ADDITIONAL CONDITIONS - USPAP APPRAISAL ADDENDUM (FHA)
This report is a an appraisal in Summary Format in compliance with USPAP standard 2-2 b (i-xi).
USPAP CLARIFICATION OF INTENDED USE AND INTENDED USER: The intended user of this appraisal report is lender/client/HUD. The intended use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated scope of work, purpose of the appraisal, reporting requirements of the appraisal report form, and definition of market value. No additional intended users are identified by the appraiser. Please see appraiser's certification #21, #22, #23.
APPRAISER INDEPENDENCE STATEMENT
This appraiser …show more content…
The intended use for an appraisal is to estimate the AS IS Market value of the property for use in a financial transaction. Market Value is defined in the Limiting Conditions page, with the source of this definition being Fannie Mae and the developer of this form.
HIGHEST & BEST USE: Physical aspects of the site and composition of the neighborhood are best suited to Highest & Best Use for residential development. No adverse factors were noted at the time of inspection that would affect this designation.
SCOPE OF WORK, (appraisers role/expertise): The subject's current physical and legal conditions have been researched with due diligence in the course of performing this appraisal service. The appraiser has analyzed the subject property as seen by a typical buyer/seller in this market. The subject's market area was examined relative to supply/demand and marketability vs. similar competing properties. A wide range of data was reviewed, considered and filtered in the process of collecting comparable sales for analysis and inclusion in the adjustment grid. These sources include the MLS, Assessor, knowledge of prior appraisals in the area and an awareness of a great multitude of other ongoing sources of information. Please see Appraiser's Certification, #12 & 13 and Statement
This report is a an appraisal in Summary Format in compliance with USPAP standard 2-2 b (i-xi).
USPAP CLARIFICATION OF INTENDED USE AND INTENDED USER: The intended user of this appraisal report is lender/client/HUD. The intended use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated scope of work, purpose of the appraisal, reporting requirements of the appraisal report form, and definition of market value. No additional intended users are identified by the appraiser. Please see appraiser's certification #21, #22, #23.
APPRAISER INDEPENDENCE STATEMENT
This appraiser …show more content…
The intended use for an appraisal is to estimate the AS IS Market value of the property for use in a financial transaction. Market Value is defined in the Limiting Conditions page, with the source of this definition being Fannie Mae and the developer of this form.
HIGHEST & BEST USE: Physical aspects of the site and composition of the neighborhood are best suited to Highest & Best Use for residential development. No adverse factors were noted at the time of inspection that would affect this designation.
SCOPE OF WORK, (appraisers role/expertise): The subject's current physical and legal conditions have been researched with due diligence in the course of performing this appraisal service. The appraiser has analyzed the subject property as seen by a typical buyer/seller in this market. The subject's market area was examined relative to supply/demand and marketability vs. similar competing properties. A wide range of data was reviewed, considered and filtered in the process of collecting comparable sales for analysis and inclusion in the adjustment grid. These sources include the MLS, Assessor, knowledge of prior appraisals in the area and an awareness of a great multitude of other ongoing sources of information. Please see Appraiser's Certification, #12 & 13 and Statement