Home REO FNMA Form 1073
REO Form 1073 Individual Condo/Co-Op Unit
Clixk to see a sample of the form.The REO Form 1073, also known as the Individual Condominium Unit Appraisal Report. 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 FHA / HUD guidelines. 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, single family 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 1073 - Individual Condo/Co-Op Unit
    • Page 1 - Description of neighborhood, subject site and subject project descriptions.
    • Page 2 - Additional project information, unit description, sales history.
    • Page 3 - 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.
  • 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.

 

<< CLICK TO SEE BLANK SAMPLE OF FNMA 1073 FORM>>

 

 

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