2.3.1 Detailed Specifications The Contractor shall: A. Prepare appraisals using the most recent Uniform Residential Appraisal Report (currently: Fannie Mae Form 1004, March 2005). B. Include the following items with the Uniform Residential Appraisal Report: 1. A supplemental addendum; 2. Photos of the subject property’s front, rear, and street scene; 3. Photos of comparable properties; 4. A floor plan; 5. A map showing the location of the subject and all properties used as comparables; 6. A flood map, if the subject property lies within a 100-year flood zone; and 7. A statement of limiting conditions. C. Provide both a current fair market value that the property would bring in a normal sale and a forced-sale value that the property would bring in a distressed sale situation. D. Submit appraisals to the Department within fifteen (15) business days of assignment as directed by the Department’s Contract Monitor at the time of assignment.
