Our Products

_________________________________________________________________________________________

Outlined below is a comprehensive list and description of the appraisal products West Cost Services offers. 

Single-Family Residential Appraisal (1004)

This report is completed on the URAR form 1004 and provides the benefit of a full interior and exterior inspection of the subject property. This report is used to estimate the market value of the subject property as defined in Uniform Standard of Professional Appraisal Practice (USPAP), and is completed in compliance with West Coast Services Appraisal Services and Lender guidelines. The product includes the following attachments: a completed URAR form, subject property photos including front, rear, street scene and any amenities substantially affecting marketability and/or value, comparable sales photographs, flood map if property is located in a flood prone area and is required, a floor plan sketch with exterior dimensions and gross living area calculations, location map showing locations of the subject and all sales utilized in the report and appropriate certifications and limiting conditions.

Single-Family Residential Appraisal, Non-Owner Occupied (1004)

This report is similar in all respects to the standard Single Family Residential Appraisal with the following additions: A completed Single Family Rent Schedule (form 1007) and an Operating Income Statement (form 216) and is completed in compliance with West Coast Services Appraisal Services and Lender guidelines.

Manufactured Homes (1004C)

Appraisals of manufactured homes, any dwelling unit built on a permanent chassis and attached to permanent foundation, require the use of form 1004C. All manufactured home appraisals must be completed on the 1004C and is completed in compliance with West Coast Services Appraisal Services and Lender guidelines.  Form 1004C will help to ensure that the appraiser inspected, considered, and/or reported (as applicable) the appropriate information including, but not limited to: manufacturer's name, trade or model name, year of manufacture, serial number, certification label number(s) from either the HUD date plate or certification label(s), type of foundation and utility connections, detailed and supported cost approach, opinion of the market value of the site and the property's conformity to the neighborhood.

FHA Single Family Residential Appraisal

This report is completed on the URAR, FNMA form 1004, and is completed in compliance with West Coast Services Appraisal Services and Lender guidelines and provides the benefit of a full interior and exterior inspection of the subject property. This report is used to estimate the market value of the subject property as defined in the Uniform Standard of Professional Appraisal Practice (USPAP), and is completed in compliance with Appraisal Services guidelines, Lender guidelines, and additional guidelines set forth by the Federal Housing Administration. Each FHA appraisal report must include a unique FHA case number in the upper right hand corner of each page that is assigned by the lender and obtained through the FHA Connection website. The product includes the following attachments: a completed URAR form, subject property photos including front, rear, street scene and any amenities substantially affecting health and safety, marketability and/or value, comparable sales photographs, flood map, (if property is located in a flood prone area), a floor plan sketch with exterior dimensions and gross living area calculations, location map showing accurate locations of the subject and all sales utilized in the report, and appropriate certifications and limiting conditions. Additionally, the FHA mandates that the appraiser pay specific attention to certain property conditions that they feel are potentially hazardous to the health and/or safety of the occupants. Within the body of the report, or in the narrative addendum, the appraiser will describe any readily observable property condition that can be construed as a health/safety hazard, per FHA’s guidelines. If the property is found to have potential health and safety issues, an FHA report may be completed “subject to” correction of the issue (if it’s an obvious hazard), or “as is” with a complete description of the noted issue, leaving it up to the lender’s (DE Underwriter) discretion to determine if further action is required.

Two-to-Four Unit Residential Appraisal (1025)

Appraisals of two-to-four unit residential properties are reported utilizing the Small Residential Income Property Appraisal Report and is completed in compliance with West Coast Services Appraisal Services and Lender guidelines. This report provides analysis of competitive listings, cost approach, an analysis of competitive rents, and a sales comparison analysis. Included in the attachments is a completed operating income statement. Other attachments in a two-to-four unit appraisal are: subject property photographs including a front, rear and street scene, photographs of the comparable rentals and comparable sales, location map detailing the locations of the subject and all rentals, listings and sales utilized in the report, a floor-plan sketch with exterior dimensions and gross living area calculations for each unit and appropriate certifications and limiting conditions.

Condominium Appraisal (1073)

Condominium appraisals are reported on the Individual Condominium Unit Appraisal Report and comply with USPAP and is completed in compliance with West Coast Services Appraisal Services and Lender guidelines. . Effective January 1, 2007, condominium appraisals completed for FHA loans will also be reported on Form 1073. A full interior and exterior inspection of the subject unit is made and a concise analysis of the project and market are provided. Attachments comparable to those included with the single-family residential report are also included in the condominium report. Non-owner-occupied unit appraisals include a completed rent schedule and operating income statement.

Cooperative Interest Appraisal (2090)

Appraisals of Cooperative Units are reported on the Individual Cooperative Interest Appraisal Report. A complete interior and exterior inspection of the subject unit and the project is made and a concise analysis of the project is reported. The form also includes the number of shares attributable to the subject unit, monthly maintenance fees, total number of shares outstanding for the project and blanket financing information. Underlying mortgage information is also a required reporting component and includes: outstanding balance, monthly payment, rate, type of mortgage, mortgage due date and tax information. A complete cooperative appraisal includes the following attachments: sketch showing interior unit dimensions and gross living area calculations, interior subject photographs, exterior subject photographs and project amenities, photographs of the exterior of each comparable sale, a map detailing the location of the subject and all comparable sales considered in the report and appropriate certifications and limiting conditions.

