The uniform residential appraisal report is the industry standard for appraisers and the lending industry. Whenever a home is sold or refinanced, a residential appraisal will usually have to be completed. The form that most lenders prefer is the uniform residential appraisal report. When an appraiser does this for the bank, you should also get a copy of it. If you have never looked at a report before, it may seem confusing. Here is how to read your uniform residential appraisal report.
The first page of the report is usually just an introductory look at the report. It will have your name, address, and other basic information. Make sure that all of this basic information is correct before moving on. The next thing that you will want to look at is the information about the subject property and comparables. They will compare your house to other similar houses that have sold within the last six months. They will then make adjustments to arrive at the value for your home.
The report will tell you why your house is worth more or less than the comparable houses. You will also be able to see pictures of all of the properties. Reading a report is pretty simple once you know what you are looking at.