Form 71A – Fill Out and Use This PDF

The 71A form is essential for individuals involved in the Freddie Mac Appraisal process, focused on residential income properties. It encompasses a thorough description and analysis of the property, including identification details, current market value estimations, property condition, neighborhood assessments, and a comprehensive expense and income forecast. The form serves as a standardized tool for appraisers to deliver consistent, detailed appraisals to lenders and clients, ensuring informed and prudent investment decisions. For a seamless experience in filling out your 71A form, click the button below.

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Form 71A PDF Details

The Freddie Mac Form 71A is a comprehensive appraisal report designed for residential income properties. This document serves a crucial role in the real estate and mortgage industries by providing an in-depth analysis of a property's value, factoring in its income-generating potential. It includes an array of vital information beginning with the property identification that encompasses the borrower or client details, property address, and legal description, alongside the current sale price if applicable, and the requested loan details. The form delves deep into the property's characteristics, including the type of property rights being appraised, which could be fee simple or leasehold, and requires a thorough ground lease analysis if the latter. The core objective outlined in the instructions to the appraiser is to estimate the current market value of the subject property, abiding by a clear definition of market value that emphasizes a fair sale without external undue stimulus. The form strictly prohibits any consideration of the racial composition of the neighborhood in the appraisal process, aligning with fair housing and lending laws. Additionally, the document prompts appraisers to attach relevant attachments, including photographs, maps, rent rolls, income, and expense statements to provide a holistic view of the property's financial standing and physical condition. Other sections cover the neighborhood and marketing area's details, site and improvement descriptions, cost approach valuations, and comparable rental data, all aiming to culminate in an accurate estimation of the property’s market value.

Question	Answer
Form Name	Form 71A
Form Length	8 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	2 min
Other names	fhlmc 71a, 71a form, form 71a101, form 71a

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FREDDIE

MAC

Appraisal Report Residential Income Property

PROPERTY IDENTIFICATION	File No. ______________________
Borrower/Client_____________________________________________________________________________	Map Reference_________________
Property Address ___________________________________________________________________________	Census Tract No. _______________

City ___________________________________________ County ________________ State _______	Zip Code ______________________

Legal Description___________________________________________________________________________________________________________

________________________________________________________________________________________________________________________

Current Sale Price (if applicable) $ ____________________ Date of Sale ___________________________ Loan Requested $ _________________

Terms of Sale _____________________________________________________________________________________________________________

Property Rights Appraised:

Fee

Leasehold (attach completed Ground Lease Analysis Freddie Mac Form461)

Lender ___________________________________________________ Lender's Address ______________________________________________

Instructions to Appraiser: The purpose of this Appraisal is to estimate the current Market Value of the Subject Property. The definition of Market Value is the highest price in terms of money which a property will 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 considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in cash or its equivalent; (5) financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale; (6) the price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. ("Real Estate Appraisal Terminology," published 1975).

Note: Freddie Mac does not consider the racial composition of the neighborhood to be a relevant factor, and it must not be considered in the appraisal.

Other Information __________________________________________________________________________________________________________

Appraisal requested from _________________________________ Date __________, ____ By ___________________________________________

ATTACHMENTS

If this Appraisal is made for Freddie Mac, attach items 1, 2, 5, 6, and 7. Attach additional items and check box if considered appropriate for this Appraisal.

1.	Descriptive photographs of subject property	8.	Map(s) ________________________________________________________
2.	Descriptive photographs of street scene	9.	Plot plan or survey
3.	Photographs of ________________________________	10.	Qualifications of Appraiser
4.	Aerial photograph	11.	Ground Lease Analysis Freddie Mac Form 461 (required if leasehold interest
			appraised)
5.	Sketch or floor plan of typical units	12.	Summary of reciprocal agreements with other owners for use of parking,
6.	Owner's current certified rent roll if existing or,		driveways, recreational facilities, private streets (required if applicable)
	pro forma if proposed or incomplete	13.	______________________________________________________________
7.	Owner's income and expense statement ______ (year)	14.	______________________________________________________________
	or pro forma income and expense statement	15.	______________________________________________________________

