Get the free Exterior-Only Inspection Residential Appraisal Report - Freddie Mac

Exterior-Only Inspection Residential Appraisal Report. File #. Freddie Mac Form 2055 March 2005. Page 1 of 6. Fannie Mae Form 2055 March 2005.

How to fill out exterior-only inspection residential appraisal

How to fill out an exterior-only inspection residential appraisal:

1. Start by gathering all the necessary documents and information related to the property, such as previous appraisals, property tax records, and any recent renovations or improvements.
2. Begin the inspection by examining the exterior of the property. Take note of the overall condition of the building, including the roof, siding, windows, doors, and any visible damage or maintenance issues.
3. Measure the size of the property, including the building footprint and any additional structures such as garages or sheds. Record this information in the appropriate sections of the appraisal form.
4. Evaluate the landscaping and outdoor features. Note any landscaping improvements, such as a well-maintained lawn, trees, or gardens. Also, assess any additional outdoor amenities, such as a swimming pool or patio.
5. Take photographs of the exterior of the property from different angles, capturing any notable features or areas of concern. These photographs will be included in the appraisal report to provide visual evidence.
6. Assess the neighborhood and surrounding area. Note any positive or negative influences on the property value, such as proximity to schools, shopping centers, or major highways. Also, consider any environmental factors or potential hazards.
7. Research and analyze recent sales of similar properties in the neighborhood. Compare the subject property with these comparable sales to determine its market value. Include this information in the appraisal report.

Who needs an exterior-only inspection residential appraisal:

1. Homeowners: Homeowners may need an exterior-only inspection residential appraisal if they are looking to refinance their mortgage, obtain a home equity loan, or sell their property. This appraisal provides an estimated value of the property based on its exterior condition and the surrounding neighborhood.
2. Lenders: Lenders may require an exterior-only inspection residential appraisal to assess the value of a property before approving a loan or mortgage. This appraisal helps lenders determine the risk associated with the property and verify its collateral value.
3. Real estate agents: Real estate agents may request an exterior-only inspection residential appraisal to assist in pricing a property accurately for sale. This appraisal provides valuable information about the property's condition and market value, helping agents market the property effectively.

In summary, filling out an exterior-only inspection residential appraisal involves thoroughly assessing the property's exterior, measuring its size, evaluating landscaping and outdoor features, documenting the neighborhood, and researching comparable sales. This type of appraisal is commonly needed by homeowners, lenders, and real estate agents for various purposes.

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What is exterior-only inspection residential appraisal?

An exterior-only inspection residential appraisal is a type of appraisal that focuses only on the exterior of a property, without entering the interior.

Who is required to file exterior-only inspection residential appraisal?

Appraisers or valuation professionals who are tasked with determining the value of a residential property may be required to file an exterior-only inspection residential appraisal.

How to fill out exterior-only inspection residential appraisal?

To fill out an exterior-only inspection residential appraisal, the appraiser must conduct a visual inspection of the property's exterior, take photos, and gather relevant data to determine the property's value.

What is the purpose of exterior-only inspection residential appraisal?

The purpose of an exterior-only inspection residential appraisal is to assess the external condition and characteristics of a property to determine its market value.

What information must be reported on exterior-only inspection residential appraisal?

Information that must be reported on an exterior-only inspection residential appraisal includes the property's exterior condition, features, lot size, and comparable sales data.