Types of appraisals

<<>> Banks and homeowners will order different types of appraisals. I will explain the different kinds of appraisals below. They will be separated into bank appraisals (appraisals ordered by the banks) and Appraisals for home owners (appraisals that can be ordered by a home owner). This list does not include a full list of appraisals, but it will include the most popular types.

Bank appraisals: Appraisals that banks order

Uniform Residential Appraisal Report (Form 1004).

This is a full appraisal that is one of the most common types of appraisals. This is when an appraiser will call you and set up an appointment and come out to your home and confirm the quality and square footage of your home. They will take pictures and measurements. After this, they will go back to the office and write a report that will be sent to the bank.

Individual Condominium Unit Appraisal Report (Form 1073)

This appraisal is used for a condominium only and can only is ordered by the bank. The appraiser will complete the same type of an appraisal as a 1004 listed above, except that will measure the inside of the condominium unit vs. the outside of the house as used when completing a full 1004 appraisal.

Exterior-Only Inspection Individual Condo Unit Appraisal Report (Form 1075)

This type of appraisal is not very common, but it is listed as an appraisal that a bank can order from an appraiser.

Manufactured Home Appraisal Report (Form 1004c)

This is used to appraise a manufactured home or a mobile home. A manufactured home is defined as a structured that is pre-made off site of the construction site and transported to the site, usually, in two or more parts. They will have steel beams under the home in the crawl space and be identified with tag numbers and a compliance inspection tag (paper) usually located under the sink.

Small Residential Income Property Appraisal Report (Form 1025)

This appraisal is used for four two to four unit rental or investment properties.

Appraisal Update and/or Completion Report (Form 1004d)

This is used for both FHA appraisals and other appraisal reports when the appraiser needs to go back to the home to check to be sure that the improvements and or conditions of the appraisal have been met.

Exterior-only Inspection Residential Appraisal Report (Form 2055)

This is commonly called a drive-by appraisal. This is when the appraiser drives by in a car and takes photos of your home and of the comparable homes and writes a report based on basic information from public records and MLS information.

One-Unit Residential Appraisal Field Review Report (Form 2000)

This is when the bank sends an appraiser an order to review another appraiser’s work.

These are the most common types of appraisal forms used by banks. The home owner can not order these appraisals, as they are used by banks only. There are a few types of appraisal that home owners can order.

Home owner appraisals: Appraisals ordered by home owners

This is a product that can be used by home owner to help determine the value of their home. This product is much less expensive than a full appraisal and will not require an interior inspection. This product can not be used for lending purposes. Only your lender can order an appraisal for this reason. But if you’d like to shop around and you need a fairly accurate method to determine your home value, I’d order one of these.

If you order a desktop appraisal, an appraiser will speak to you and pull information from public records and MLS about your home. From this data, they will pull comparable sales and write a report for you. This type of appraisal is used for estate purposes and if you’d like to have an opinion of your home value so that you can make a decision if you’d like to proceed with a loan. As long as your home is in average conditions and conforms well to the market area (looks the same and offers similar amenities to other homes), this product works really well. It will give you the information you need for a cheaper price before you go with a full lender appraiser.

Gpar (General purpose appraisal report).

These are basic appraisals that look and function similar to the bank appraisals above, however these are designed to be ordered by the home owner. These can be used to provide a more detailed appraisal for selling or listing your home. These appraisals are often used by FSBO (for sale by owners) owners. An appraiser will set up a regular appointment much like a full 1004 appraisal; however, the appraisal will fill out the paperwork on this form. This is a product of ACI. Other companies surely have basic products that can be used by the owner or other parties other than banks.

If you're a home owner, which appraisal is better?