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Condominium "Form 1073" Appraisal Description
PRODUCT OVERVIEW:
Value of property is determined by a detailed interior inspection and full analysis of the neighborhood and property
site. The value of the property is derived by one of, or a combination of, three different approaches. The cost
approach estimates the value of the land and how much it would cost to reproduce/rebuild the dwelling minus
depreciation. This approach is most valid when used for newer homes or properties recently renovated. The market
approach utilizes 3 comparable sales. Key features of the subject property are compared to the comps on a individual
line adjustment basis, which are either positive or negative and are made to the comp sales price. This approach is
most commonly weighed upon. The income approach takes into consideration how much rental income could be earned and
is applied towards determining value. This approach is used more often for multi-family homes. This report conforms to
FIRREA, Fannie Mae and Freddie Mac requirements.
PRODUCT PURPOSE AND USE:
- First Mortgage
- Home Equity
- Pre-foreclosure
- Portfolio Review
- QC Review
USPAP COMPLIANCE:
- Complete Summary Appraisal Report
- Standard 2-2 (c)
COMPLETED BASE REPORT CONTENTS:
- Summary of Salient Features
- Letter of Transmittal
- FNMA Form 1073
- Complete Comment Addenda
- Building Sketch
- Location Map
- Subject Photograph Addendum
- Certification and Limiting Conditions
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