Appraisal Services Include:

• Complete Appraisal (“Full”)/Uniform Residential Appraisal Report: “URAR” (Form 70/1004)
• FHA Appraisals
• REO Appraisals
• Manufactured/Modular Homes - Real Property (Form I004C/70B)
• Condominium Units (Form 1073/465)
• Co-Op Units (Form 2090)
• Small Residential Income Properties/2-4 Units (Form 1025)
• Quality Control Reviews / Desk Reviews and Field Reviews (Form 2000/2000A)
• Limited Appraisal (“Drive-by”)/ FNMA (Form 2055, 1075 & 2095)
• Developed Lot/Land Appraisal
• Property Inspections (Form 1004D/442 or Forms 2070, 2075 and HUD 1038)
• Broker Price Opinion (BPO) (FHLMC Form 1092)

Complete Appraisal (“Full”)/Uniform Residential Appraisal Report: “URAR” (Form 70/1004)
Full appraisals require a complete inspection of the home, including the interior and exterior of the subject property. The appraiser may either measure the subject property dwelling or use an “as built” survey. If the subject is either proposed or under construction, the appraiser will rely upon the builder’s plans and specifications for measurements. The assignment includes an exterior inspection of the comparable closed sales used in the report. 

This report will include:

• Location map of subject property and comparable sales;
• Photographs of the subject (front, rear and street scenes) and front of the comparable sales;
• Sketch of the subject property; and
• Text/Comments in Addenda as necessary.

FHA Appraisals
FHA appraisals are performed using the appropriate Fannie Mae forms for the subject’s property type, i.e., 1004, 1004C, 1025, 1075. FHA Appraisals are to be completed by an FHA approved appraiser. The FHA Case # will be reflected on the appraisal request.  Appraisals are completed “AS IS” unless the property does not meet minimum FHA standards. If the property does not meet minimum FHA housing standards, involves structural damage or lead base paint, the appraisal will be completed “Subject To”. Our QC review of the appraisal report will ensure it meets FHA appraisal guidelines.

REO Appraisals
Appraisals prepared for REO purposes use the appropriate Fannie Mae or Freddie Mac forms for the subject’s property type, i.e.,1004, 1004C, 1025, 1075. This “full” appraisal report requires the inclusion of the Supplemental Real Estate Owned (REO) Addendum, which provides 3 active listings, a cost breakdown of needed repairs and additional values for differing marketing times. 

Manufactured/Modular Homes - Real Property (Form I004C/70B)
Appraisals of modular or manufactured homes are prepared using the 1004C form. To be eligible as security for mortgage financing, a manufactured home (MH) must be classified as real estate, i.e., the residential improvements must be permanently affixed to the land and the title to the unit, as personal property must have been surrendered to the state. A tentative understanding of the legal nature of the property (personal vs. real) may be gained, before or after inspection, by consulting the municipal property tax authority's records. Tax records should show an assessment on improvements, which indicate that the improvements are real property.  

The report will include:

• Location map of subject property and comparable sales;
• Photographs of the subject (front, rear, street scenes) and front of the comparable sales;
• Building sketch with interior floor plan; and
• Form includes information on the subject’s HUD Data Plates, Manufacturer, Model and Date of   Manufacture.

Condominium Units (Form 1073/465)
Condominium (condo) appraisal reports should include comparable sales and/or listings of similar size units in the same complex as the best value indicator. Conformity and homogeneity are factors that are frequently more important in the valuation of condo units than in other more common property types. The typical condo project consists of stacked walk-up, low or high-rise apartment structures with a variety of common area amenities. However, in some areas of the country, condo projects may appear as detached single-family dwellings with ownership still consisting of airspace and a share of common area structures, land and amenities.

Condominium appraisals require a complete inspection of the home, including the interior and exterior of the subject property, and exterior inspection of the comparable sales used in the report. It may be difficult for the Appraiser to measure the exterior of the property; therefore, interior measurements (for the basis of determining gross living area) are acceptable. 

This report will include:

• Information on the ratio of investment to owner occupied units; number of units for sale; any pending or recent litigation involving the HOA;
• Location map of subject property and comparable sales;
• Photographs of the subject (front, rear, street scenes) and front of the comparable closed sales; and
• Sketch of the subject unit.

Co-Op Units (Form 2090)
A Co-operative is a residential or mixed-use building wherein a corporation or trust holds title to the property and sells shares of stock representing the value of a single apartment unit to individuals who, in turn, receive a proprietary lease as evidence of title. Co-Operative Interest (Co-Op) reports should include comparable sales and/or listings of similar size units in the same complex as the best value indicator. Co-Op appraisals require a complete inspection of the home, including the interior and exterior of the subject property. It may be difficult for the Appraiser to measure the exterior of the property; therefore, interior measurements (for the basis of determining gross living area) are acceptable. An exterior inspection of the comparable closed Co-Op sales used in the report is required.

This report will include:

• Location map of subject property and comparable sales;
• Photographs of the subject (front, rear and street scenes) and front of the comparable closed sales; and
• Floor plan sketch of the subject unit.

Small Residential Income Properties/2-4 Units (Form 1025)
Fannie Mae’s Form 1025 is used for the appraisal of Duplexes (2 units); Triplexes (3 units); and Quadplexes (4 units).  An additional product, which is a common addition to the 2 to 4 family appraisal report, is Form 216 – the Operating Income Statement. The Small Residential Income Property Report includes three comparable rentals use to develop market rent for the subject’s units. An analysis of three comparable sales is used for developing the values by the sales comparison and income approach. The 1025 form is used for investment and owner-occupied properties, which may be either attached or detached units, including condominium or co-operative units.

