Residential Property Appraisals
Residential Property Appraisals.
We have performed residential appraisals ranging from smaller city properties to the complex multi-million dollar properties located on Lake Minnetonka. We have appraised estates holding one to several properties. Residential properties, including relocation properties, comprise about 30% of our total yearly project list.
Several different appraisal reports and formats are available for appraising residential properties. The type and complexity of the appraisal is a detriment of the appraisals usage. Below are some of the forms and formats that are available. Contact Clarke T. Goset or Kimberly Block today at (612) 618-0917 to determine what is most suitable for your appraisal needs.
Types of Written (Narrative) Reports We Provide.
- Complete, Self-Contained Report
- Summary Report
Types of Form Reports We Provide.
Uniform Residential Appraisal Report (URAR)-1004
The URAR is used for single-family residential (including townhome) units, and is one of the more complete forms the appraisal includes the physical inspection of the interior and exterior of the subject, and the exterior of each comparable. This form has the option of utilizing a summarized cost and income approach. The URAR provides a uniform format for reporting neighborhood, site, and improvement descriptions. Exhibits include front, rear, and street scene photo(s) of the subject; front photo(s) of the comparable sales; a street map depicting the location of the subject property and comparables; an exterior and interior building sketch of the subject with room locations identified.
Employee Relocation Form (ERC)
The ERC is a full appraisal used by relocation companies and transferees. It covers information similar to the URAR such as property information and comparables with the addition of including competitive listings (on market comparables).
Individual Condominium Unit Appraisal (1073)
This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD) based on an interior and exterior inspection of the subject property. This form is not designed to report an appraisal of a manufactured home or a unit in a cooperative project.
Residential Income. Multiple Family (1025)
The Form 1025, “Residential Income Property Appraisal Report” is designed for income properties. It is extensively used by lenders and other investors for purchases and refinancing purposes. “Residential Income Property Appraisal Report” typically consists of a letter of transmittal; neighborhood analysis; description of the site; description of the improvements; rental income analysis; cost approach; income approach; direct sales comparison approach with comparable sales; reconciliation; operating income statement, definition of market value; certification; contingent & limiting conditions; firrea addendum; interior and exterior photos of the subject property; exterior photos of all comparable sales used; comparable sales location map; and sketch of subject property showing room layout.