Test Appraisal Form - FNMA 1073 - HUD, FHA, FNMA, GNMA, and FHLMC
You can find this residential appraisal report form, along with a complete set of all residential appraisal forms, advice, updates and information on our web site at www.nemmar.com.
Individual Cooperative Interest Appraisal Report (Test Form 1073)
Use of Test Form 1073:
The Individual Cooperative Interest Appraisal Report (Test Form 1073) is designed for an appraisal of an individual cooperative unit based on an interior and exterior property inspection. When reporting the sales price for the subject cooperative interest and in the sales prices for the comparable sales, the pro rata share of the blanket mortgage(s) on the real estate is not to be included.
This form must be printed on legal size paper, using portrait format.
This form is completed in its entirety by the appraiser. The lender should retain the original of the completed form and the appraiser should retain the copy.
The sale history analysis section of the report form has been expanded. In addition, the report form requires the appraiser to identify the effective date of his or her data source(s), identify the current owner of record for the subject property as evidenced by public record data demonstrating the seller's ownership of the property for a purchase (or the borrower's ownership for a refinance transaction), provide information on any recent listing(s) for sale for the subject property, and indicate whether the listing(s) and prior sale(s) of the subject property and prior sale(s) of the comparable sales represent arm's length transactions.
For units in new (or recently converted) cooperative projects, the appraiser should select as comparables one closed or settled sale from the subject project (if one is available) and two closed or settled sales from outside the project. If closed or settled sales are not available in the subject project, the appraiser should use comparable sales from competing projects.
For units in established cooperative projects (those that have resale activity), the appraiser should use as comparables two closed or settled sales from within the subject project (if available) and one closed or settled sale from a competing project.
All of our standard exhibits that are used to support an appraisal based on an interior and exterior property inspection are also required when using this test form.