This form is similar to the FNMA 1073 condo form. It provides the lender details on the subject and the subject project including phasing information and common area information. A minimum of three comparables is required and a value conclusion is made.
However, as with the 2055, this report differs from the 1073 in that an interior inspection will not occur, no rear photo of the subject is taken, and the floor plan sketch will not be provided. This is significant as the appraiser generally has to make extraordinary assumptions about the condition and quality of the properties improvements. Depending on the availability and reliability of data this can often produce a much different and less accurate opinion of value than the 1073.
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