2055 Form PDF Details

Understanding the intricate details of the 2055 form is essential for those looking to navigate the nuances of residential appraisal for lending purposes efficiently. With its focus on summarizing appraisals through an exterior-only inspection, this form plays a pivotal role in providing lenders or clients with a well-supported opinion on a property's market value. Key elements captured include basic property details such as address, legal description, and owner information, alongside a thorough assessment of the neighborhood, property rights, and the current state of the market. Additionally, it explores the property's condition, any special assessments, homeowner's association fees, and details regarding utilities and off-site improvements. Crucial to the appraisal process, the form also requires information about any current or past listings for sale, contract analysis, and financial assistance to the borrower. Through the analysis of comparable sales and a consideration of market conditions, the form aids in deriving a fair, accurate market value, offering an invaluable tool for transactions involving purchase, refinance, or other financial assessment scenarios. Moreover, the form adheres to strict reporting requirements, ensuring a comprehensive and standardized approach to property appraisal that respects legal and market conditions without allowing for personal bias or unsupported adjustments.

QuestionAnswer
Form Name2055 Form
Form Length7 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 45 sec
Other namesform 2055, inspection form exterior, appraisal 2055, appraisal exterior form

Form Preview Example

Exterior-Only Inspection Residential Appraisal Report File #

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

 

Property Address

 

 

 

 

 

City

 

State

Zip Code

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower

 

 

 

 

 

Owner of Public Record

 

County

 

 

 

 

Legal Description

 

 

 

 

 

 

 

 

 

 

 

 

Assessor’s Parcel #

 

 

 

 

 

Tax Year

 

R.E. Taxes $

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Neighborhood Name

 

 

 

 

 

Map Reference

 

Census Tract

 

 

 

 

 

 

 

 

 

 

 

 

Occupant

Owner

Tenant

Vacant

 

Special Assessments $

PUD

HOA $

per year

per month

 

 

 

Property Rights Appraised

Fee Simple

Leasehold

Other (describe)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assignment Type

Purchase Transaction

Refinance Transaction

Other (describe)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lender/Client

 

 

 

 

 

Address

 

 

 

 

 

 

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?

Yes

No

 

 

Report data source(s) used, offering price(s), and date(s).

 

 

 

 

 

 

 

I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed.

 

Contract Price $

Date of Contract

Is the property seller the owner of public record?

Yes No Data Source(s)

 

 

 

 

 

 

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?

Yes

No

 

 

If Yes, report the total dollar amount and describe the items to be paid.

 

 

 

 

 

 

 

 

 

 

Note: Race and the racial composition of the neighborhood are not appraisal factors.

 

 

 

 

Neighborhood Characteristics

 

 

 

One-Unit Housing Trends

 

 

 

One-Unit Housing

 

 

Present Land Use %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location

Urban

Suburban

Rural

 

Property Values

Increasing

Stable

Declining

 

 

PRICE

AGE

 

One-Unit

%

 

 

 

 

 

 

 

 

 

 

Built-Up

Over 75%

25–75%

Under 25%

 

Demand/Supply

Shortage

In Balance

Over Supply

 

$ (000)

(yrs)

 

2-4 Unit

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Growth

Rapid

Stable

Slow

 

 

Marketing Time

Under 3 mths

3–6 mths

Over 6 mths

 

 

 

Low

 

Multi-Family

%

 

 

 

 

 

 

 

 

 

 

 

Neighborhood Boundaries

 

 

 

 

 

 

 

 

 

 

 

High

 

Commercial

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pred.

 

 

Other

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Neighborhood Description

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Conditions (including support for the above conclusions)

 

Dimensions

 

 

 

Area

 

 

Shape

View

 

 

 

Specific Zoning Classification

 

Zoning Description

 

 

 

 

 

 

Zoning Compliance

Legal

Legal Nonconforming (Grandfathered Use)

No Zoning

Illegal (describe)

 

 

 

 

 

 

 

 

Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?

Yes

No If No, describe

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utilities

Public

Other (describe)

Public

Other (describe)

 

Off-site Improvements—Type Public Private

 

 

 

Electricity

 

 

 

Water

 

 

 

Street

 

 

 

Gas

 

 

 

Sanitary Sewer

 

 

 

Alley

 

 

 

FEMA Special Flood Hazard Area

Yes

No FEMA Flood Zone

 

FEMA Map #

 

FEMA Map Date

 

Are the utilities and off-site improvements typical for the market area?

Yes

No If No, describe

 

 

 

 

 

 

 

 

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?

