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Appraisal Report Basics - URAR Explained - Amarillo TX Appraiser Tips
November 11th, 2013 1:25 PM

While there is a wide range of appraisal reports, depending on the type of property being appraised, the two most commonly used ones are the Uniform Residential Appraisal Report (URAR) and the Individual Condominium Unit Appraisal Report. Both of these are used extensively by appraisers and will be discussed here.

Amarillo Appraiser - House, Home, & Real EstateUniform Residential Appraisal Report

The Uniform Residential Appraisal Report is commonly used to appraise single family and owner-occupied two family residential dwellings which also include the auxiliary apartments or homes referred to as “in-law” units (not to be used for lending purposes) and that they are used in purchasing and refinancing decisions. They may also be used in formal tax appeals, situations where condemnation of the building is being contemplated or situations in which any court proceeding is being considered involving the home in question.

Typically, the URAR consists of the following:

  • Transmittal letter
  • Neighborhood analysis
  • Site description
  • Improvements description
  • Cost approach
  • Reconciliation
  • Direct sales approach using comparable sales on the comparison grid
  • Market value definition
  • Certification
  • Contingent and limiting conditions
  • Firrea addendum
  • Interior and exterior property shots
  • Flood map
  • Sketch of subject property, including a floor layout

It should also be noted that the URAR will also involve a thorough interior and exterior inspection which will last anywhere from a half hour to an hour or more depending on the complexity of the home and its measurable space. Reliable data sources are always used throughout this or other appraisal reports, so be aware that the appraiser will definitely take his or her time and ensure that a thorough evaluation of both the exterior and the interior of the dwelling being appraised will be done.

Amarillo TX Appraisal CompanyJohn B. Dudley, SRA is an SRA-designated commercial and residential appraiser, with 35 years experience. serving the Texas pandhandle, including Amarillo TX Canyon TX Hereford TX Pampa TX Dumas TX Panhandle TX Borger TX Claude TX Dalhart TX Friona TX.
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Posted by John Dudley on November 11th, 2013 1:25 PMPost a Comment

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