Freddie mac appraisal findings detail report

Be aware that even if you are offered an appraisal waiver, the choice is yours. Fannie and Freddie require lenders to allow borrowers to opt for a traditional full appraisal. Lundquist cited a local realty broker who recently had clients who declined the no-appraisal option and saved thousands of dollars as a result.

A full appraisal found the property to be overvalued — which the waiver apparently missed — and allowed them to renegotiate the final price lower. My Account.

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The Real Deal New York. Appraisal-free loans save millions for buyers. Short URL. The decision as to how to present the results of the appraisal is determined on a case-by-case basis, based upon the circumstances that are specific to the needs of our clients. Furthermore, the use that is reported to us must be reported within the body of the appraisal report. We will ask what you intend to do with the appraisal report.

Let us help select the presentation format that will satisfy your appraisal needs. The following appraisal report forms are promulgated by two quasi-governmental agencies; Fannie Mae and Freddie Mac. They were updated in March The completed forms are generally not considered adequate by themselves. Appraisers typically include addendum pages to supplement the forms. Photo pages including pictures of the subject and the comparable sales are common. A map showing the location of the subject and the comparable sales and a sketch of the exterior of the subject property is also included.

Additional comments that do not fit on the form are attached as an addendum.

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• Appraisal Report Formats.
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• Living in the World of Mortgage Acronyms?

The scope of work required for these appraisal reports is consistent with the needs of a mortgage lender. This form is not promulgated by Fannie Mae or Freddie Mac.

Residential Mortgage Appraisal Report Forms

This report form is designed to report an appraisal of a vacant site. This reporting format requires the appraiser visit the subject site and the comparable site sales. Also known as the ERC Report. This is the 'standard' appraisal form that is sometimes known as a 'full appraisal.

Product Overviews

This is one of the most popular form reports available. It was created for the lending industry and is sometimes knows as a 'short form' appraisal. It does not contain a lot of data about the subject property and it only uses the sales comparison approach as its sole approach to value. It's useful for anyone needing an appraisal on a property that they are already familiar with and are willing to sacrifice some detail in the appraisal in order to save some money. This form can also be used with an interior inspection of the subject property and that is the only way that we accept assignments based on this form.



That's because this form does not allow us to make assumptions about the interior condition of the property we are appraising, and it's virtually impossible to complete this form by 'guessing' at what's inside the house. It is a very detailed appraisal report that provides information on comparable rental properties, cost, sales, and income approaches to value. It is used for family properties, though we can sometimes use the Fannie Mae Form for a duplex.

This is the standard form used for condominiums. This form can be used in two different ways.

What are Fannie Mae and Freddie Mac? Part 1

First, it can be used to report whether the subject property has declined in value since the original appraisal was completed.