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Topic 3. Appraisal Report Contents
February 22, 2019
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This Chapter has been revised in its entirety.
c. Appraisal Report Contents
1. Invoice For consistency, the first page of PDF file uploaded into WebLGY
2. Appraisal Form Lender’s name and "Department of Veterans Affairs" must be provided in the Lender/Client field on the appraisal report form
The VA assigned fee appraiser’s signature must be provided in the signature block with the fee appraiser’s VA ID in the "other" block, just below state certification and license information
Appraisal forms accepted by VA
Fannie Mae Form 1004, Uniform Residential Appraisal Report
Fannie Mae Form 2055, Exterior-Only Inspection Residential Appraisal Report, for liquidation appraisals only if interior access was not provided
Fannie Mae Form 1004C, Manufactured Home Appraisal Report,
Fannie Mae Form 1073, Individual Condominium Unit Appraisal Report
Fannie Mae Form 1075, Exterior-Only Inspection Individual Condominium Unit Appraisal Report, for liquidation appraisals only if interior access was not provided
Fannie Mae Form 1025, Small Residential Income Property Appraisal Report,
Commercially available vacant land form, for liquidation appraisals if the improvements have no contributory value (see Topic 22 of this Chapter.)
3. Street Map Showing location of subject and each comparable sale
Additional maps if sales are a substantial distance away from the subject.
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4. Building Sketch Gross living area calculations
Exterior dimensions of dwelling, basement, and any other improvements contributing value
Basement may be shown in relation to the floor plan of the house instead of separately
Floor plan layout (interior room dimensions and partitioning are not required)
If interior access is not provided on a liquidation appraisal, a sketch is not required
5. Photographs Clear and labeled
Front and rear taken at opposite angles to show all sides of the dwelling if possible
Improvements with contributory value
Minimum Property Requirement (MPR) repair items
Street scene
Any views affecting value
Kitchen
Main living area
Bathrooms
Any recent updates, remodeling or renovation
Front view of each comparable sale (real estate marketing photographs are acceptable with an explanation, for example, to exhibit condition at the time of sale, or if a comparable sale is in a gated community that was not accessible to the appraiser)
For condominiums, if the subject and sales are in the same building or identical buildings, the appraiser may comment instead of providing photographs of the sales
Interior photographs are not required on liquidation appraisals when access to the interior of the property is not available
6. Repair list Itemized list of any observed MPR repairs (see Chapter 12 of this handbook) or customer preference items to be installed on new construction appraisals
May be included directly on the appraisal form
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7. Uniform Appraisal Dataset (UAD)
UAD Property Condition and Quality Rating Definitions
UAD Property Description Abbreviations (see Topic 13 of this chapter)
8. Appraiser’s certifications
Required by state law
Related to continuing education or membership in professional appraisal organizations
Additional certifications may be made on a separate form or page, provided they do not conflict with the language on the Statement of Assumptions and Limiting Conditions, any preprinted language on the appraisal form, or VA appraisal requirements
9. Liquidation appraisal addendum
Required on liquidation appraisals only (see Topic 20 of this chapter)