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 |