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In the United States, mortgage valuations of improved residential properties are generally reported on a standardized form like the Uniform Residential Appraisal Report. [24] Appraisals of more commercial properties (e.g., income-producing, raw land) are often reported in narrative format and completed by a Certified General Appraiser.
A Uniform Residential Appraisal Report or URAR is one of the most common forms used in United States real estate appraisals.It was created to allow for standard reporting and analysis of single-family dwellings or single-family dwellings with an "accessory unit".
A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser.A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO.
Property size. Generally, a larger property will cost more to appraise. Needed repairs. Expect to pay more for a home with extensive damage, because it requires extra effort on the appraiser’s part.
The successful sale of another house may be needed to finance the purchase of a new one. Appraisal contingency – Purchase of the real estate is contingent upon the contract price being at or below a fair market value determined by an appraisal. Lenders will often not lend more than a certain percentage (fraction) of the appraised value, so ...
The appraiser may take pictures of the house from many angles and will take notes on how the property looks. He/she will type up an appraisal and submit it to the lender or broker (depending on who ordered the appraisal.) The Appraisal is written in the format compliant to FNMA Form 1004. The 1004 is the standard appraisal form used by ...
Common reasons why buyers might back out of a deal: Their financing fell through. They unexpectedly lost their job. The appraisal came in too low. A major problem was found in the inspection
These are lumped into physical (wear, tear and deterioration), functional (look, feel, form and style), and locational (the influence of factors outside the property itself). It is generally considered that the cost approach gives the best indication of market value when the property in question is new and an appropriate (highest and best) use.
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