Arizona  Residential Real Estate Appraiser

Jim Driskill,  SRA  

Mesa Arizona Home Appraiser

Jim, who is an Arizona real estate appraiser, started his appraisal career in 2002, and since then has appraised over 1,500 residential properties in Arizona.   As a Phoenix residential appraiser, property types that Jim has appraised include single family residential, condominiums, manufactured homes, and small apartments.  In addition to his experience, he has been designated by the Appraisal Institute as an SRA, signifying residential valuation excellence. Designated members of the Appraisal Institute have met rigorous and demanding requirements concerning education, testing, experience, demonstration of knowledge, understanding and ability. Appraisal Institute designations have long been recognized by courts of law, government agencies, financial institutions and investors as a mark of excellence in the field of real estate valuation and analysis.

To contact Jim, click the link above to be directed to his phone, or leave an email, or fill out our contact page located here.

Reasons for a Residential Appraisal

Mortgage Financing.  Appraisals are often necessary when purchasing or refinancing a home.  With mortgage financing, typically the lender selects the appraiser from their approved appraiser list.
 
To establish market value.   Often appraisals are needed to determine the market value of a home prior to listing the property for sale.  Appraisers are ethically bound to provide an unbiased opinion of value, unlike real estate agents and others, who have a financial interest in the sale and may tell you what they think you want to hear so that they can get your listing or make an offer on your property.  

Divorce.  An unbaised appraisal can assist in the division of assets so that both parties can move on with their lives.

Estate or Probate Appraisals.  A retrospective appraisal with the value based on a particular date of death is often used in estate or probate cases, depending on the needs of the executor or family members.

Bankruptcy.  When filing for bankruptcy, a real estate appraisal can provide an opinion of your home's fair market value, which can assist with the bankruptcy paperwork

Property tax assessment. A property owner wants to contest the assessor's valuation and needs an appraisal to claim lower tax.

Determination of an Insured Value. To insure that a property is insured for its full replacement costs

Determination of Salvage Value   After destruction to the property, a determination of the value that remains. 

Typically, appraisal reports for residential are "form" driven.  This means that most residential appraisers will communicate the results of the appraisal on a form.  This is because residential form reports are required by financial institutions, insurance companies, and government agencies.  In the secondary mortgage market, which is created by government agencies, (Fannie Mae and Freddie Mac), form reports are required for the purchase and sale of exising mortgages of residential properties.   Because these agencies review appraisals before purchase, using a standard feport form is considered efficient and convenient.  

When a form is used, reviewers of the appraisal know exactly where to look for a particular data item.  From the appraisers perspective, reporting the appraisal on a form ensures that no requirement of the secondary market government agencies has been forgotten.

The most widely used form report for residential appraisal is the Uniform Residential Appraisal Report (URAR) form, which is required by the Department of Housing and Urban Development, (HUD), the Federal Housing Administration, (FHA), the Department of Vererans Affairs, (VA), the Farmers Home Administration (FmHA), and of course, Fannie Mae and Freddie Mac.

Residential Appraised House

Listing of Form Reports and Uses

1004     Uniform Residential Appraisal Report --The main form used by residential appraisers
1004C   Manufactured Home Appraisal Report--Used for manufactured home appraisals
1004D   Appraisal Update/completion Report--Used to update a prior appraisal or to certify construction completion
1025     Small Residential Income Report--Designed for 2-4 unit properties
1073     Single Condo Appraisal Report--Single Condominium report
1075     Exterior only Condominium Report--Condo reports with exterior only inspection
2000     One unit field review report--Exterior only review of a single unit, attached, detached, condo or cooperative
2000A    2-4 Residential field review--Exterior only reviews of 2-4 units, attached, detached, condo or cooperative
2055     Exterior inspection Appraisal Report--Exterior only inspection of a single unit. Often called a "drive-by"
2090     Single Cooperative Interest Appraisal Report--Single unit appraisal in a cooperative project, interior & exterior inspection
2095     Single Cooperative Interest Appraisal Report--Single unit appraisal in a cooperative, exterior only inspection   

Uniform Mortgage Data Program (UMDP)

In 2009 Fannie Mae and Freddie Mac started to require lenders to electronically deliver loan documents and reports prior to their purchase of the mortgage from the lender.  They refereed to this program as the Uniform Mortgage Data Program (UMDP), and is considered the over arching initiative.  Under the UMDP are two requirements relating to the appraisal reports as presented above.  The UMDP requires the report use the Uniform Appraisal Dataset (UAD), and get communicated thru the Uniform Collateral Data Portal (UCDP).  The intent of the UMDP was to "computerize" the appraisal process, allowing appraisal and lender data to be "scraped" into a massive database.
     

Uniform Appraisal Dataset (UAD)

List of UAD abbreviations

UAD is a series of codes used by the appraisal on the appraisal report which, if done correctly, allows the appraisal report data to be "standardized" into an XML file format for transmission the Fannie and Freddie. The typical appraisal report has hundreds of data fields, and all must be filled out to exacting standards, with abbreviations designed to be understood by the computer program. Most appraisers will offer an addendum for the translation of the various codes, so that the diligent borrower can decipher the appraisal, if they wish to spend the time.  More information on Condition and Quality ratings used by appraisers can be found here.

Example UAD Abbreviations can be found on the adjacent table.

Bathroom count

The appraiser is to determine the total number of full baths and partial baths above grade, (not in the basement). A 3/4 bath is counted as a full bath always. One quarter bath (toilet only), is not counted. The full and half baths must be entered into the correct field, separated by a period. The full bath count is to the left of the period. The half bath is to the right of the period.

Example - A house has two full baths, a 3/4 bath, 2 half baths, and a 1/4 bath. It would be expressed as "3.2" in the appropriate field.