Real Estate Owned Reports

Appraisals for foreclosure and real estate-owned (REO) purposes are reported on the same group of forms as previously noted, typically the 1004 form for single family residential properties, the 1073 form for condominiums, and the 1025 form for two-to-four unit properties. REO reports generally have multiple objectives. These include: To determine estimates of market value based on the present condition of the subject improvements, frequently under normal and restricted marketing times. Marketing time assumptions will be clearly defined in the limiting conditions incorporated into the final report and may not match the standard definition of market value included in USPAP and the statement of limiting condition. To develop and report a detailed list of those repairs, and their respective costs, necessary to bring the subject improvements into an overall condition that will optimize marketability and value. To determine estimates of value based on the assumption of completion of the recommended repairs to the improvements as described in the repair list. These estimates of market value may also be based on normal market conditions existing as of the effective date of appraisal, as well as a value estimate made under a restricted marketing period, as defined in the final report. Standard REO appraisals include the following attachments: interior and exterior photographs of the subject improvements, photographs detailing areas of special concern with the subject improvements, standard front, rear, and street scene photographs of the subject property, photographs of all sales utilized within the report, a floor plan sketch with exterior dimensions and gross living area calculations, an itemized list of recommended repairs, with estimated costs to complete each item, a map detailing the location of the subject and all sales utilized in the report, appropriate certifications and limiting conditions.

One-Unit Residential Appraisal Field Review Report (2000) - March, 2005

The Residential Appraisal Review Report (Form 2000) is a four page form used to review a one unit property. The property under review may be a detached or attached single family home, manufactured home, condominium or co-op. A review appraiser uses this form to address the accuracy of the data in the appraisal report being reviewed and to develop an opinion of the appropriateness of the appraisal methods and techniques that the original appraiser used.

Question 6 on the form requires the review appraiser to report a conclusion as to whether the comparables used were the most similar to the subject. If the reviewer does not agree that the comparables used in the original appraisal should have been used, they must explain why the comparables actually used should not have been used. (See Guidance No. 7, on page 3 of the form.)

Question 10 on the form requires the review appraiser to determine whether or not the estimate of the market value for the subject property was reasonable as of the effective date of the appraisal. If the review does not believe the opinion of value in the original appraisal is reasonable (as of date of original appraisal), Section II must be completed and a new value conclusion supported. The review appraiser will normally make certain assumptions regarding the condition of the subject and may rely on information contained in the report under review, unless there is evidence to the contrary.

There is no provision for use of the trainee or supervisory appraiser in the development of this review report.

At a minimum, the review appraiser must do the following:

Read the entire appraisal report under review.
Inspect the subject property and comparable sales described in the appraisal report from the street. If the review appraiser inspects the interior of the subject, they must note that in the appraisal review report.
Inspect the neighborhood in which the subject is located.
Research all appropriate data.
Verify the data in the original appraisal report using all reliable sources.
Assume the property condition reported in the original appraisal report is accurate, unless there is evidence to the contrary.
The complete field review report includes the following:
Exterior inspection of the subject property and comparable properties.
Front and street scene photographs of the subject property.
Photographs of each comparable property.
A map locating the subject, the comparables in the appraisal under review and any comparables introduced by the reviewer.
Appropriate certifications and limiting conditions that are Uniform Standards of Professional Appraisal Practice (USPAP) compliant.

Two-to-Four Unit Residential Appraisal Field Review Report (2000A)

The Residential Appraisal Review Report (Form 2000A) is a five page form used to review a 2 to 4 unit property. The property under review may be located in a condominium, PUD, or cooperative development. A review appraiser uses this form to address the accuracy of the data in the appraisal report being reviewed and to develop an opinion on the appropriateness of the appraisal methods and techniques that the original appraiser used.

Question 6 on the form requires the review appraiser to report a conclusion as to whether the comparables used were the most similar to the subject. If the answer is "No", the reviewer must explain why the comparables actually used should not have been used. (See Guidance No. 7, on page 4 of the form.)

Question 13 on the form requires the review appraiser to determine whether or not the estimate of market value for the subject property was reasonable as of the effective date of the appraisal. If the reviewer does not believe the opinion of value in the original appraisal is not accurate as of the date of the original appraisal, Section II must be completed and a new value conclusion supported. The review appraiser will normally make certain assumptions regarding the condition of the subject and may rely on information contained in the report under review, unless there is evidence to the contrary.

There is no provision for use of a trainee or supervisory appraiser in the development of this review report. Please refer to the standards for the One-Unit Residential Appraisal Field Review Report (2000) above.