SUMMARY OF SALIENT FEATURES

TOTAL NUMBER OF APARTMENT UNITS					_____________
CONSTRUCTION:	Existing Property, Approx. Year Built ________	Proposed Construction	Under Construction
DATE OF APPRAISED VALUE					_____________
ESTIMATED MARKET VALUE (Unfurnished) (SEE PAGE 8 FOR CONDITIONS AND REQUIREMENTS)				$	_____________
Value: Per Unit	$_____________ , Per Room $_____________ , Per Sq. Ft. of Building Area $_____________
GROSS ANNUAL INCOME MULTIPLIER					_____________
OVERALL CAPITALIZATION RATE					_____________%
FORECASTED GROSS ANNUAL ECONOMIC INCOME
				$	_____________
VACANCIES: Actual No. Vacant __________ Percentage of Total Units__________%
Projected Percentage of Forecasted Gross Annual Economic Income __________%				$	_____________
FORECASTED ANNUAL EXPENSE AND REPLACEMENT RESERVES (______% of Forecasted Gross Annual Economic Income)				$	_____________
FORECASTED NET ANNUAL INCOME FROM REAL PROPERTY				$	_____________
PARKING RATIO					____spaces/unit

SUMMARY OF NEIGHBORHOOD AND PROPERTY

Neighborhood	Good	Aver.	Fair	Poor

Employment Stability of Immediate Location

Convenience to Employment Centers

Protection from Detrimental Conditions

Adequacy of Shopping Facilities

Adequacy of Public Transportation

Adequacy of Utilities

Police and Fire Protection

Recreational Facilities

Property Compatibility

General Appearance of Properties

Appeal to Market

Property	Good	Aver.	Fair	Poor

Architectural Attractiveness

Landscaping

Quality of Construction (Materials & Finish)

Condition of Exterior

Condition of Interior

Room Size and Layout

Closets and Storage

Light and Ventilation

Overall Livability

Compatibility to Neighborhood

Overall Appeal and Marketability

Freddie Mac Form 71A (04/2004), Page 1 of 8

						AREA DATA
The	City	County	Area	population is approximately _____________________________________________________________________
Population:		Increasing ______% per year			Stable	Decreasing _______% per year

Describe the economic base which contributes a major influence on the stability of real estate _________________________________________________

_____________________________________________________________________________________________________________________________

Discuss employment stability _____________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________


Rent Control:	Yes	No. Comment _________________________________________________________________________________________
Are local government agencies discouraging apartment development?			Yes	No.	Comment ________________________________________

_____________________________________________________________________________________________________________________________

General comments, if applicable ___________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

NEIGHBORHOOD AND MARKETING AREA


Type:	Urban	Suburban		Rural.	Property Values:		Increasing	Stable	Declining
Present Land Use: Built up_____%. Single Family_____%						Condominiums_____% Apartments_______%			Commercial_______% Industrial_______%
___________________________________ ________%
Change in Present Land Use:			Not Likely	Likely or		Taking Place	From___________________________ to _____________________________

Comment, if applicable___________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

Describe overall property appeal and maintenance level ________________________________________________________________________________

_____________________________________________________________________________________________________________________________

Describe any incompatible land uses (if none, so state) ________________________________________________________________________________

_____________________________________________________________________________________________________________________________

Single Family: Price range $_____________ to $______________Predominant $_____________. Age______yrs. to ______yrs. Predominant

Apartments: Predominant range in immediate area (excluding extremes)	Walk-up	Elevator
Number of units in each building	_______________________units	_____________________ units
Age	_______________________years	_____________________ years
Height (number of stories)	_______________________stories	_____________________ stories
Condition	_____________________________	____________________________
Rental range by unit type:
Unit Types: ___________________	$___________________________	$__________________________
___________________	$___________________________	$__________________________
___________________	$___________________________	$__________________________
___________________	$___________________________	$__________________________

Comment on any unusual aspects of the above ranges ________________________________________________________________________________

_____________________________________________________________________________________________________________________________

Est. neighborhood apartment vacancy rate_____%,

Decreasing

Stable

Increasing. Rent Levels are

Increasing

Stable

Describe the unit type(s) by number of bedrooms and rental range that are in the greatest tenant demand ________________________________________

_____________________________________________________________________________________________________________________________

Describe the unit type(s) by number of bedrooms and rental range that are in oversupply _____________________________________________________

_____________________________________________________________________________________________________________________________

Describe the potential for additional units in area considering land availability, zoning, utilities, etc._______________________________________________

_____________________________________________________________________________________________________________________________

Describe the unsatisfied demand for additional units in area by type and rental ______________________________________________________________

_____________________________________________________________________________________________________________________________

Is population of relevant market area of insufficient size, diversity and financial ability to support subject property and its amenities? ______If yes, specify.

