What is a 2055 exterior-only appraisal?
Exterior-Only Inspection Residential Appraisal Report Form 2055 is designed to report the results of an appraisal of a 1-unit property, including a unit in a Planned Unit Development (PUD), Detached Condominium Unit or a 1-unit property with an accessory unit.
What is a 2055 appraisal report?
The Exterior-Only Inspection Residential Appraisal Report (FHLMC 2055/FNMA 2055) is used for appraisals of one-unit properties and units in PUDs based on exterior-only property inspections. This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.
What is an exterior appraisal?
Also known as a summary appraisal, exterior inspections of homes by licensed real estate appraisers are used for documenting comparable values or home sales when a mortgage lender is considering issuing a loan against the property.
Which of the following are required exhibits for exterior appraisals and inspections?
The following exhibits that meet the requirements in Section 5601.10(a) are required for appraisal reports with interior and exterior inspections:
- Photographs of the subject property. The appraisal report must include at least the following:
- (ii) Photographs of comparable sales.
- (iii) Building sketch.
- (iv) Location map.
What do appraisers look at with an external Only residential appraisal?
External Factors Specifically, with regard to the exterior of a property, an appraiser looks at the site, the quality of construction, the integrity of the roof and foundation, any issues with the guttering or siding, parking facilities and the home’s observable external condition.
What is FNMA appraisal?
The appraisal is used to judge the property’s acceptability for the mortgage loan requested in view of its value and marketability. Find a comprehensive list of training resources like frequently asked questions, forms and more.
How long does an exterior appraisal take?
An appraisal generally takes anywhere from one hour to one week to complete from the time it is ordered by the loan officer or mortgage company.
Is an appraisal outside only?
A mortgage lender might order a drive-by appraisal on a home that is at risk of foreclosure. Because drive-by appraisals only focus on the exterior of a home, there is no appraiser going inside of the home to view these concerns that could affect the value of the home.
What appraisal form is used for investment properties?
Form 1004
Form 1004. Form 1004 is easily the most common and widely used property appraisal form.
What is a desktop review appraisal?
A desktop appraisal is a property valuation that is completed at the appraiser’s desk, using tax records and information listed on the multiple listing service (MLS), instead of through an in-person survey of the property.
How do I prepare my house for an appraisal?
How to prepare for a home appraisal
- Review previous appraisals. Look for issues that lowered your home’s value in the past and address those problems.
- Collect important documents for the appraiser.
- Prepare for the visit.
- Tidy up.
- Invest in curb appeal.
- Make minor repairs.
What is an exterior only inspection residential appraisal report?
An Exterior-Only Inspection Residential Appraisal Report allows an appraiser to document observations based off of the following actions: A street map that shows the location of the subject property and of all comparables used Clear, descriptive photographs of the subject property and of the comparable sales used
What is an FNMA 2055 drive-by appraisal?
In some cases, underwriting guidelines require appraisal reports that do not include an interior inspection. When that happens, appraisers typically complete an FNMA 2055. These appraisals are better known as an exterior-only appraisal, and referred to in the industry as “drive-by appraisals.”
Do you need an exterior-only appraisal?
If you find yourself in need of an exterior-only appraisal, dig-up as much information for your appraiser as you can. Providing this information early in the process to an appraiser who is engaged to complete an FNMA 2055 – Exterior Only appraisal will ensure that the appraiser has the most relevant, up-to-date data.
Does pro Teck offer a small residential income property appraisal?
Pro Teck offers a Small Residential Income Property Appraisal as part of its suite of residential appraisal products. To learn more about Pro Teck’s appraisal management services, contact us today.