Home | About Us | Contact Us
    

Client Login

Username
  
Password


 
Remember Me

 
Forgot Password?

Client Services & Technical Support

800-676-1430 (Select Option 1)


Sales & General

866-389-3272



Adobe Acrobat is required for all LERETA orders.



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

    Back to Product List



About Us

Products & Services

Multiple products for closing your loans

New Account Request

Contact Information

   
  Copyright © 2009, LERETA, LLC. All rights reserved.