrate how the estimate for gross living area is derived. Individual Cooperative Interest Appraisal Report ( Form 2090)įor appraisals of one-unit properties in co-op projects based on interior and exterior property inspections Appraisals reported on Form 1073 must be completed in accordance with the UAD Specification. Individual Condominium Unit Appraisal Report ( Form 1073)įor appraisals of one-unit properties in condo projects based on interior and exterior property inspections. Manufactured Home Appraisal Report ( Form 1004C)įor appraisals of one-unit manufactured homes (including manufactured homes in a PUD, condo, or co-op project, and MH Advantage properties) based on interior and exterior property inspections. Appraisals reported on Form 1004 must be completed in accordance with the UAD Specification.
In addition, appraisals for units in condo projects that consist solely of detached dwellings may be documented on Form 1004, if the appraiser includes an adequate description of the project and information about the homeowners’ association fees and the quality of the project maintenance. Form 1004 also may be used for two-unit properties, if each of the units is occupied by one of the co-borrowers as his or her principal residence or if the value of the legal second unit is relatively insignificant in relation to the total value of the property (as might be the case for a basement unit or a unit over a garage). Uniform Residential Appraisal Report ( Form 1004)įor appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory apartment) based on interior and exterior property inspections.