Appraisal

An Appraisal gives a professional estimation of a properties fair market value. Variations of appraisal exist, and can be more thorough than others.  An "electronic" appraisal (also referred to as AVM), is actual done electronically without actually looking at the property at all.  AVMs (or Automated Value Measurements), or a type of electronic appraisal, that analyzes nearby sold property data similar to size and specs to the subject property.

A 2055 is a step up, as it is done by an actual professional, that at least performs an exterior drive by of the property.  There is also an interior version of the 2055, but is not considered a full appraisal by any means.

A 1004 is a full appraisal, accepted by most lenders and lending programs such as Fannie Mae and Freddie Mac, however FHA and VA require an event more thorough appraisal approach, and tend to be most stringent.  FHA and VA typically also require a home inspect in lieu of an appraisal for most home purchases, and FHA and VA may have somewhat relaxed credit score guidelines compared to Fannie Mae or Freddie Mac, however FHA and VA are the most picky about the conditions and codes of properties, and can often turn down a loan, if it doesn't meet their criteria.

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