Items you will need
- Comparable sales data
- URAR form
- Street map of property and all comparable sales locations
- Exterior building sketch
The URAR (Uniform Residential Appraisal Report) is an appraisal form designed to report on the value of a one unit real estate property--this includes planned unit developments (PUD). It can be used for appraisals on manufactured homes or condos as well. The form asks appraisers to provide an estimate for the value of the home based on all the information at their disposal. You must also include as much documentation for the valuation as possible. This includes the legal and physical description of the property and neighborhood, square footage measurements, comparable sales in the neighborhood, and a description of current real estate activity and market trends.
Download the URAR as well as the Market Conditions Addendum. Review the form. Look at the form sections and decide what methodology you will use to value the property. See Resources for a link.
Conduct a full visual inspection (both interior and exterior) of the property and the neighborhood. You will need to mark all improvements that need to be made on the appraisal form.
Contact your local broker for information on comparable sales from houses with similar square footage. Request as much information about the properties as possible. Input this information into the form where it asks for comparable sales data.
Research and analyze the data. This is the data you will use to fill out the rest of the information on the appraisal form. You will need to know neighborhood characteristics such as one-unit housing trends and one-unit housing present land use percentage.
Submit a street map with the property location and all comparable locations used, an exterior building sketch which details the gross living area and dimensions, clear and descriptive photographs, and any other documentation that can support appraised value.
Fill out the form and provide a market value for the property. You will need to explain your valuation approach, e.g., sales comparison, cost, or income, on the form.