Drive-By Appraisal (Exterior-Only)
An appraisal based on an exterior observation of the property from the street, supplemented by public records, MLS data, and prior listings, without an interior inspection. Used when a full inspection is unnecessary or not possible for the assignment's intended use.
Exterior-only assignments trade inspection depth for speed and cost, and they carry assumptions: the appraiser must assume the interior condition is consistent with what the exterior, records, and listing photos suggest, and the report says so via extraordinary assumptions. They are common for home-equity lending, portfolio monitoring, and some default-servicing work. When interior condition is in question — renovations, damage, deferred maintenance — an interior inspection produces a materially more reliable value.
Related Terms
Extraordinary Assumption
An assumption that is directly related to a specific assignment and, if found to be false, could alter the appraiser's opinions or conclusions.
Scope of Work
The type and extent of research and analysis performed in an appraisal assignment.
Inspection (Appraisal)
The appraiser's on-site observation of a property to document its physical characteristics, condition, quality, and features.
More in Report Types & Forms
View allUniform Residential Appraisal Report (URAR)
URARThe standard appraisal report form (Fannie Mae Form 1004 / Freddie Mac Form 70) used for most single-family residential mortgage appraisals.
Form 1004
The Fannie Mae designation for the Uniform Residential Appraisal Report (URAR), used for appraisals of one-unit properties and units in planned unit developments (PUDs).
Form 1004D (Appraisal Update)
1004DA form used to update a previously completed appraisal to reflect current market conditions and confirm that the property condition has not materially changed.
Form 2055 (Exterior-Only Appraisal)
2055An appraisal report form for exterior-only inspections of one-unit properties.