The Exterior-Only Inspection Residential Appraisal Report (FHLMC 2055/FNMA 2055) is used for appraisals of one-unit properties and units in PUDs based on exterior-only property inspections. Appraisals reported on this form must be completed in accordance with the UAD Specification. This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.
Common sections featured on an Exterior-Only Inspection Residential Appraisal Report include:
Basic information including address, legal description, owner’s and/or borrower’s names
Information on the contract for sale
Information pertaining to the neighborhood, such as location, growth trends and characteristics.
Analysis of comparison to recent sales of similar properties
An Exterior-Only Inspection Residential Appraisal Report allows an appraiser to document observations based off of the following actions:
An exterior inspection of the subject property
A street map that shows the location of the subject property and of all comparables used
Clear, descriptive photographs of the subject property and of the comparable sales used
Any other data necessary to provide an adequately supported opinion of market value