Appraisal Checklist printable pdf download

Appraisal Checklist

Loan # ______________

Borrower: ____________________

Processor: ___________________

All appraisals to reflect corporate address:

Mortgage Solutions of Colorado, LLC

5455 N Union Blvd

Colorado Springs, CO 80918

Subject

Do the property address and legal description match the sales contract?

Does current owner of public record = seller?

Is occupancy status noted (compare to 1003) and does it make sense?

Did appraiser analyze the contract for sale and address any financial assistance to be paid by any party on

behalf of the borrower? If any financial assistance is being paid on behalf of borrower, the amount must be

disclosed.

Site

Is Zoning Classification indicated as well as Zoning Description? (i.e. R1-Residential SF or Residential

1- to 4-family)

If zoning is "legal/non-conforming", has appraiser addressed whether subject can be rebuilt if destroyed?

Must provide source of opinion, and if other than "legal," did appraiser indicate any marketability impact?

Is highest and best use the present use?

Does appraiser address flood zone? Cannot be left blank

Description of Improvements

Is general description consistent with property photographs?

If manufactured home, is appraisal done on Fannie Mae Form 1004C or Freddie Mac Form 70C? (Note:

Modular homes can be compared to "similar quality" stick built homes.)

If NOO, did appraiser use Form 1007 & FNMA 216? (if rental income used to qualify)

Sales Comparison Approach

Did appraiser provide address, city and proximity of each comparable, including data verification source?

Reconciliation

Is appraisal marked appropriately "as is" or "subject to repairs, completion or an inspection"?

If "subject to", are conditions present?

If "subject to" are the conditions/inspection reports attached? If missing, underwriter must obtain and

review

Is appraisal properly signed and dated? If older than four months, does it have required Appraisal Update?

Additional Items

Does subject sketch include dimensions and room layout? Is layout consistent with appraisal

adjustments?

Do maps identify subject and comparables?

Are subject and comparable photos included and legible?

Income Approach: Not required as of November 1, 2005, unless property is for investment purposes

PUD Information: Only required if project is under control of the builder AND is an attached property

If required, did appraiser provide HOA fees on page one?

Is the legal name of the project provided and does it match the sales contract or title commitment?

Are all questions regarding the project phase completed? If not, a project questionnaire will be required.

Did appraiser provide a description of the common elements and recreational facilities, if any?

Notes:

Revised Effective 9/17/2013

Appraisal Checklist

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