Appraisal Reports - our office is equipped with the latest technology and software which greatly enhances the writing and timely delivery of our appraisal reports. Our office's typical turn-around times range from 24 to 48 hours following the day of inspection.
In many cases, lenders need a professional, independent appraisal of the property you want to buy or refinance to ensure that it is worth at least as much as they are being asked to lend on it.
A professional, independent appraiser from Priority Appraisal, will visit your home and inspect its interior and exterior. Do not postpone the appraisal! Any delays add time to an already lengthy process.
Our appraiser will form an opinion on the probable market value of the property considering sales of similar homes in the area among other factors. He or she will prepare an appraisal report explaining the conclusion. The appraisal belongs to the lender considering lending money with the home as collateral. Often, you can receive a copy of the appraisal either as a courtesy or in keeping with state law. Let your lender know you're interested and they will help.
An appraisal can cost from $200 to $600 or more for complex properties. You as the borrower repay the lender for its cost in paying the appraisal fee upon settlement of the loan.
Uniform Residential Appraisal Report - URAR (FNMA 1004 / FHLMC 70): Comprehensive appraisal of a single-family home (or PUD unit), including an interior inspection by the appraiser. This is the most commonly ordered appraisal product.
Single Family Comparable Rent Schedule Addendum (FNMA 1007 / FHLMC 1000): Addendum that cites rental comparables and provides an estimate of the monthly market rent of the subject property.
Operating Income Statement (FNMA 216 / FHLMC 998): Addendum that reports the income and expenses of one- to four-family investment properties.
Investment Property - Uniform Residential Appraisal Report (FNMA 1004 / FHLMC 70): Comprehensive appraisal of a single-family home, Comprehensive appraisal of a single-family home, including an interior inspection by an appraiser. Includes Single-Family Comparable Rent Schedule (FNMA 1007 / FHLMC 1000) and Operating Income Statement (FNMA 216 / FHLMC 998) addenda. Normally used for single family rental properties.
Quantitative Analysis Appraisal Report - Drive-By (FNMA 2055): Limited scope appraisal of a single-family home (including units in condominium or PUD projects). Drive-by only, no interior inspection.
Individual Condominium Unit Appraisal Report (FNMA 1073 / FHLMC 465): Comprehensive appraisal of a condominium unit, including an interior inspection by the appraiser.
Individual Condominium Unit Appraisal Report (FNMA 1075 / FHLMC 466): Comprehensive appraisal of a cooperative unit. Drive-by only, no interior inspection.
704 Drive-by Appraisal: Limited scope "drive-by" appraisal of a one-family home using Freddie Mac form 704. Site visit, but no interior inspection included. Normally used for a second mortgage or home equity loan.
Qualitative Analysis Appraisal Report - Drive-By (FNMA 2065): Limited scope appraisal of a single-family home. Drive-by only, no interior inspection.
Qualitative Analysis Appraisal Report - Interior Inspection (FNMA 2065): Limited scope appraisal of a single-family home. Interior inspection included.
Condition and Marketability Report - Interior Inspection (FHLMC 2070): Condition and marketability report with no final determination of value. Interior inspection included.
Condition and Marketability Report - Drive-By (FHLMC 2070): Condition and Marketability Report with no final determination of value. Drive-by only, no interior inspection.
Property Inspection Report (FNMA 2075): Property Inspection Report with no final determination of value. Drive-by only, no interior inspection.
Small Residential Income Property Report (FNMA 1025 / FHLMC 72): Comprehensive appraisal of a 2, 3 or 4-family home, including an interior inspection by the appraiser. Includes an Operating Income Statement (FNMA 216 / FHMLC 998).
Individual Cooperative Interest Appraisal Report - Interior Inspection (FNMA 2090): Comprehensive appraisal of a cooperative unit, including an interior inspection by the appraiser.
Individual Cooperative Interest Appraisal Report - Drive-By (FNMA 2095): Comprehensive appraisal of a cooperative unit. Drive-by only, no interior inspection.
Appraisal Update / Completion Report / Recertification of Value (FNMA 1004D / FHMLC 442): Addendum that reports the results of a re-inspection of the subject property, stating if the requirements or conditions set forth in the appraisal report have been met or an addendum that updates a prior appraisal, typically prepared by the same appraiser.
Land Appraisal: Comprehensive appraisal of a vacant parcel, including a site inspection by the appraiser.
One-Unit Residential Appraisal Field Review Report (FNMA 2000 / FHLMC 1032): A field review of an existing appraisal report by a licensed appraiser (one-unit residential property) by a licensed appraiser.
Two-to-Four Unit Residential Appraisal Field Review Report (FNMA 2000A / FHLMC 1072): A field review of an existing appraisal report (two-to-four unit residential property) by a licensed appraiser.
Residential Appraisal Review Form - Desk Review (2002): A desktop review of an existing appraisal report by a licensed appraiser.
Residential Appraisal Review Form - Enhanced Desk Review (2002): A desktop review of an existing appraisal report by a licensed appraiser, with two adjusted comparable sales added by the reviewer.
Residential Appraisal Review - Short Form (2006): A desktop review of an existing appraisal report by a licensed appraiser on a short form, without comparables.
