Information about appraisals

 

URAR: URAR stands for Uniform Residential Appraisal Report.  This is the most commonly used format for real estate appraisals.  This form is used for single-family residences where the highest and best use for the land is residential.

Condo/PUD: This form is used when appraising condos or other small properties that are part of PUDs.  Condos differ from standard family residences and even townhouses in that they do not have land to accompany the housing, and thus use a different form.

ERC (Executive Relocation Council): The ERC form is commonly used by companies seeking to buy an employee's house due to relocation.  Employers prefer this form for relocations because it provides information on the current value of the home based on recent sales as well as a competitive value for the home based on competing properties at the time of the appraisal.

2055 Drive-By: The 2055 Freddie Mac Drive-By appraisal is the appraisal commonly used by banks for refinancing.  Since the house is not being sold, an interior inspection is not typically needed.

Land: This form is most commonly used for vacant land properties.

Narrative: The Narrative appraisal is used only in special circumstances, such as a proposed subdivision of a property.  Narrative appraisals require an in-depth analysis of the subject, its municipality and county, zoning regulations, flood plain areas, and the market trends of the subject's area.

 

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