2055 Details

In 2055, the form will look a little different. The IRS has released a new version of the form, and there are some changes you need to be aware of. Here's what you need to know about the 2055 form. First, the deadline for filing is now in May instead of June. You'll also need to include your social security number on the form. And most importantly, be sure to include all your income and deductions! If you're not sure how to complete the form, consult with a tax professional.

The table offers information regarding the 2055 form. It's really worth taking the time to study this before you start submitting your document.

QuestionAnswer
Form Name2055 Form
Form Length7 pages
Fillable?Yes
Fillable fields598
Avg. time to fill out30 min 21 sec
Other namesfannie mae form 2055 interior, 2055, inspection form exterior, fannie mae form 2055

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

 

 

 

 

Exterior-Only Inspection Residential Appraisal Report

File #

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There are

comparable properties currently offered for sale in the subject neighborhood ranging in price from $

 

 

to

$

 

 

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There are

comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $

 

 

 

to $

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FEATURE

 

SUBJECT

 

 

COMPARABLE SALE # 1

 

 

COMPARABLE SALE # 2

 

 

COMPARABLE SALE # 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proximity to Subject

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale Price

 

$

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale Price/Gross Liv. Area

$

 

sq. ft.

$

sq. ft.

 

 

 

$

 

sq. ft.

 

 

 

$

 

 

sq. ft.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Data Source(s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Verification Source(s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VALUE ADJUSTMENTS

DESCRIPTION

 

DESCRIPTION

 

+(-) $ Adjustment

 

DESCRIPTION

 

+(-)$ Adjustment

 

DESCRIPTION

 

+(-)$ Adjustment

 

 

Sale or Financing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Concessions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Sale/Time

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasehold/Fee Simple

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Site

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

View

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Design (Style)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quality of Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual Age

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above Grade

 

Total

Bdrms.

Baths

 

Total

Bdrms.

Baths

 

 

 

 

Total

Bdrms.

Baths

 

 

 

 

Total

Bdrms.

Baths

 

 

 

 

 

 

Room Count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Living Area

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

sq. ft.

 

 

 

sq. ft.

 

 

 

 

 

 

sq. ft.

 

 

 

 

 

 

 

sq. ft.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basement & Finished

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms Below Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Functional Utility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heating/Cooling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Efficient Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garage/Carport

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porch/Patio/Deck

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Adjustment (Total)

 

 

 

 

+

-

 

$

 

+

-

 

$

 

+

-

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Sale Price

 

 

 

 

Net Adj.

%

 

 

 

 

Net Adj.

%

 

 

 

 

Net Adj.

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of Comparables

 

 

 

 

 

Gross Adj.

%

 

$

 

Gross Adj.

%

 

$

 

Gross Adj.

%

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I

did

did not research the sale or transfer history of the subject property and comparable sales. If not, explain

 

My research

did

did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

 

 

Data source(s)

 

 

 

My research

did

did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.

 

 

 

 

 

Data source(s)

 

 

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM

SUBJECT

COMPARABLE SALE # 1

COMPARABLE SALE # 2

COMPARABLE SALE # 3

 

 

 

 

 

Date of Prior Sale/Transfer

 

 

 

 

 

 

 

 

 

Price of Prior Sale/Transfer

 

 

 

 

DataSource(s)

 

 

 

 

Effective Date of Data Source(s)

 

 

 

 

 

 

 

 

 

Analysis of prior sale or transfer history of the subject property and comparable sales

Summary of Sales Comparison Approach

Indicated Value by Sales Comparison Approach $

Indicated Value by: Sales Comparison Approach $

Cost Approach (if developed) $

Income Approach (if developed) $

This appraisal is made

“as is”,

subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been

completed,

subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or

subject to the

following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

 

Based on a visual inspection of the exterior areas of the subject property from at least the street, defined scope of work, statement of assumptions and limiting conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is

$

, as of

, which is the date of the inspection and the effective date of this appraisal.

 

 

 

 

Freddie Mac Form 2055

March

Page 2 of 6

Fannie Mae Form 2055 March

2005

 

 

2005

Exterior-Only Inspection Residential Appraisal Report

File #

COST APPROACH TO VALUE (not required by Fannie Mae)

Provide adequate information for the lender/client to replicate the below cost figures and calculations.

Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)

 

 

ESTIMATED

REPRODUCTION OR

REPLACEMENT COST NEW

 

 

OPINION OF SITE VALUE

 

= $

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source of cost data

 

 

 

 

 

 

 

Dwelling

Sq. Ft. @ $

=$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quality rating from cost service

 

Effective date of cost data

 

 

 

 

 

 

Sq. Ft. @ $

=$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comments on Cost Approach (gross living area calculations, depreciation, etc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garage/Carport

Sq. Ft. @ $

=$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Estimate of Cost-New

= $

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less

Physical

Functional

External

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

=$(

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciated Cost of Improvements

=$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“As-is” Value of Site Improvements

=$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Remaining Economic Life (HUD and VA only)

 

 

Years

Indicated Value By Cost Approach

 

 

 

 

 

 

 

 

 

 

INCOME APPROACH TO VALUE

(not required by Fannie Mae) .=$

 

 

 

 

 

 

Estimated Monthly Market Rent $

 

X Gross Rent Multiplier

 

=

$

Indicated Value by Income Approach

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Income Approach (including support for market rent and GRM)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROJECT INFORMATION FOR PUDs (if applicable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Is the developer/builder in control of the Homeowners’ Association (HOA)?

Yes

No

Unit type(s)

Detached

Attached

 

 

 

 

 

Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.

 

 

 

 

 

 

 

 

 

 

Legal name of project

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total number of phases

Total number of units

 

 

 

Total number of units sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total number of units rented

Total number of units for sale

 

 

Data source(s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Was the project created by the conversion of an existing building(s) into a PUD?

Yes

No If Yes, date of conversion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Does the project contain any multi-dwelling units?

Yes

No

Data source(s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Are the units, common elements, and recreation facilities complete?

Yes

 

No

If No, describe the status of completion.

 

 

 

 

Are the common elements leased to or by the Homeowners’ Association?

Yes

No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities

Freddie Mac Form 2055 March

Page 3 of 6

Fannie Mae Form 2055 March

2005

 

2005

Exterior-Only Inspection Residential Appraisal Report

File #

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in an appraisal organization, are permitted.

SCOPE OF WORK:The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a visual inspection of the exterior areas of the subject property from at least the street, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to, condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections, appraisal files, information provided by the property owner, etc.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’s reaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to the following assumptions and limiting conditions:

1.The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title.

2.The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.

3.The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

4.The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property.

5.The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner.

Freddie Mac Form 2055 March

Page 4 of 6

Fannie Mae Form 2055 March

2005

 

2005

Exterior-Only Inspection Residential Appraisal Report

File #

APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:

1.I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report.

2.I performed a visual inspection of the exterior areas of the subject property from at least the street. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property.

3.I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared.

4.I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report.

5.I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

6.I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report.

7.I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8.I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land.

9.I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales.

10.I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property.

11.I have knowledge and experience in appraising this type of property in this market area.

12.I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located.

13.I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct.

14.I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property.

15.I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct.

16.I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report.

17.I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18.My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application).

19.I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I

relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.

Freddie Mac Form 2055 March

Page 5 of 6

Fannie Mae Form 2055 March

2005

 

2005

Exterior-Only Inspection Residential Appraisal Report

File #

20.I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report.

21.The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media).

22.I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me.

23.The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage of any mortgage finance transaction that involves any one or more of these parties. insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part

24.If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

25.Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1.I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’s analysis, opinions, statements, conclusions, and the appraiser’s certification.

2.I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions, statements, conclusions, and the appraiser’s certification.

3.The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

4.This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared.

5.If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

 

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature _____________________________________________

Signature ___________________________________________

Name ________________________________________________

Name ______________________________________________

Company Name ________________________________________

Company Name______________________________________

Company Address ______________________________________

Company Address ____________________________________

_____________________________________________________

___________________________________________________

Telephone Number ______________________________________

Telephone Number ___________________________________

Email Address__________________________________________

Email Address _______________________________________

Date of Signature and Report______________________________

Date of Signature_____________________________________

Effective Date of Appraisal ________________________________

State Certification # ___________________________________

State Certification # _____________________________________

or State License # ____________________________________

or State License #_______________________________________

State_______________________________________________

or Other (describe) ___________________State #_____________

Expiration Date of Certification or License _________________

State _________________________________________________

 

