Exterior-Only Inspection Residential Appraisal Report (FHLMC 2055/FNMA 2055)

2055 Exterior Appraisals

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