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What is a Uniform Residential Appraisal Report (URAR) 1004 Form?
At True Footage, we believe in providing our clients with comprehensive and accurate appraisal reports to help them make informed decisions about their properties. One of the most common types of appraisal reports we use is the Uniform Residential Appraisal Report (URAR). In this article, we'll delve into what URAR is and how it is used for various types of appraisals.
A Uniform Residential Appraisal Report (URAR) is a standardized report used by appraisers to evaluate a residential property's market value. URAR was developed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) in the late 1980s to provide a consistent format for appraisals on residential properties.
URAR includes details about the subject property, such as its location, lot size, building size, construction quality, and condition. It also includes information on comparable sales in the area, which are used to determine the subject property's market value.
How is URAR Used for Different Types of Appraisals?
Home appraisal: A URAR report is commonly used for home appraisals, where the appraiser evaluates the market value of a single-family residence. The report provides an unbiased opinion of the home's value based on its condition, location, and comparable sales in the area.
Property appraisal: URAR is also used for property appraisals. The report provides an accurate assessment of the property's value, taking into account factors such as the condition of the property, its location, and the demand for similar properties in the area.
Bank appraisal: Banks and other lending institutions use URAR to determine the market value of a property before approving a loan. The report helps lenders assess the risk associated with lending money to a borrower, as it provides an unbiased assessment of the property's value.
Real estate appraisal: Real estate agents also use URAR to determine the market value of a property. By using comparable sales data and other factors, the appraiser can provide an accurate assessment of the property's value, which can be useful in determining a listing price for the property.
Desktop appraisal: A desktop appraisal is a type of appraisal that can be conducted without a physical inspection of the property. In this case, the appraiser uses public records and other data to evaluate the property's value. A URAR report can be used for a desktop appraisal, as it provides a standardized format for the appraisal report.
Hybrid appraisal: A hybrid appraisal is a combination of a physical inspection of the property and a desktop appraisal. In this case, somebody other than the appraiser analyst conducts a physical inspection of the property to gather data about it. That data is then given to the appraiser analyst to do the market research, selection of the appropriate comparable sales, and then reconciling all of the data into a credible and reliable opinion of value.
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