Appraisal Agreement Form Template With Price
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FAQ
In order to use the cost approach to property appraisal, follow the steps below. Calculate the Cost of Replacing or Reproducing the Building. ... Calculate Depreciation. ... Calculate the Land's Worth (Market Value) ... Subtract Depreciation From the Cost of Construction. ... Add the Land Worth.
An example might be an industrially-used site that can now be used legally for high-rise residential buildings, but would cost so much to clean up (remediate) that the value as currently used is higher. In that case, if it can be continued, the existing industrial use could be the highest and best use.
Form 70 is designed to report the results of an appraisal of a 1-unit property, including a unit in a Planned Unit Development (PUD), a Detached Condominium Unit or a 1-unit property with an accessory unit. An interior and exterior inspection of the subject property is required.
Fannie Mae Form 1004: Uniform Residential Appraisal Report. Also known as the Freddie Mac Form 70. This is the 'standard' appraisal form that is sometimes known as a 'full appraisal. ' This version is the revised (March 2005) version and requires an interior and exterior inspection of the subject property.
For a 1004 appraisal report, it is six pages. Page one contains the subject, contract, neighborhood, site, and improvement sections. Page two contains the sales comparables, with the reconciliation at the bottom. The following page may include additional comparables (Which are not counted in the page count).