Georgia Narrative Appraisal Form
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How to fill out Narrative Appraisal Form?
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FAQ
A URAR form, also known as Fannie Mae Form 1004, contains information needed to complete a full appraisal of a property using three primary approaches to determine value: cost approach, sales comparison approach and income approach.
The most common approach that appraisers use to determine the value of vacant land is looking at sales comps, which are similar properties in the area that have recently sold. To ensure that they're making accurate comparisons, appraisers usually assess the highest and best use of the land first.
The Uniform Residential Appraisal Report (URAR) is widely considered to be one of the most common forms used in real estate appraisal. The form, which allows for standard reporting and analysis of single family dwellings, applies to a one-unit property or one-unit property with an accessory unit.
Full Narrative Appraisal means a report completed by an accredited appraiser and is an in depth report which typically consists of a letter of transmittal; summary of important conclusions, regional and neighborhood analysis; description of the site and any improvements; highest and best use analysis; zoning analysis;
The Sales Comparison Method is probably the most preferred and reliable method for estimating site value. This method is similar to valuing an existing house, comparing the subject to recently closed sales of vacant lots.
Which of the following is the MOST common appraisal report used today? Uniform Residential Appraisal Report (URAR).
An appraisal report is a written statement by an appraiser concerning the estimated value of a property. This report can also be prepared for the estimated cost to repair property, such as following storm damage to a building. A well-written report states the methods and calculations used to derive a valuation.
Short Narrative ReportStandard documentation for a concise narrative appraisal report. It has a lower level of detail and contains only a summary of the data and analysis collected, used in the determination of value.
GENERAL. The short form appraisal may be used only in preparing appraisals on unimproved land and improved single family or duplex residential properties. Its use assumes the availability of reasonably comparable market data requiring limited adjustments.
The Uniform Standards of Professional Appraisal Practice set forth the requirements for appraisal reports, which may be presented in one of three written formats: self-contained reports, summary reports, and restricted-use reports.
More info
Full narrative appraisal includes an appraisal, listing and description (also referred to as a valuation), and sales presentation. Full narrative appraisal includes the full analysis of both a property and the market. Full narrative appraisal may be performed by a broker, a certified appraiser or a professional property manager, however both in-house property managers and outside vendors are more likely to be hired to do a full narrative appraisal. An essential function of the Full Narrative Appraisal Report is the use of the buyer's name as the main word or “key word”. In addition to “buyer”, the report should be marketed as a “Full Narrative Appraisal Report”. The buyer should appear as “Buyer #1” in the full narrative appraisal report. The buyer should represent the buyer as the main reason for the purchase and should be able to demonstrate why he/she purchased a property.