_____________________________________________________________________________________________________________________________

		Access or convenience
Item	Distance from Subject Property	Good	Aver.	Fair	Poor
Public Transportation
Public Transportation
Employment Centers
Employment Centers
Shopping Facilities
Shopping Facilities
Grammar Schools
Grammar Schools
Freeway Access
Freeway Access

Describe any probable changes in the economic base of neighborhood which would either favorably or adversely affect apartment rentals (e.g., employment centers, zoning) _____________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

General comments including either favorable or unfavorable elements not mentioned (e.g., public parks, view, noise, parking congestion) _______________

_____________________________________________________________________________________________________________________________

Freddie Mac Form 71A (04/2004), Page 2 of 8

			SITE
Dimensions__________________________________________________________________ Area _______________________________Sq. Ft. or Acres
Zoning (classification, uses, and densities permitted) __________________________________________________________________________________
_____________________________________________________________________________________________________________________________
____________________________________________________________________ Present improvements						do	do not conform to zoning regulations
Highest and best use:	Present use	Other (specify) ___________________________________________________________________________
_____________________________________________________________________________________________________________________________
Site Improvements:	Public Water	Private Well	Public Sewer	Septic Tank			Storm Sewer	Sidewalk
	Curbs	Gutters	Alley	Street Lights			Electricity	Gas
	Underground Electricity and Telephone		__________________________________________________________________
Access By:	Public Street	Private Road	Street Surface: ______________________________________________________
Maintained By:	Municipality	Private Association (attach summary of Association documents)
Ingress and egress (adequacy and safety)________________________________________					Lot sketch showing lot dimensions, distance to nearest
____________________________________________________________________________					corner and the location of any nearby detrimental conditions.
____________________________________________________________________________					N
Topography, view amenity, lot drainage, flood condition, slopes, etc.____________________					N

____________________________________________________________________________
____________________________________________________________________________
Easements or encroachments on site and off site (if any)_____________________________
____________________________________________________________________________
____________________________________________________________________________
Is the property located within a HUD Identified Special Flood Hazard Area?________
Favorable or unfavorable conditions not mentioned above including any nonconforming use(s)
of present improvements.______________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________

DESCRIPTION OF IMPROVEMENTS

ITEM	DESCRIPTION

Foundation

Basic Structural
System
Exterior Walls

Roof Covering

Interior Walls

Floor Covering

Ceiling Heights of Units	Finished Floor to Finished Ceiling is ____Ft.

Bath Floor and Walls

Insulation

Soundproofing

Heating System,
Central
or Individual & Fuel

Air Conditioning
System, Central or
System, Central or
Individual & Fuel
Individual & Fuel

Hot Water Heater(s)

Built-in Kitchen
Appliances
Appliances

Elevator (No. ______ )

Plumbing Fixtures

Security Features

Construction:	Existing	Approx. Year Built ____________________
	Proposed	Under Construction
Type Project:	Walk-Up	Elevator	Row or Townhouse

Other (Specify)___________________________________________

No. of Bldgs. _________ No. of Stories _________ No. of Units _________

Gross Bldg. Area ________ Sq. Ft. Density________Units per Acre

OVERALL IMPROVEMENT RATING

	Good	Aver.	Fair	Poor
Architectural Attractiveness
Architectural Attractiveness
Quality of Construction
Quality of Construction
Condition of Exterior
Condition of Exterior
Condition of Interior
Condition of Interior
Rooms Size and Unit Layout
Rooms Size and Unit Layout
Kitchen Facilities
Kitchen Facilities
Closets and Storage
Closets and Storage
Soundproofing Adequacy
Soundproofing Adequacy
Insulation Adequacy
Insulation Adequacy
Electrical Service Adequacy
Electrical Service Adequacy

Comment on items rated fair or poor and items not covered above

Effective Age _____ Years. Est. Remaining Economic Life ______ Yrs.

