Residential Appraisals

West Penn Appraisers, Inc. offers a broad range of specialized real estate appraisal services for residential properties that include the following types:

  • Single Family
  • Condominium/Co-Op
  • Vacant Land
  • New Construction
  • Multi Family
  • Acquisition and Development
  • Condemnation
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Appraisal Types

Here is a brief description of some of the most popular residential appraisal types:

Uniform Residential Appraisal Report (1004)

This form is utilized for single family dwellings and requires an interior and exterior inspection. It contains all three approaches to value, however, typically the income approach is not applicable to single family residences and therefore, not developed.

Desktop Underwriter Quantitative Analysis Appraisal Report (2055)

An exterior only inspection, this form can be used for single family, multi-family and condominiums. It contains only the Sales Comparison Approach. Due to its limited reporting format, the cost and income approaches are not included.

Individual Condominium Unit Appraisal Report

This form is completed on properties having a condominium form of ownership. An interior/exterior inspection is required. In this reporting format only the Sales Comparison Approach is developed. This type of ownership does not include a land value, but rather a percentage of common area. Therefore, the cost approach is not applicable. The income approach is typically not applicable in this type of property.

Small Residential Income Property Appraisal Report (2-4 Family)

This form is completed on investment properties containing 2-4 units. It requires an interior/exterior inspection and all three approaches to value are developed. It includes three competitive listings as well as a rent survey analysis. A Rent Schedule and an Operating Income Statement (Form 216) are also completed.

Employee Relocation Council Residential Appraisal Report

This form is utilized to estimate the anticipated sale price for a relocating employee’s primary residence. Requiring an interior/exterior inspection, the report contains only the Sales Comparison Approach. It includes the analysis of three competitive listings and is completed on single family dwellings including those having a condominium form of ownership.

Real Estate Evaluation Analysis

This form is a summary appraisal report for 1-4 family properties that can be completed with an interior and/or exterior inspection. It can be completed on single and multi-family properties as well as condominiums. This limited form contains only the Sales Comparison Approach

Land Appraisal Report

This form is utilized for vacant land. It contains only the Sales Comparison Approach. It is typically completed on residential land; however, at the request of the client, it can be completed on commercial land.

For more information on residential appraisals, please visit our Frequently Asked Questions page.

Our Mission:
West Penn Appraisers is dedicated to providing all facets of Real Estate Appraising in an efficient, professional and timely manner, at the same time remaining focused on customer satisfaction through outstanding customer service.