The report will include:

• Location map of subject property and comparable rentals and sales;
• Photographs of the subject (front, rear, street scenes) and front of the comparable sales and rentals; and
• Building sketch and individual unit dimensions and floor plans.

Quality Control Reviews / Desk Reviews and Field Reviews (Form 2000/2000A)
Desk reviews may be performed by either Secure Collateral’s in-house certified appraisers or a member of the approved panel of appraisers located in the subject’s market area. The purpose of the desk review is to address the accuracy of the appraisal’s opinion of value and the validity of the data used in the appraisal.  An Enhanced Desk Review will include the analysis of additional sales data to support or dispute the value determined in the appraisal under review. Field Reviews are performed by an appraiser local to the subject’s market. The field reviewer will inspect the subject, neighborhood and comparable sales and perform additional research to verify the accuracy of the data and the appropriateness of the value opinion. The field reviewer performs either an Exterior or Interior inspection of the subject dwelling, depending on the client’s needs. An Enhanced Field review will include the analysis of additional data whether in support or dispute of the appraisal report being reviewed. 

1. Form 2000 – field review of one unit properties, including single family dwellings, condo, co-op units, manufactured homes
2. Form 2000A – field review of 2 to 4 family properties

Limited Appraisal (“Drive-by”)/ FNMA (Form 2055, 1075 & 2095)
A “Drive - By” is considered a Limited Appraisal Report as it will include an inspection of the subject’s Exterior only and will frequently provide only the Sales Comparison approach. The subject’s physical information is obtained from visual inspection, public records or prior appraisal files. The owner is interviewed if necessary to complete the report.  A specific form is used for differing property types:

1. Form 2055: Exterior-Only Inspection Residential Appraisal Report form may be used for the appraisal of a one-unit dwelling or one-unit dwelling with an accessory unit, including a unit within a Planned Unit Development (PUD). It may not be used for a manufactured home, condo or co-op unit.
2. Form 1075: Exterior - Only Inspection Individual Condominium Unit Appraisal Report form may be used for the appraisal of a condominium unit in a condo project or PUD. It is not used for a manufactured home or co-op unit.
3. Form 2095:  Exterior-Only Inspection Individual Cooperative Interest Appraisal Report form is to report the appraisal of a cooperative interest in a cooperative project or PUD.

Regardless of the form, each report will include:

• Location map of subject property and comparable sales;
• Photographs of the subject (front and street scene) and picture of the front of comparable sales used in the report; and
• Sketch of subject property (if available from public records).

Developed Lot/Land Appraisal
In general, the Developed Lot/ Land Appraisal may be prepared on a variety of appraisal forms. Form FW - 68 can be used and is similar in format to the 1004 form. Only the Sales Comparison Approach to Value will be developed.  In evaluating appraisals of Developed Lots or Vacant Land, the primary focus should be on the comparability of subject's Site Size, Zoning, Planned Use, Location and View Amenities to the Comparable Lots or Vacant Land Sales. The Appraiser must cite and consider in the market analysis, at least three recent Lot/Land sales that are most similar to Subject site. The analysis includes a dollar adjustment reflecting the market reaction to those items of significant variation between the subject and comparable properties.

Property Inspections (Form 1004D/442 or Forms 2070, 2075 and HUD 1038)
Inspections performed by appraisers are required for a variety of reasons. The inspections are not considered “appraisals;” however, the findings in these reports may lead to the need for an appraisal for reasons such as physical deterioration or the presence of functional or economic (external) obsolescence.

1. Form 1004D/442:  The inspection serves the purpose of either:  1) an Appraisal Update to inform the Client whether the subject’s value has declined since the date of the original appraisal or, 2) a Certification of Completion verifying that repairs or construction is complete.  Either purpose will require an Exterior Inspection at a minimum.  
2. Form 2070:  Freddie Mac’s “Condition and Marketability Report” requires information on the subject’s property characteristics and factors impacting marketability. The Appraiser performs either an Exterior or Interior Inspection, at Client’s request. 
3. Form 2075:  Fannie Mae’s “Property Inspection Report” requires information on the subject, neighborhood and provides comments on any adverse physical or environmental conditions observed during the Appraiser’s Exterior-only inspection. 
4. HUD 1038A:  FHA form that may be completed by an appraiser to comment on site improvements, foundation, drainage, construction quality, etc.

Other Appraisal Products:

Appraisals on commercial and mixed-use properties and residential properties with 5 or more dwelling units can also be provided. Depending on the size and type of the property, there may be an applicable appraisal form for reporting the appraisal.  In some cases, a narrative report format may be more suitable. The fee and turn time must be established on an individual basis due to the complex nature of these property types.

Broker Price Opinion (BPO) (FHLMC Form 1092)
Freddie Mac’s Form 1092 is completed by an experienced real estate agent to develop a price opinion for 1 to 4 family residential units with, typically, an exterior inspection of the subject. The report analyzes 3 comparable sales and 3 comparable listings and includes a location map of the subject and comparables. The report provides photos of the sales and listings and the subject (subject front, street and address verification). Upon Client request, BPO’s can be upgraded to include 3 additional sales comparables and/or an Interior inspection. 

Acceptable property types include, but are not limited to:  

• Individual Condominium, Townhouses and Row House Units
• Free standing Residential Units
• Manufactured Housing
• Multi-Family Housing Units with 2 to 4 Individual Living Units
• Land-only properties
• BPO’s can be provided in all States except where prohibited by law.  We have an Active vendor network of approximately 6,000 licensed Real Estate Professionals.