For sellers — the process

The Appraisal Report Changes November 2, 2026: How to Prepare Your Downtown Condo for an Appraisal

Starting November 2, 2026, new appraisals for loans delivered to Fannie Mae or Freddie Mac must use the redesigned Uniform Residential Appraisal Report (UAD 3.6), a single report that replaces the separate appraisal forms, including the condo unit form. The agencies confirmed on September 30, 2026 that the date is not changing. For a downtown condo seller, the new report means the appraiser records more about the unit, item by item.

What Changes on November 2

The redesigned report is a single dynamic report rather than a set of separate forms, so the condo unit form (1073/465) goes away for new appraisals on loans delivered to Fannie Mae or Freddie Mac. The appraiser still values the unit; what changes is how much of what the appraiser sees gets written down, and in what structure.

The date is firm. Fannie Mae and Freddie Mac confirmed on September 30, 2026 that November 2 is not moving, so a seller listing this fall should expect any buyer's appraisal done on or after that date to use the new report.

These rules apply to appraisals on conventional loans sold to Fannie Mae or Freddie Mac. FHA, VA and portfolio loans follow their own rules.

The Appraiser Will Record More Detail

Under UAD 3.6, the appraiser reports specific items individually:

• For each kitchen and bathroom: its update status, the time frame of any update, and its condition.
• Each physical defect as its own entry, with its location, a description, whether it affects soundness or structural integrity, and a recommended action, with photos.
• Whether broadband internet is available.
• For a unit in a condo project, any known legal actions.

The practical change is visibility. A cracked tile or a cabinet door that won't close can now appear as its own entry, with a location, a photo and a recommended action, in a document the buyer's lender reads.

How Square Footage Is Measured in a High-Rise

For appraisals on loans sold to Fannie Mae, the ANSI square-footage standard is not used for condos in apartment-style or multifamily buildings; the appraiser uses interior perimeter measurements instead. ANSI must be followed for house-style designs such as townhouses and rowhouses, regardless of ownership type.

For a high-rise condo seller, that means the appraiser's figure comes from interior perimeter measurement, which may not match the square footage in an old listing, a developer's floor plan or the association's records. A full square-footage breakdown on the listing, with room dimensions and the source of the total, gives the appraiser and the buyer the same reference point and saves back-and-forth when the numbers differ.

Fix What You Can Before You List

Because each defect is now documented individually, small items are more visible on paper. Visible defects and kitchen or bath items that don't work are worth addressing before listing: a dripping faucet, an appliance that doesn't run, a cracked tile, water staining, a loose outlet cover.

Most of these are simpler to fix than to explain once they're written up with a photo and a recommended action. Fixing them before listing photos also means buyers see the condo the way the appraiser will.

Larger items are a judgment call. Where a repair isn't practical, it's better to know the issue is there, disclose it as required, and price with it in mind than to meet it for the first time in the appraisal.

Put Personal Items Away, and Prepare for the Visit

With defects photographed individually, appraisal photos are more extensive. Before the appraisal, put away personal items, financial and medical paperwork, mail, and anything else you wouldn't want in a lender's file.

A few practical steps help the visit go smoothly:

• Plan to be present, or have your agent there, to provide access and answer questions about the unit.
• Confirm the appraiser's license on the Illinois Department of Financial and Professional Regulation (IDFPR) license lookup.
• Email the appraiser a short prep package ahead of the visit: the square-footage breakdown, a list of kitchen and bath updates and when they were done, and any recent repairs.

If Your Sale Straddles November 2

A sale that goes under contract before November 2 may have its appraisal done after it. Ask the buyer's lender, through your agent, which format it will use, and allow for possible short delays while lenders and appraisers adjust to the new report. Appraisals are one of several things that can move a closing date; What Actually Delays a Downtown Condo Closing covers the others.

The rules here are stated as of October 2026. None of this is legal or lending advice; for how a specific buyer's loan will be handled, the buyer's lender is the source.

Roz Dupiton is a top real estate advisor and downtown Chicago condo specialist.