Appraisal Checklist
ADVERTISEMENT
1
2
3
4
5
6
7Appraisal Checklist
Loan #
Borrower Name
Single Family Appraisal or Marketability Report type required:
1004
2055 Exterior Only
2070 Exterior Only
2075 Exterior Only
*This appraisal checklist is a TOOL only and does not consti tute an approval of the appraisal.
**For Condominiums use 1073 or 1075, Manufactured Homes use 1004C, and for 2-4 Family use 1025.
APPRAISAL TYPE
Yes
No
Do you have the correct appraisal (or better) as requested by the DU Finding or LP Feedback?
PHOTOS/LOCATION MAP
ACTIONS/COMMENTS
NOTES
Look at these first!
Does the subject appear to need
Yes
No
If Yes – And appraiser did not require repairs to be
1.
repairs?
completed, the appraiser must comment on repairs
and provide cost to cure.
Do the comps appear to be
Yes
No
If No – Check location map to insure sales are from
2.
similar to the subject in
subject’s neighborhood.
appearance/design and
condition?
Do the photos and map of the
Yes
No
If No – Have Appraiser provide necessary
3.
subject coincide with the
clarifications and/or corrections.
descriptions in the neighborhood
section with regard to build up
and density (urban, suburban,
rural)?
Does the street view show any
Yes
No
If Yes – Appraiser must comment on any external
4.
boarded-up or vacant buildings?
inadequacies of the surrounding neighborhood and
whether area is in a state of rehab or decline.
NOTE: Comps must come from the same
neighborhood.
Are the comps in a similarly
Yes
No
If No – Appraiser must comment on differences in
5.
populated area?
population and how it would affect the marketability
of subject.
Is the subject and/or comps
Yes
No
If Yes –
6.
located near any external
§ Negative (major highways, railroad tracks, etc.)
influences (highways, railroad
- If subject is located near any of these
tracks, mountain, golf course,
influences, there must be at least one comp
etc.)?
that has the same negative influence and the
appraiser must explain any negative impact
these items may have on our subject’s
marketability .
§ Positive (ocean, lake, mountain, golf course, etc.)
- If all comps are located near any of these
influences and the subject is NOT, the
Appraiser must provide additional comps
(even if no adjustments were made).
SUBJECT
ACTION/COMMENTS
NOTES
Does the property address
Yes
No
If No – Appraiser and/or Lender must clarify and
7.
match the loan application and
make appropriate corrections.
the sales contract?
Is the owner of record
Yes
No
If No – Appraiser should clarify and make appropriate
8.
consistent with the loan file
corrections.
documentation?
If refinance of primary residence, borrower and owner
of record should be same and occupancy should be
owner, not tenant or vacant.
If purchase and seller is an LLC, pay attention to the
remainder of the appraisal to make sure you do not
have a flip transaction. Many transactions involving
LLC’s have resulted in flips and inflated values.
Are the property rights
Yes
No
If No – Check Lender guidelines for leasehold
9.
appraised fee simple?
acceptability .
Is the subject property located
Yes
No
If Yes –
10.
in a PUD or CONDO Project?
§ Look for HOA fees.
§ If PUD – PUD section may need to be completed.
NOTE: With the exception of Site Condos that are
located in projects that consist exclusively of
detached dwellings, condos must be appraised on
Form 1073 or Form 1075 (Form 1075 may be used
only when allowed by DU or LP).
Does the special assessments
Yes
No
If Yes – include in monthly PITI (if it will be a monthly
12.
field contain an amount?
charge).
Does the HOA field contain an
Yes
No
If Yes – include in monthly PITI.
13.
amount?
Intellectual Property of RMIC
Page 1 of 7
Last Revision 10/ 31/07
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business