The Most Commonly Used Form in Real Estate Appraisal
The Uniform Residential Appraisal Report (URAR Form 1004) is widely considered to be one of the most common forms used in real estate appraisal. The form, which allows for standard reporting and analysis of single family dwellings, applies to a one-unit property or one-unit property with an accessory unit. This includes a unit in a planned development. The form is not for manufactured homes, or condominium units.
A URAR form, also known as Fannie Mae Form 1004, contains information needed to complete a full appraisal of a property using three primary approaches to determine value: cost approach, sales comparison approach and income approach. Common sections featured on a URAR form include:
Basic information including address, legal description, owner’s and/or borrower’s names
Information on the contract for sale
Information pertaining to the size, shape, zoning and access to utilities as well as FEMA flood-zone information
Data indicating physical characteristics of the subject property such as age, materials and condition
Analysis of comparison to recent sales of similar properties.
A URAR form allows an appraiser to document observations based off of the following actions:
A complete visual inspection of the interior and exterior areas of the subject property (including descriptive photos of the property, as well as exterior building sketch indicating dimensions).
An inspection of the surrounding neighborhood (including street map showing location of subject property).
An inspection of each of the comparable sales from at least the street (including descriptive photographs of comparable sales).
Research, verification and analysis of date from reliable public and/or private sources.
A summary of an appraiser’s analysis, opinions and conclusions in this appraisal report.
The TruValue Difference
TruValue prides itself on producing the most accurate and timely appraisals possible by:
Using Intelligent Quality Control, our pro-active quality control process leads to more one-touch appraisals.
Organizing customer service around you, with a single point of contact.
Being singularly focused on residential real estate valuation and your success.
TruValue offers a Uniform Residential Appraisal Report as part of its suite of residential appraisal products. To learn more about TruValue’s appraisal services, contact us today at 561-568-5515.
When you order an appraisal report from us, you can expect. . . .
Prompt response to your initial inquiry: We will give you personalized information for your particular appraisal need. Just tell us your situation and we will make suggestions. Do you want to sell your home quickly or for the highest value?
Quick turnaround time: Typically 2-3 days from the date the request is received. If you've chosen to receive a copy of your appraisal or consulting report via the Internet (EDI), you'll receive it within MINUTES of its completion.
Appraisal and consulting reports formats to suit YOUR needs: When it comes to appraisal and consulting, "One size does NOT fit all!" We offer a variety of report types and delivery methods. We can deliver your report attached to a standard email, or notify you of an Internet site to download your report, the MINUTE it's completed!
Quick response to follow-up questions: Our reports are clearly written, understandable, and meet or exceed the Uniform Standards of Professional Practice that governs the appraisal practice. If you have any questions regarding your appraisal, after you've read the report, we encourage you to email or call us!