Yes

No If Yes, describe

 

 

 

Source(s) Used for Physical Characteristics of Property

Appraisal Files

MLS

Assessment and Tax Records

Prior Inspection

 

Property Owner

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (describe)

 

 

 

 

 

 

 

 

 

Data Source(s) for Gross Living Area

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Description

 

 

General Description

 

 

Heating / Cooling

 

 

Amenities

 

 

Car Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units

One

One with Accessory Unit

 

Concrete Slab

Crawl Space

 

FWA

HWBB

 

 

Fireplace(s) #

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# of Stories

 

 

 

 

Full Basement

Finished

 

Radiant

 

 

 

Woodstove(s) #

 

Driveway

# of Cars

 

 

 

Type

Det.

Att. S-Det./End Unit

 

Partial Basement

Finished

 

Other

 

 

 

Patio/Deck

Driveway Surface

 

 

 

 

Existing

Proposed

Under Const.

Exterior Walls

 

 

 

 

 

Fuel

 

 

 

Porch

 

Garage

# of Cars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Design (Style)

 

 

 

Roof Surface

 

 

 

 

 

Central Air Conditioning

 

Pool

 

 

 

Carport

# of Cars

 

 

 

Year Built

 

 

 

 

Gutters & Downspouts

 

 

 

Individual

 

 

 

Fence

 

Attached

Detached

 

 

 

Effective Age (Yrs)

 

 

Window Type

 

 

 

 

 

Other

 

 

 

Other

 

Built-in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appliances

Refrigerator

Range/Oven

 

Dishwasher Disposal

Microwave Washer/Dryer

Other (describe)

 

 

 

 

 

 

 

 

Finished area above grade contains:

 

Rooms

 

 

Bedrooms

Bath(s)

 

 

Square Feet of Gross Living Area Above Grade

 

 

 

 

 

 

 

 

Additional features (special energy efficient items, etc.)

Describe the condition of the property and data source(s) (including apparent needed repairs, deterioration, renovations, remodeling, etc.).

Are there any apparent physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? If Yes, describe

Yes

No

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?

Yes No If No, describe

Freddie Mac Form 2055 March

Page 1 of 6

Fannie Mae Form 2055 March

2005

 

2005

How to Edit 2055 Form Online for Free

The procedure of filling in the exterior appraisal is actually comparatively uncomplicated. We ensured our PDF tool is not difficult to work with and helps fill out any sort of PDF within minutes. Read about some of the simple steps you will have to follow:

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Step 2: Right now, you can start modifying the exterior appraisal. Our multifunctional toolbar is at your disposal - insert, remove, change, highlight, and do various other commands with the text in the form.

To be able to complete the file, type in the information the program will require you to for each of the appropriate parts:

portion of empty spaces in 2055 appraisal

Include the asked information in the Location BuiltUp Growth, Neighborhood Description, Low High Pred, Present Land Use, OneUnit Unit MultiFamily, Market Conditions including, Dimensions Specific Zoning, Area Zoning Description, Legal Nonconforming Grandfathered, Illegal describe, No Zoning, Legal, Shape, View, and Yes area.

Completing 2055 appraisal part 2

Write down all information you may need within the space General Description, General Description, Heating Cooling, Amenities, Car Storage, Units One One with Accessory Unit, Concrete Slab Full Basement, Crawl Space Finished Finished, HWBB, FWA Radiant Other, Under Const Exterior Walls Roof, Existing Design Style Year Built, Central Air Conditioning, Bedrooms, and Baths.

2055 appraisal General Description, General Description, Heating  Cooling, Amenities, Car Storage, Units One One with Accessory Unit, Concrete Slab Full Basement, Crawl Space Finished Finished, HWBB, FWA Radiant Other, Under Const Exterior Walls Roof, Existing Design Style Year Built, Central Air Conditioning, Bedrooms, and Baths fields to complete

In part ExteriorOnly Inspection, File, There are comparable properties, COMPARABLE SALE, COMPARABLE SALE, COMPARABLE SALE, SUBJECT, DESCRIPTION, DESCRIPTION, Proximity to Subject Sale Price, Total Bdrms Baths Total Bdrms Baths, sq ft, sq ft, sq ft, and sq ft, define the rights and responsibilities.

Filling in 2055 appraisal step 4

Look at the fields Proximity to Subject Sale Price, Net Adjustment Total Adjusted Sale, did, Net Adj Gross Adj, Net Adj Gross Adj, Net Adj Gross Adj, did not research the sale or, did, did not reveal any prior sales or, My research Data sources My, did not reveal any prior sales or, COMPARABLE SALE, COMPARABLE SALE, SUBJECT, and ITEM and next complete them.

Finishing 2055 appraisal stage 5

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