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Test Appraisal Form - FNMA 2055 - 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.

Exterior-Only Inspection Residential Appraisal Report (Test Form 2055)

Use of Test Form 2055:

The lender uses this form to document appraisals for one-family properties (including units in condominium or PUD projects) when Fannie Mae requires an appraisal based on an exterior-only inspection of the subject property. The revised format enables the appraiser to report his or her conclusions in a brief but comprehensive manner, which will be more efficient for reviewing and processing.

This form must be printed on legal size paper, using portrait format.

Instructions:

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.

Test Form 2055 requires the appraiser to report in a clear and succinct yes/no format whether the property has any physical deficiencies or conditions (such as needed repairs and deferred maintenance) and to determine if such conditions affect the livability or soundness or structural integrity of the property. In addition, the appraiser must report whether there are any adverse environmental conditions present in the improvements, on the site, or in the immediate vicinity of the property.

The sale-history analysis section of the report form accommodates a three-year history for the subject property and the comparable sales as well as space for reporting the appraiser's analysis of the sale and listing history. 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), 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.

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