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PO Box 1212 Tampa, FL 33601 Pinellas Updated March 2008
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FNMA 1004 - Uniform Residential Appraisal Report Form 1004, "Uniform Residential Appraisal Report" [URAR] The URAR is the most commonly used appraisal form. It's primarily designed for single-family homes, including those with auxilliary apartments or "in-law, mother/daughter" units. It's extensively used by lenders and other investors for purchases and refinancing purposes. It's also used for formal tax appeals, condemnation, contested matrimonial or any situation involving a single family dwelling or owner occupied two family dwelling in which court testimony is contemplated.
The appraiser's description of the physical characteristics of the property and comparables will be obtained from reliable data sources. There will be a thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the house.
A "Uniform Residential Appraisal Report" typically consists of a letter of transmittal; market area analysis; description of the site; description of the improvements; cost approach; direct sales comparison approach using comparable sales on the comparison grid; reconciliation; definition of market value; certification; contingent & limiting conditions; FIRREA addendum; interior and exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; plat map; detailed sketch of subject property showing room layout; flood map if applicable and qualifications of the appraiser and reviewer.
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