One-Unit Residential Appraisal Desk Review Report
The One-Unit Residential Appraisal Desk Review Report is designed to provide a lender/client with an opinion on the accuracy of an appraisal report under review. It contains sections that must be filled out, such as property details, comparable sales analysis, and market value conclusions. This report ensures that appraisal reports meet the necessary standards for accuracy and completeness.
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How do I fill this out?
Filling out the One-Unit Residential Appraisal Desk Review Report involves a thorough review of the appraisal report, answering specific questions regarding the accuracy and completeness of the information provided. Detailed reasoning and analysis are required for any disagreements with the appraisal report. Follow the provided sections to ensure all necessary information is included.
How to fill out the One-Unit Residential Appraisal Desk Review Report?
1
Read the entire appraisal report under review.
2
Complete Section I to evaluate the accuracy of the information provided.
3
Provide detailed reasoning in Section II if you disagree with the appraisal report's opinion of value.
4
Use the sales comparison analysis grid to analyze comparable sales.
5
Summarize your findings and provide an accurate opinion of market value.
Who needs the One-Unit Residential Appraisal Desk Review Report?
1
Lenders or clients evaluating the accuracy of an appraisal report.
2
Real estate professionals needing to verify property appraisals.
3
Property owners seeking an independent review of an appraisal report.
4
Financial institutions underwriting loans based on property appraisals.
5
Appraisers looking to cross-check their own appraisal reports for accuracy.
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2
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What are the instructions for submitting this form?
Submit the completed One-Unit Residential Appraisal Desk Review Report as directed by your lender or client. You can submit via email, fax, or an online submission form. Ensure all sections are filled out accurately and signed before submission. For email submission, send the completed form to the provided email address. For fax submission, use the number provided by your lender or client. If there is an online submission portal, follow the instructions given to upload and submit your report. Advice: Double-check all information and signatures before submission to avoid any delays.
What is the purpose of this form?
The purpose of the One-Unit Residential Appraisal Desk Review Report is to provide a comprehensive evaluation of an appraisal report to ensure its accuracy and completeness. This review process helps lenders and clients make informed decisions regarding property appraisals and loan underwriting. By thoroughly examining the appraisal report, identifying any errors or discrepancies, and providing a well-supported opinion of market value, this form contributes to maintaining the integrity of the appraisal process. The form is divided into two main sections: Section I, which is completed for all assignments, and Section II, which is completed only if the review appraiser disagrees with the opinion of the market value stated in the appraisal report. Each section has specific questions and areas to fill out, ensuring that all aspects of the appraisal report are thoroughly reviewed. Using this form allows for a structured and standardized approach to appraisal reviews, ensuring compliance with regulatory standards and providing a reliable basis for property valuation.
Tell me about this form and its components and fields line-by-line.
- 1. Property Address: The address of the property being appraised.
- 2. City: The city where the property is located.
- 3. State: The state where the property is located.
- 4. Borrower: The individual or entity borrowing funds for the property.
- 5. Owner of Public Record: The officially recorded owner of the property.
- 6. County: The county where the property is located.
- 7. Legal Description: The legal description of the property.
- 8. Assessor's Parcel #: The unique identifier assigned to the property by the assessor.
- 9. Map Reference: The map reference for the property location.
- 10. Census Tract: The census tract number for the property location.
- 11. Property Rights Appraised: The rights appraised, such as fee simple or leasehold.
- 12. Project Type: The type of project, such as condo or PUD.
- 13. Loan #: The loan number associated with the property.
- 14. Effective Date of Appraisal Under Review: The date the appraisal report under review was effective.
- 15. Lender/Client: The lender or client requesting the appraisal review.
- 16. Address: The address of the lender or client.
- 17. Zip Code: The zip code of the lender or client's address.
- 18. PUD: Indicates whether the property is part of a Planned Unit Development.
- 19. Cooperative: Indicates whether the property is a cooperative.
- 20. Manufactured Home: Indicates whether the property is a manufactured home.
- 21. Section I: Evaluation questions related to the appraisal report's accuracy in various sections.
- 22. Section II: Detailed reasoning and new opinion of value if there is disagreement with the appraisal report.
- 23. Sales Comparison Analysis Grid: Section for analyzing and comparing sales data.
- 24. Extraordinary Assumptions: List of assumptions made during the review process.
- 25. Review Appraiser's Opinion of Market Value: The review appraiser's final opinion of the property's market value.
- 26. Scope of Work: The scope and limitations of the desk review process.
- 27. Intended Use: The intended use of the appraisal desk review report.
- 28. Intended User: The intended user of the appraisal desk review report.
- 29. Guidelines for Completing the Review: Guidelines to help the review appraiser complete the report accurately.
What happens if I fail to submit this form?
Failing to submit the One-Unit Residential Appraisal Desk Review Report can result in several issues.
- Delayed Loan Processing: Loan processing may be delayed due to incomplete appraisal review.
- Inaccurate Appraisal: The lender/client may not have an accurate appraisal report, leading to potential financial risks.
- Compliance Issues: Non-submission could result in non-compliance with regulatory standards.
How do I know when to use this form?
- 1. Lender Evaluation: When lenders need to evaluate the accuracy of an appraisal report.
- 2. Quality Assurance: For ensuring the appraisal report meets quality standards.
- 3. Dispute Resolution: When there are disagreements on the appraised value of a property.
- 4. Regulatory Compliance: To ensure compliance with appraisal standards and regulations.
- 5. Independent Review: For conducting an independent review of an appraisal report.
Frequently Asked Question
How do I upload the One-Unit Residential Appraisal Desk Review Report to PrintFriendly?
Simply click the 'Upload' button and select the PDF file from your device.
Can I edit all sections of the appraisal review report?
Yes, you can edit all sections using PrintFriendly's PDF editor.
How do I ensure accuracy when filling out the report?
Carefully read the instructions and verify all data before submitting.
Can I sign the report digitally on PrintFriendly?
Yes, use the e-signature tool to add your digital signature.
How do I share the completed report?
You can email it, generate a shareable link, or send it directly to collaborators.
Is it possible to save the edited report?
Yes, you can download the edited PDF after making changes.
Can I add new comparable sales data to the report?
Yes, you can include new data using the editable PDF features.
What should I do if I find errors in the original appraisal report?
Document the errors in the sections provided and explain their impact.
Can PrintFriendly help me stay compliant with appraisal standards?
Yes, the editing tools ensure your report meets the necessary standards.
Are there any guidelines for using new comparable sales?
Ensure the new sales data is accurate and relevant to the appraisal report under review.
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