Desk Reviews (2006)

Desk Appraisal Reviews are completed by our staff of experienced appraisal reviewers for both pre-funding and post-funding audits. The appraisal under review is analyzed to determine the logic and reasoning displayed in support of the value estimate and the appraisal report's compliance with USPAP. Confirmation of the data utilized in the report is made from a variety of publicly available sources. Any additional data considered by the reviewer is subsequently reported within the body of the completed review. Desk reviews are reported on the NARAMU form 2006 and include the following attachments: additional comments and data as deemed necessary and appropriate certification and limiting conditions.

Enhanced Desk Reviews

This report is similar to the standard desk review form 2006 Single Family Residential Appraisal with the following additions: This is a Desk Review done by a local market appraiser that is familiar with the subject property area and market trends and has access to local market data.

2055 Exterior Appraisal Report

Form 2055 is a Uniform Standards of Professional Appraisal Practice (USPAP) compliant appraisal report that is based on an exterior-only inspection of a single family detached, attached, planned unit development (PUD) property.

The Form 2055 is to be used in appraising a single family property or a single family property with an accessory unit. This form is not to be used with a manufactured home, condominium or cooperative. The report is to include the following information and attachments:
A supported opinion of site value.
Subject property front and street scene photographs.
Comparable property photographs (front view).
Location map showing accurate locations of the subject property and all comparable properties.

Exterior-Only Individual Condominium Unit Appraisal Report (1075)

The Exterior-Only Individual Condominium Unit Appraisal Report (Form 1075) is the form used for appraisals of individual condominium units. This six page form complies with the Uniform Standards of Professional Appraisal Practice (USPAP), and is completed in compliance with West Coast Services Appraisal Services and Lender guidelines.  The form also includes an analysis of the project and the market and a value opinion.

To Form 1075, appraisers must attach the following:
Subject property photographs (front and street scene and any amenities substantially affecting marketability and/or value).
Comparable property photographs (front view).
Location map showing accurate locations of the subject property and all comparables used.
Appropriate certifications and limiting conditions that are USPAP compliant.
When appraising one unit in a condominium project, the appraiser should use the Sales Comparison Analysis and consider the Income Approach to value. Because of common building components and development improvements, the Cost Approach is not used in the valuation of an individual condominium unit.

Exterior-Only Individual Cooperative Interest Appraisal Report (2095)

The Exterior-Only Individual Cooperative Interest Appraisal Report (co-op) (Form 2095) is the form used for Exterior-only appraisals of individual co-op units. This six page form complies with the Uniform Standards of Professional Appraisal Practice (USPAP), and is completed in compliance with West Coast Services Appraisal Services and Lender guidelines.  The form also includes a concise analysis of the project and the market, and a value opinion. The co-op valued using this form may be part of the PUD. However, this form may not be used in valuing a manufactured home or a unit in a condominium project.

Co-ops are a unique property type. Valuation of co-ops requires valuing the cooperative interest (the co-op shares or other evidence of an ownership interest in the cooperative corporation and the accompanying occupancy rights (normally a proprietary lease). The value of the underlying blanket mortgage is excluded.

To Form 2095, appraisers must attach the following:
Subject property photographs (front, and street scene and any amenities substantially affecting marketability and/or value). Often a rear scene is not available and an explanation is required.
Comparable property photographs (front view).
Location may show accurate locations of the subject property and all comparables used (sales and listings).
Appropriate certifications and limiting conditions that are USPAP compliant.
When appraising a unit in a cooperative project, the appraiser should use the Sales Comparison Analysis and consider the Income Approach to value. Because of common building components and development improvements, the Cost Approach is not used in the valuation of an individual co-op unit.

Desktop Underwriter Property Inspection Report (2075)

Exterior property inspection reports are reported on this form. Property inspections require an exterior-only inspection of the subject property and the analysis and reporting of current market conditions within the neighborhood, as well as reporting on the observed condition of the subject site and improvements. No estimate of value is provided. The completed report includes front and street scene photographs of the subject property, and a map detailing the location of the subject property.

Rental Survey (1007)

Used on investment properties to provide an estimate of market rents for the subject property.

Operating Income Statement (216)

Used on 1-4 income investment properties and 2-4 family owner-occupied properties. Applicant provides income and expense projections to be used in determining income approach to value.

Oppraisal Update and/or Completion Report (1004D)

This is a combination form and replaces the Appraisal Update and the Completion Certificate.

If used as an Appraisal Update, the appraiser must:

Concur with the original appraisal.
Perform an exterior inspection of the subject from the street.
Research, verify and analyze current market data in order to determine if the property has declined in value since the effective date of the original appraisal.
Provide Front and Street scene photos of the subject.
If used as a Certification of Completion:
The appraiser must make a statement that improvements have been completed in accordance with the requirements and conditions stated in the original appraisal report. (Or, if not, impact on market value must be stated.)

Required exhibits include:
Front and street scene photos.
Photos of completed improvements. (If the original appraisal was subject to carpet and dishwasher being installed, photos of these items must be furnished.)

Additional Services

Expert Testimony and additional Appraisal Services upon request.