Fannie Mae Form 1073 Individual Condominium Unit Appraisal Report

How Long Does a Condo Appraisal Take?

Most lenders have to wait for about a week to obtain a Condo Appraisal Form drafted by a professional appraiser. In certain instances, this period may be extended due to several factors - the location of the real estate, its size and condition, and the availability of the licensed appraiser. Make sure you schedule the home inspection as soon as you discover the need for it. As a rule, a condo appraisal includes the following stages:

1. Reach out to the appraiser that operates locally. Once the latter responds, remember you have to tell them where the condo is located and how big the property is since it is obligatory to examine the condo's interior and exterior. It may take you a day or two to find a date that will suit you both.

2. Meet the appraiser and let them spend enough time inspecting the property. It is hard to accurately predict how long this stage will last but usually, a professional appraiser is able to collect data for the future report within one and three hours. They will draw a map of the district, take pictures of the place, look at the rooms of the condo, and evaluate issues that may negatively impact the value of the condo.

3. Wait for the appraiser to report the results of the visual examination in the Fannie Mae Form 1073. They are supposed to write down their observations about the neighborhood, summarize the project site characteristics, offer their expert opinion about the project budget, describe the unit in question and indicate the amenities and appliances available at the moment, provide the transfer history of the unit, and conduct a comparative analysis of this property with similar units located in the area. The information in the report will let them set a value for a condo within a week after the inspection.

Haven't found the form you're looking for? Take a look at the related forms below:

• Fannie Mae Form 71B, Appraisal Report - Residential Income Property;
• Fannie Mae Form 1025, Small Residential Income Property Appraisal Report;
• Fannie Mae Form 1004, Uniform Residential Appraisal Report.