 

Expiration Date of Certification or License ____________________

SUBJECT PROPERTY

ADDRESS OF PROPERTY APPRAISED

 

 

Did not inspect exterior of subject property

_____________________________________________________

 

Did inspect exterior of subject property from street

_____________________________________________________

 

Date of Inspection _________________________________

APPRAISED VALUE OF SUBJECT PROPERTY $ _____________

 

 

LENDER/CLIENT

 

COMPARABLE SALES

Name ________________________________________________

 

Did not inspect exterior of comparable sales from street

Company Name ________________________________________

 

Did inspect exterior of comparable sales from street

Company Address ______________________________________

 

Date of Inspection _________________________________

_____________________________________________________

 

 

Email Address__________________________________________

 

 

 

 

 

Freddie Mac Form 2055 March

Page 6 of 6

Fannie Mae Form 2055 March

2005

 

 

2005

Instructions

Exterior-Only Inspection Residential Appraisal Report

This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an exterior-only inspection of the subject property from at least the street. This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.

Learn How to Use the New Market Conditions Addendum

Gain an understanding of and recognize the sources of market information necessary to analyze market conditions. Our new recorded training is organized to address the Market Conditions Addendum (Form 1004MC), effective April 1, 2009, section by section.

View Recorded Training

Modifications, Additions, or Deletions

This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications contained in the report form. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization are permitted.

Scope of Work

The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a visual inspection of the exterior areas of the subject property from at least the street, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to, condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections, appraisal files, information provided by the property owner, etc.

Required Exhibits

A street map that shows the location of the subject property and of all comparables that the appraiser used;

Clear, descriptive photographs (either in black and white or color) that show the front of the subject property, and that are appropriately identified. (Photographs must be originals that are produced either by photography or electronic imaging);

Any other data--as an attachment or addendum to the appraisal report form--that are necessary to provide an adequately supported opinion of market value.

Instructions Page

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appraisal 2055 empty spaces to fill out

Type in the appropriate details in Suburban 25–75% Stable, Rural Property Values Under 25%, Location Built-Up Growth, Urban Over 75% Rapid, Neighborhood Description, One-Unit Housing Trends Stable, Declining Over Supply Over 6 mths, One-Unit Housing PRICE $ (000), AGE (yrs), Low High Pred, Present Land Use % % % % % %, One-Unit 2-4 Unit Multi-Family, Market Conditions (including, Dimensions Specific Zoning, and Area Zoning Description segment.

appraisal 2055 Suburban 25–75% Stable, Rural Property Values Under 25%, Location Built-Up Growth, Urban Over 75% Rapid, Neighborhood Description, One-Unit Housing Trends Stable, Declining Over Supply Over 6 mths, One-Unit Housing PRICE $ (000), AGE (yrs), Low High Pred, Present Land Use % % % % % %, One-Unit 2-4 Unit Multi-Family, Market Conditions (including, Dimensions Specific Zoning, and Area Zoning Description fields to fill out

In the Units One One with Accessory Unit, Concrete Slab Full Basement, Crawl Space, Finished Finished, HWBB, FWA Radiant Other, Fuel, Existing, Proposed, Under Const, Design (Style) Year Built, Central Air Conditioning, Bedrooms, Bath(s), and Rooms section, describe the essential particulars.

appraisal 2055 Units One One with Accessory Unit, Concrete Slab Full Basement, Crawl Space, Finished Finished, HWBB, FWA Radiant Other, Fuel, Existing, Proposed, Under Const, Design (Style) Year Built, Central Air Conditioning, Bedrooms, Bath(s), and Rooms blanks to fill out

The Does the property generally, Yes, No If No, Freddie Mac Form 2055 March 2005, Page 1 of 6, and Fannie Mae Form 2055 March 2005 box could be used to specify the rights and responsibilities of all sides.

Completing appraisal 2055 step 4

End by checking the next areas and completing them accordingly: Exterior-Only Inspection, File #, There are comparable properties, COMPARABLE SALE # 3, COMPARABLE SALE # 2, COMPARABLE SALE # 1, SUBJECT, DESCRIPTION, DESCRIPTION, Proximity to Subject Sale Price, Total Bdrms, $ sq, $ sq, +(-) $ Adjustment, and DESCRIPTION.

Finishing appraisal 2055 stage 5

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