Appraisal Checklist Page 2
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7Does the amount of monthly
Yes
No
If No – Correct PITI.
14.
taxes listed on the appraisal
support the amount shown in
the PITI payment?
NOTE: If new construction confirm accurate amount.
Has the subject been listed for
Yes
No
If Yes – Check investor guidelines. Properties listed
15.
sale within the 12 months
for sale in the last 6 to 12 months may not be eligible
preceding the appraisal date?
for individual investors or programs.
NOTE: If Refinance, property cannot currently be
listed. If it is listed (unless investor guidelines differ)
it should be removed from the market – Appraiser
must verify its removal and an acceptable
explanation letter from borrower is required.
CONTRACT
ACTIONS/COMMENTS
NOTES
Did the appraiser review the
Yes
No
If No – Appraiser must review the sales contract on
16.
sales contract?
all purchase transactions.
Does the information in this
Yes
No
If No – Appraiser needs to clarify and make
17.
section of the appraisal agree
corrections.
with the information on sales
contract?
Are any indicated seller
Yes
No
Be prepared to review adjustments to comps if
18.
concessions within
needed.
lender/program guidelines?
NEIGHBORHOOD
ACTIONS/COMMENTS
NOTES
The information provided in this section will set the basis for the remainder of the report. Review closely for inconsistencies with other
sections of the report.
Is the location rural?
Yes
No
If Yes – Check investor guidelines for rural property .
19.
NOTE: Pay attention to the other characteristics of
the property (zoning, land use, degree of
development, etc.) to determine whether property
should be considered residential.
Does the location designati on
Yes
No
If No – Appraiser must provide acceptable
20.
match what the map reflects
explanation for differences.
(urban, suburban, rural)?
Is the neighborhood less than
Yes
No
If Yes – Appraiser must provide acceptable
21.
25% built up?
comments on degree of development.
NOTE: Degree of development may indicate
whether property is truly residential. Be sure that the
property is not, in fact , agricultural in nature. In
addition, be sure that the appraiser has not us ed
build up to describe the subdivision alone.
Are property values declining?
Yes
No
If Yes – Check investor guidelines.
22.
NOTE: Some investors (as well as RMIC ) will not
allow maximum financing on properties in a declining
market. Loan amount may need to be adjusted
down.
Does the demand/supply
Yes
No
If Yes – Check investor guidelines. Appraiser must
23.
reflect an over supply?
comment on the reason and its affect on the
subject’s value. An oversupply usually means that
the properties are selling slowly with a lot of
competition.
Is the marketing time more
Yes
No
If Yes – Appraiser must comment on the reason and
24.
than six months? Is it
its affect on the subject’s value.
consistent with the
demand/supply?
Purchase transactions - is the
Yes
No
If No – Appraiser must comment on its affect on
25.
sales price within the
marketability of subject property .
neighborhood price range?
Are there any land use
Yes
No
If Yes – Appraiser must indicate the anticipated land
26.
changes (i.e. residential to
use and comment on its affect on marketability of
commercial)?
subject property .
Are the appraiser’s comments
Yes
No
If No – Appraiser to provide further clarification.
27.
consistent with what is
Example: Map reflects subject in a subdivision and
reflected on the map?
comps are all outside of a subdivision.
Are the appraiser’s comments
Yes
No
If No – Appraiser to provide further clarification.
28.
consistent with the other
neighborhood information?
Example: Marketing time vs. sale date of comps.
SITE
ACTIONS/COMMENTS
NOTES
Does the site area meet the
Yes
No
If No – Loan may need to be declined or switched
29.
lender’s guidelines (i.e.
to another program that allows amount of acreage.
maximum acreage limitations)?
Intellectual Property of RMIC
Page 2 of 7
Last Revision 10/ 31/07
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