Appraiser-Metropolitan Appraisal Company-Babylon, New York

Uniform Residential Appraisal Report – (FNMA Form 1004)
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). Complex, Unique or high end single family residences are usually completed on the (URAR FNMA Form 1004).

Small Residential Income Property Appraisal (FNMA Form 1025)
This report form is designed to report an appraisal of a two- to four-unit property. When completing the FNMA Form 1025, the appraiser is required to complete an Operating Income Statement (Form 216) or a similar cash flow and operating income statement.

Individual Condominium Unit Appraisal Report (FNMA Form 1073)
This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD) based on an interior and exterior inspection of the subject property.

Comparable sales for Condominium Projects
For condominium projects, in addition to utilizing recently sold units within the same condominium project, the appraiser must compare the subject property to recently sold units from competing condominium projects within a proximate distance of the subjects’ project. This comparison should help demonstrate market acceptance of new developments and the properties within them. Generally, the appraiser should select several comparable sales from the subject project and one comparable sale from outside the subject condominium complex, that the appraiser considers to be a good indicator of value for the subject property.

Individual Cooperative Interest Appraisal Report (FNMA Form 2090)
This report form is designed to report an appraisal of the cooperative interest (the cooperative shares or other evidence of an ownership interest in the cooperative corporation and the accompanying occupancy rights) in a cooperative project or the cooperative interest in a planned unit development (PUD) based on an interior and exterior inspection of the subject property. This form is not designed to report an appraisal of a manufactured home or a unit in a condominium project.

One-Unit & Multi-Family Residential Appraisal Field Review Report (FNMA Form 2000, 2000-A)
Lenders utilize this form as an integral component of its quality control process. This appraisal field review report is intended to provide the lender or client with an opinion on the accuracy of the appraisal report under review. The review appraiser is contracted to determine the accuracy of the final estimate of value, with the assumption that the property condition reported in the appraisal report is accurate unless verified evidence reveals the contrary.
If the review appraiser concludes that the final estimate of value is not accurate, they are required to provide their opinion of market value. The review appraiser is not required to replicate the steps completed by the original appraiser that the review appraiser believes to be reliable and in compliance with the applicable real property appraisal development standards of the Uniform Standards of Professional Appraisal Practice. Those items in the appraisal report under review are extended to this report by the use of an extraordinary assumption, which is identified in Section II, Question 2. If the review appraiser determines that the opinion of value is not accurate, he or she must present additional data that has been researched, verified, and analyzed to produce an accurate opinion of value in accordance with the applicable sections of Standard 1 of the Uniform Standards of Professional Appraisal Practice.

Exterior-Only Inspection Residential Appraisal Report (FNMA Form 2055)
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit, based on an exterior-only inspection of the subject property from the street.
The appraiser must be obtain information pertinent to the physical characteristics 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, multiple listing services, tax and assessment records, prior inspections, appraisal files, etc.

Appraisal Update and/or Completion Report (FNMA Form 1004-D)
This report form is intended to provide the lender/client with an accurate update of a prior appraisal and/or to report a certification of completion. The appraiser must identify the service(s) provided by selecting the appropriate report type. The appraiser must (a) concur with the original appraisal, (b) perform an exterior inspection of the subject property from the street, and (c) research, verify, and analyze current market data in order to determine if the property has declined in value since the effective date of the original appraisal.

Single-Family Comparable Rent Schedule (FNMA Form 1007)
The lender uses this form to obtain the market rent for a conventional single-family investment property from the appraiser.

Operating Income Statement (FNMA Form 216)
The lender should use this form to determine the amount of operating income that can be used in evaluating the applicant's credit on applications for conventional mortgages that are secured by one-family investment properties and all two- to four-family properties (including those in which the applicant occupies one of the units as a principal residence).

Commercial Properties
Commercial appraisal reports are handled on a case by case basis depending on the scope and usage of the appraisal report. Please contact us to discuss any prospective commercial property appraisal assignments.

Minimal Appraisal Requirements
For all of the above listed appraisal forms, the appraiser must (a) perform a complete visual inspection of the interior and exterior areas of the subject property, (b) inspect the neighborhood, (c) inspect each of the comparable sales from at least the street, (d) research, verify, and analyze data from reliable public and/or private sources, and (e) report his or her analysis, opinions, and conclusions in this appraisal report.
Required Exhibits Include:
• A street map that shows the location of the subject property and of all comparables that the appraiser used.
• A sketch of the exterior of the building that indicates the dimensions. The appraiser must include gross living or building area calculations to show how they arrived at the final gross living area estimate.
• Photographs of the subject property that show the front, back, and a street scene from an oblique angle. Depending on the lender, interior photos may be required. In addition, the appraiser must photograph all comparable sales utilized in the appraisal report.
• Any other pertinent data - as an addendum to the appraisal report form--that are necessary to provide an adequately supported opinion of market value.