The lender uses this form
to document appraisals for one-family properties (including units in
condominium or PUD projects) that are submitted to Desktop
Underwriter (TM) for evaluation. It requires a quantitative sales
comparison analysis in which the appraiser assigns a dollar value to
reflect the market's reaction to any features of a comparable sale
that differ from those of the subject property.
Value of the property is
determined based upon an interior inspection and the use of three
comparable sales. Key features of the subject property are compared
to the comps and individual line adjustment, either positive or
negative, is made to each comp’s sales price to conclude an
estimated market value of the subject. Departure occurs whereby the
Cost and Income Approaches to value are considered, but not applied.
This form was developed for use with Fannie Mae’s Desktop
Underwriter system.