Uniform Residential Appraisal Reports (URAR) (also known as 1004 or full appraisal)
Individual Condominium Unit Appraisal Reports (also known as 1073) - Primarily designed for use with condominiums and Planned Unit Developments (PUDs)
Small Residential Income Property Appraisal Reports (also known as 1025) - Provides specific data on income on factors that may include subject unit, market rental, and comparable income producing properties similar to the subject and includes the Operating Income Statement (216)
Quantitative/Qualitative Analysis Appraisal Reports (also known as “Drive-By’s,” 2055, or 2065) - Limited single family residential appraisal and summary reports with exterior inspection only
Appraisal Zoning
How do we generally define zones?
Zone 1 = Counties with >150,000 people - The majority of lenders have at least 75% of their volume in Zone 1.
Zone 2 = Counties with 50,000 - 150,000
Zone 3 = Counties with <50,000
How do we use zoning?
To set pricing geographically
To set turn time expectations
Extended Turn Times should be expected for Zone 2 and 3 properties.
For information on Non-Traditional Appraisal products, click here.