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Types of appraisals

Fannie Mae and Freddie Mac revised their appraisal forms in March of 2005. These revised appraisal forms were designed primarily for their use. There is a lot of language on these forms that indicates their use is only for mortgage lending purposes. If you order an appraisal nowadays for a purpose other than lending, then these new forms will not be appropriate for your use.

However, the pre-March 2005 forms are still very useful for appraisals other than mortgage lending purposes. Those forms are shown at the bottom of this list, after the more recent (03/05) forms are shown.

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Fannie Mae Form 1004. Uniform Residential Appraisal Report. Also known as the Freddie Mac Form 70. This is the 'standard' appraisal form that is sometimes known as a 'full appraisal.' This version is the revised (March 2005) version and requires an interior and exterior inspection of the subject property. This is one of the most popular form reports available.

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Fannie Mae Form 2055. Exterior-Only Inspection Residential Appraisal Report. Also known as the Freddie Mac Form 2055. It was created for the lending industry and is sometimes knows as a 'short form' appraisal. It does not contain a lot of data about the subject property and it only uses the sales comparison approach as its sole approach to value. It's useful for anyone needing an appraisal on a property that they are already familiar with and are willing to sacrifice some detail in the appraisal in order to save some money. This form can also be used with an interior inspection of the subject property and that is the only way that we accept assignments based on this form. That's because this form does not allow us to make assumptions about the interior condition of the property we are appraising, and it's virtually impossible to complete this form by 'guessing' at what's inside the house.


FNMA Form 1025. Small Residential Income Property Appraisal Report. this form is also known as the Freddie Mac Form 72 and is used with multi-family properties. It is a very detailed appraisal report that provides information on comparable rental properties, cost, sales, and income approaches to value. It is used for 2-4 family properties, though we can sometimes use the Fannie Mae Form 1004 for a duplex.

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Fannie Mae Form 1073. Individual Condominium Unit Appraisal Report. Also known as the Freddie Mac Form 465. This is the standard form used for condominiums.

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Fannie Mae 1004D. Appraisal Update and/or Completion Report. This is also know as Freddie Mac Form 442. This form can be used in two different ways. First, it can be used to report whether the subject property has declined in value since the original appraisal was completed. Even though this form is rather short in length, we still have to analyze a lot of data that is stored in our work file in order to substantiate whether or not the subject's value has declined. Secondly, this form can be used as a certification of completion based upon a prior appraisal that was developed subject-to some sort of condition(s).

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Fannie Mae Form 2000. One-Unit Residential Appraisal Field Review Report. Also known as Freddie Mac Form 1032. This form can be used to report the findings of a field review of an appraisal.

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Fannie Mae Form 2000a. Two-to Four-Unit Residential Appraisal Field Review Report. Also known as Freddie Mac Form 1072. This is similar to the form above (2000) except that it is used to review an appraisal of a multi-unit property.

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ERC appraisal form- this form is used for relocation appraisals and was created by the Employee Relocation Council. This form is used to report the appraiser's estimate of the anticipated selling price of a property. If you are being transferred by an employer and they have a relocation program then this is the type of report they would order.

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The following appraisal forms are the pre-March 2005 versions. They are most appropriate for purposes other than lending.

FNMA Form 1004- this is the 'classic' appraisal form that is sometimes known as a 'full appraisal.' It has been around a long time and is useful when you need to show its results to another party. That's because the entire first page provides information about the subject property for anyone who isn't familiar with the subject. The back side of the form provides a section to develop the cost approach to value and a large section is devoted to the sales comparison approach to value. There is a small amount of space on the form devoted to the income approach to value if its development is warranted.

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Fannie Mae Form 2055- this is a newer form that is also know as the Freddie Mac Form 2055. It was created for the lending industry and is sometimes knows as a 'short form' appraisal. It does not contain a lot of data about the subject property and it only uses the sales comparison approach as its sole approach to value. It's useful for anyone needing an appraisal on a property that they are already familiar with and are willing to sacrifice some detail in the appraisal in order to save some money. It is not used for complex properties due to only having a limited amount of space in the adjustment grid.

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Fannie Mae Form 1025- this form is also known as the Freddie Mac Form 72 and is used with multi-family properties. It is a very detailed appraisal report that provides information on competitive listings, competitive rental properties, and a cost and sales comparison approach to value. It is used for 2-4 family properties, though we can sometimes use the Fannie Mae Form 1004 for a duplex.

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