Case Study

A Real Estate Appraisal tool for a well renowned Appraiser in the United States

Client

Our Client is one of the most reputed Real Estate appraisers located in Missouri, USA. The Company was established in the year 2012 with the vision of making Real Estate deals more convenient for the customers.

Industry

Real Estate

Business Challenge

The client has a need to generate appraisal documents that have dynamic / variable data elements embedded in them. Currently, this need is focused on generating the URAR Appraisal Forms for 1004, 1004MC, 1073, 1075 and 2055 but in the future could include additional document types. The client needs a report utility which can be used to generate the PDF & XML for an appraisal form.

Solution

Volga Infotech worked out a solution in which the appraiser enters the data in the main site for a particular evaluation. Then the appraiser can generate the 1004 PDF & XML through the report utility multiple times if necessary. Forms 2055, 1073 & 1075 are also integrated

The appraisal report lists down the details of the appraisal that is usually done for the lender of the property or by the owner, usually to establish a selling price. Most appraisal reports are based on pre-printed forms such as the Uniform Residential Appraisal Report (Uniform Residential Appraisal Report (Uniform 1004), Actual Report) that comply with the Uniform Standards of Professional Appraisal Practice (USPAP) guidelines and are required by federal agencies that may be involved in the sale of the property such as a federal bank lending money for the property.

Features

Fannie Mae Form 1004: Uniform Residential Appraisal Report. Also known as the Freddie Mac Form 70 This report is used for appraising single family residences. An interior and exterior inspection of the subject is completed. The appraiser provides the Cost Approach and Sales Comparison Analysis to determine an opinion of value.

Report Includes:

• Cover page, salient features section, FIRREA section
• Complete 1004 appraisal report
• 1004 MC
• A location map with the subject and comparables plotted
• Floor sketch based upon an exterior measurement
• Front, rear, and street scene photos of the subject
• Photographs of rooms, bathrooms etc.
• Front view photos of each comparable

Benefits

This report utility enables the PDF & XML to be generated efficiently & effectively multiple times as per requirement. The client's productivity has increased as a result of this report utility.

Technology Used