Single-Family Residential Appraisal, Non-Owner Occupied (1004)
This report is similar in all respects to the standard Single Family Residential Appraisal with the following additions: A completed Single Family Rent Schedule (form 1007) and an Operating Income Statement (form 216).
FHA Single Family Residential Appraisal URAR
This report is completed on the URAR, FNMA form 1004, and provides the benefit of a full interior and exterior inspection of the subject property. This report is used to estimate the market value of the subject property as defined in the Uniform Standard of Professional Appraisal Practice (USPAP), and is completed in compliance with Red Door Appraisal Management, LLC guidelines, Lender guidelines, and additional guidelines set forth by the Federal Housing Administration. Each FHA appraisal report must include a unique FHA case number in the upper right hand corner of each page that is assigned by the lender and obtained through the FHA Connection website. The product includes the following attachments: a completed URAR form, subject property photos including front, rear, street scene and any amenities substantially affecting health and safety, marketability and/or value, comparable sales photographs, flood map, (if property is located in a flood prone area), a floor plan sketch with exterior dimensions and gross living area calculations, location map showing accurate locations of the subject and all sales utilized in the report, and appropriate certifications and limiting conditions. Additionally, the FHA mandates that the appraiser pay specific attention to certain property conditions that they feel are potentially hazardous to the health and/or safety of the occupants. Within the body of the report, or in the narrative addendum, the appraiser will describe any readily observable property condition that can be construed as a health/safety hazard, per FHA’s guidelines. If the property is found to have potential health and safety issues, an FHA report may be completed “subject to” correction of the issue (if it’s an obvious hazard), or “as is” with a complete description of the noted issue, leaving it up to the lender’s (DE Underwriter) discretion to determine if further action is required.