As the real estate market continues its successful trend more and more people are buying, selling, or refinancing homes. At some point of the real estate transaction process it is understood that you will have a real estate appraisal experience. Freequently, the home appraisal transpires with mortgages. However, other reasons to receive an appraisal inlcude issues arrising from property taxes, probate, estate planning, and divorce.

Most lenders are required by federal and state laws and current banking regulations to obtain an appraisal for most loans secured by real estate. All appraisals made for mortgage loans from federally insured lenders must be made by a licensed or certified appraiser.

If you are buying a house with the owner carrying the loan, it is well worth the cost to hire an appraiser to make sure you don't pay more than it is worth. Most real estate agents will write in a purchase contract that it is contingent upon the property appraising for the sales price. There are certain things that usually increase a home appraisal.

Homes are worth more when they are:
Well maintained inside and out.
Located in a good school district.
Additions fit well into the existing house.
Properties throughout the neighborhood are well maintained.
Not over improved or the largest house on the block.
Style of the house conforms to those in the neighborhood.
Zoning changes are not expected

Types of Appraisals:

FNMA 1004 Uniform Residential Appraisal Report (IG)

The FNMA 1004 appraisal report consists of an interior and exterior inspection of the subject property and an exterior inspection of all comparable sales used to support the value conclusion. Photographs include front, rear and street scene photographs of the subject property and front photographs of all comparable sales. Also included are an interior floor plan sketch, an exterior building sketch, a location map (indicating location of the subject and comparables) and a Standard Certification and Statement of Limiting Condition.

FNMA 1025 Small Residential Income Property Appraisal Report (DP/M3/M4)

The FNMA 1025 appraisal report consists of an interior and exterior inspection of the subject property, an interior inspection of all units in the subject property and an exterior inspection of all comparable sales used to support the value conclusion. Photographs include front, rear, and street scene photographs of the subject property and front photographs of all comparable sales. Also included are an interior floor plan sketch, an exterior building sketch, a location map (indicating location of the subject and comparables), Operating Income Statement (Form 216) and a Standard Certification and Statement of Limiting Conditions.

FNMA 1073 Individual Condominium Unit Appraisal Report (SC)

The FNMA 1073 appraisal report consists of an interior and exterior inspection of the subject property and an exterior inspection of all comparable sales used to support the value conclusion. Photographs include front, rear, and street scene photographs of the subject property and front photographs of all comparable sales. Also included is an interior floor plan sketch, a location map (indicating location of the subject and comparables) and a Standard Certification and Statement of Limiting Conditions. When applicable, USP&A will provide an exterior building sketch.

FNMA 2055 Desk Top Underwriter Quantitative Anaylsis Appraisal Report (FF)

The FNMA 2055 appraisal report, utilizing the quantitative sales comparison approach, consists of an interior and exterior inspection of the subject property and an exterior inspection of all comparable sales used to support the value conclusion. Photographs include front, rear and street scene photographs of the subject property and front photographs of all comparable sales. Also included is an interior floor plan sketch, a location map (indicating location of the subject and comparables) and a Standard Certification and Statement of Limiting Conditions. Front photographs of all comparable sales are also available for an additional fee. This form may also be utilized as a drive-by inspection. Please see Drive-by Real Estate Appraisal Services for details.

FNMA 2065 Desk Top Underwriter Qualitative Analysis Appraisal Report (FT)

The FNMA 2065 appraisal report, utilizing the qualitative sales comparison approach, consists of an interior and exterior inspection of the subject property and an exterior inspection of all comparable sales used to support the value conclusion. Photographs include front, rear and street scene photographs of the subject property and front photographs of all comparable sales. Also included is an interior floor plan sketch, a location map (indicating location of the subject and comparables) and a Standard Certification and Statement of Limiting Conditions. Front photographs of all comparable sales are also available for an additional fee. This form may also be utilized as a drive-by inspection. Please see Drive-by Real Estate Appraisal Services for details.