There are several reasons to obtain a residential appraisal. If you are buying a property and obtaining financing the bank will require it, if you are refinancing your home the bank will require it, if you are buying a property for all cash you might want to have an appraisal done to confirm the value and price you are paying. The following booklet was prepared by the Appraisal Foundation which has been authorized by Congress as the Source of Appraisal Standards and Appraiser Qualifications and gives a good overall view of how the process asks.
“There is no single standard appraisal report form, format, or style. However, for residential mortgage lending, Fannie Mae (FNMA) and Freddie Mac (FHLMC), which are Government Sponsored Enterprises (GSEs) that purchase mortgages on the secondary market, have developed residential appraisal report forms that are commonly used to communicate the appraisal of properties used as collateral. Regardless of the type of appraisal report used, all appraisal reports must contain sufficient information to enable the intended users to understand the report properly.”