Home REO URAR Form 1004
REO URAR Form 1004 Single Family Property
Click to see sample of form.The REO Form 1004, also known as the URAR (Uniform Residential Appraisal Report), is designed for the appraisal of a single family residential property, a single family residential property with an accessory unit (small in-law apartment, home office or other as defined in the FNMA Mortgage Lending Guidelines). This type of report is to be used exclusively for mortgage lending, servicing and portfolio management uses by the mortgage lending industry. Report and inspection is completed to comply with the clients REO guidelines established by the client.

This appraisal type includes a complete interior and exterior inspection of the subject property and an exterior inspection of the comparable sales. This form is not to be used for a small 2 -4 family property, condominium or cooperative unit or an individual mobile home unit (follow links to see these types of report types).

Following is a list of the typical contents of this appraisal report form type.

  • Title Page - Identifying the subject property and including a front photograph.
  • Appraisal Form URAR (1004)
    • Page 1 - Description of neighborhood, subject site and subject improvements.
    • Page 2 - Sales Comparison Approach (3 comparable sales) and Income Approach (if applicable) to values, effective date of appraisal, repair or other conditions of appraisal and value reconciliation.
    • Page 3 - Additional comments, details of market conditions, details of repair conditions, Cost Approach to value with estimated land value (if applicable).
  • Comparable Sales #4, #5 and #6 - When selected as appropriate to report by the appraiser, or requested by the client (see options noted below).
  • REO Repair Addendum - provides a descriptive list of the more significant repairs that could affect the market value or marketability of the subject property. includes an estimated cost to cure (See options below for listing and repair addendum).
  • Sketch - Subject property sketch, showing the calculations, and including attached amenities and detached structures on the same subject site.
  • Builders Floor Plan - for new or newer construction, when made available to the appraiser.
  • Location Map - Showing the subject property and comparable sales.
  • Subject Photographs
    • Exterior photographs of the subject property including; front, rear and street scene.
    • Exterior photographs of the subject property amenities such as; pool, cabanas, outbuildings, yard views and potential deficiencies noted (as contracted by the client engagement request).
    • Interior photographs of the subject property showing sampling of rooms, mechanical systems, recent improvements and potential deficiencies (as contracted by the client engagement request).
  • Comparable Sales Photographs - Photograph of the comparable sale from a public street.
  • Additional Appraisal Content
    • Scope of the Appraisal - Discussion of the appraisal process, due diligence and limitations.
    • Intended Use - Identifies the intended use of the report (mortgage finance).
    • Intended User - Identifies the intended user of the report (lender/client).
    • Definition of Market Value - state defines the Market Value definition used in the report.
    • Statement of Assumptions and Limiting Conditions
    • Appraisers Certification


Optional Additional Appraisal Report Content

This is a brief list of additional services that can be added to the basic report discussed above, for an additional fee, as engaged by the requesting client.

  • Additional Comparable Sales (sold comps, listing or pending sales) - as required by the client at the time of engagement or upon subsequent request.
  • Supplemental Real Estate Owned (REO) Appraisal Addendum - includes competitive listings and analysis, repair items and estimated costs to cure, "As Is" and "As Repaired" value analysis and reconciliation.




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