Has a limited scope of work compared to a traditional 1004. Inspected completed by an appraiser local to the market.
The reporting requirements are less extensive than a full appraisal report which enables appraisers to do this for a lower cost. Due to its concise nature, it tends to read easier for underwriting.
Ideal candidates for restricted appraisals include rural, high-end, or new construction properties.
General Purpose Appraisal Reports
General Purpose Appraisal Reports deliver a similar scope of work to a traditional 1004 URAR report. These reports have a full inspection and extensive appraisal with a market value opinion.
The difference between a GPAR and a 1004 report is that 1004 has specific requirements for selling on the secondary market, whereas General Purpose Appraisals do not.
The slightly reduced form has more flexibility and less scrutiny with no GSE oversight/secondary market review. Therefore, appraisers tend to complete these reports for aslightly reduced fee.
An excellent solution for complex assignments, properties that may be non-conforming, non-QM, or any loan not being sold on the secondary market where a full report would be warranted.
Broker Price Opinion (BPO)
Great alternative to evaluation and traditional valuation products for investors, servicers and due diligence needs.
Performed by a local licensed real estate broker or agent ensuring a more accurate valuation.
Utilizing state of the art technology for data collection.
Extensive quality control process to ensure best product is delivered.
STRpro Short Term Rental Rate Analysis
Proprietary form built specifically for Short Term Rentals.
Exclusive panel of appraisers in all major vacation markets across the country that have training and experience in STR valuation.
Dedicated STR operations team with specialized reviewers and quality control support.
Using the STRpro form provides added protection against loan default.
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