PARKING: Total Spaces __________ In Buildings__________ In Garage (separate) _________ In Carport__________ Open (on-site)__________________

Parking Ratio ____________________ Space(s)/Unit. Discuss parking adequacy and convenience to apartment units ______________________________

____________________________________________________________________________________________________________________________

Driveways, curbing, sidewalks, lighting (adequacy and condition) ________________________________________________________________________

____________________________________________________________________________________________________________________________

Describe recreational facilities ____________________________________________________________________________________________________

____________________________________________________________________________________________________________________________

Describe basement, lobby, garage, laundry and other building items not described above______________________________________________________

____________________________________________________________________________________________________________________________

Comment if any of the above items or other building items are inadequate or are in below average condition_______________________________________

____________________________________________________________________________________________________________________________

Recommended observable repairs: (List repairs, painting, termite treatment, etc., you recommend be made to the improvements to make the property readily marketable; if none, so state.)_______________________________________________________________________________________________

____________________________________________________________________________________________________________________________

General comments, if applicable: __________________________________________________________________________________________________

____________________________________________________________________________________________________________________________

Freddie Mac Form 71A (04/2004), Page 3 of 8

COST APPROACH

LAND VALUE ESTIMATE: (Include comparable land data if available and appropriate for this appraisal)

ITEM

COMPARABLE NO. 1

COMPARABLE NO. 2

COMPARABLE NO. 3

Address or Location

Proximity to subject

Zoning

Dimensions or Size

Shape

Topography

Utilities

Location

Price

Sale–Listing–Offer

Date of Sale

Price per sq. ft. or unit

Comparison to subject

Indicated per sq. ft. or per unit value of subject

Comments and Reconciliation:

	Estimated Land Value: $ _____________________ per ___________________ or $ ______________________
		IMPROVEMENTS–ESTIMATED REPRODUCTION COST NEW
Source of Cost Data: (Optional)		________________________________	Sq. Ft. @ $ ___________	$ _____________________
Source of Cost Data: (Optional)
		________________________________	Sq. Ft. @ $ ___________	$ _____________________
		________________________________	Sq. Ft. @ $ ___________	$ _____________________
		________________________________	Sq. Ft. @ $ ___________	$ _____________________
		________________________________	Sq. Ft. @ $ ___________	$ _____________________
		Carports ________________________	Sq. Ft. @ $ ___________	$ _____________________
		Garage _________________________	Sq. Ft. @ $ ___________	$ _____________________
		Porches, patios, balconies, stairs, etc. _________________________		$ _____________________
		Fences, walls _____________________________________________		$ _____________________
		Paving, walks and lighting ___________________________________		$ _____________________
		Landscaping______________________________________________		$ _____________________
		Recreational facilities _______________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		Total Estimated Reproduction Cost New of Improvements___________		$ _____________________
		Less Total Depreciation _____________________________________		$ _____________________
		Depreciated Value of the Improvements ________________________		$ _____________________
		Add Estimated Land Value ___________________________________		$ _____________________
		Indicated Value by the Cost Approach (IN FEE SIMPLE)H		$ _____________________
		Rounded to		$

Comments, including explanation of depreciation: _____________________________________________________________________________________

_____________________________________________________________________________________________________________________________

HIf property involves leased land, show calculations for fee interest. _____________________________________________________________________

_____________________________________________________________________________________________________________________________

________________________________________________________________________ Deduct value of fee interest________ $____________________

Indicated Value of Leasehold Interest by the Cost Approach ________________ $

Freddie Mac Form 71A (04/2004), Page 4 of 8

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form 71a101 completion process outlined (part 1)

2. The next part is usually to complete all of the following blanks: City County State Zip Code, Other Information Appraisal, ATTACHMENTS, If this Appraisal is made for, Maps Qualifications of, Descriptive photographs of subject, Plot plan or survey, Sketch or floor plan of typical, Summary of reciprocal agreements, driveways recreational facilities, appraised, SUMMARY OF SALIENT FEATURES, Under Construction, Proposed Construction, and Existing Property Approx Year.

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