While there is a wide range of appraisal reports, depending on the type of property being appraised, the two most commonly used ones are the Uniform Residential Appraisal Report (URAR) and the Individual Condominium Unit Appraisal Report. Both of these are used extensively by appraisers and will be discussed here.
Uniform Residential Appraisal Report
The Uniform Residential Appraisal Report is commonly used to appraise single family and owner-occupied two family residential dwellings which also include the auxiliary apartments or homes referred to as “in-law” units (not to be used for lending purposes) and that they are used in purchasing and refinancing decisions. They may also be used in formal tax appeals, situations where condemnation of the building is being contemplated or situations in which any court proceeding is being considered involving the home in question.
Typically, the URAR consists of the following:
It should also be noted that the URAR will also involve a thorough interior and exterior inspection which will last anywhere from a half hour to an hour or more depending on the complexity of the home and its measurable space. Reliable data sources are always used throughout this or other appraisal reports, so be aware that the appraiser will definitely take his or her time and ensure that a thorough evaluation of both the exterior and the interior of the dwelling being appraised will be done.