What Is in an Appraisal Report?
Most appraisers use the Uniform Residential Appraisal Report from Fannie Mae for single-family homes.
The report asks the appraiser to describe the interior and exterior of the property and the neighborhood. It asks for the prices of comparable sales nearby.
The appraiser also provides an analysis and conclusions about the property’s value based on their observations.3
The appraisal report must include:
- A street map showing the location of the appraised property and comparable sales
- An exterior building sketch
- An explanation of how the square footage was calculated
- Photographs of the home’s front, back, and street
- Front exterior photographs of each comparable property used
- Other pertinent information such as market sales data, public land records, and public tax records have been used to determine the property’s fair market value.
When refinancing a mortgage, if the appraisal value puts your home equity at less than 20%, you’ll be required to pay for private mortgage insurance (PMI).