A Uniform Residential Appraisal Report or URAR
is one of the most common forms used in real estate appraisal which was created to allow for standard reporting
and analysis of single family dwellings or single family dwellings with an
"accessory unit". It is also suitable for a building in a planned unit
development (PUD) but is not meant to be used for appraisals of manufactured
homes or condos.
The most current incarnation of the URAR is the "Fannie Mae Form 1004"updated for
March 2005. It is considered a full appraisal with all three approaches to value,
cost approach, sales comparison
approach, and income approach.
Requirements
- The report requires
an interior and exterior inspection of the subject property.
- A street map that shows the location of the subject property
and of all comparable properties that the appraiser used.
- An exterior building sketch of the improvements that indicates the dimensions.
- Clear, descriptive photographs of the subject property and
comparable sales
used.
Parts of the URAR
Some of the sections of a URAR include but are not limited to:
- Subject: Basic information such as
the address, legal description, owner's and/or borrower's names. The client is also identified
here.
- Contract: Information on the contract
for sale is
entered here for appraisals in which a change of ownership is about to
occur.
- Site: Data on the size, shape, zoning
and access
to utilities as well as FEMA flood-zone information
- Improvements: Physical
characteristics of the property such as age, materials, and condition
- Sales comparison approach: The grid
analysis, this is where the property being appraised is compared to recent sales
of other properties.
References
"Uniform Residential Appraisal Report" efanniemae.com
