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REFINANCES
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1
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Is the subject property currently NOT offered for Sale?
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2
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Is the OCCUPANT marked owner (refinances of primary residences only)?
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SUBJECT PROPERTY
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3
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Does the Property Address on the appraisal match the property address on the contract and Residential Loan Application (1003)?
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4
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Does the Borrower on the appraisal match the contract and 1003?
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5
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Is the owner of Public Record the same as the owner on the contract and title?
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6
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Is the property a PUD or Condo? (If yes, add HOA dues to DTI ratio)
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7
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Is the property listed as fee simple?
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8
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Does the assignment (transaction) type match the 1003?
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9
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Is the Lender/Client listed correctly?
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10
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Has the property been listed for sale in the last 12 months?
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CONTRACT
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11
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Did the appraiser analyze the contract?
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12
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Does the contract (with all addendums) price and date on appraisal match contract in file?
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13
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Are there any seller contributions or seller concessions?
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NEIGHBORHOOD
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14
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Are Property Values increasing or Stable?
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15
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Is Demand/Supply Shortage or in Balance?
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16
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Is marketing time under 3 months or 3-6 months?
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17
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Have you read all comments? (If no, read comments thoroughly)
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SITE
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18
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Is Zoning Classification = Residential?
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19
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Is property Highest & Best Use = Yes?
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20
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Is site less than 10 acres?
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21
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Are Water and Sewer public? (If no, did appraisal make derogatory comment, i.e. well and/or septic certification required)
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22
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Is the Street Public? (If no, review title for easements i.e. shared driveway, private road maintenance)
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23
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Is property in a Flood Hazard Area? (If yes, confirm with flood certification)
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24
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Have you read all comments? (If no, read comments thoroughly)
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IMPROVEMENTS
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25
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Is the difference between Year Built and Effective age reasonable?
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26
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Are Exterior and Interior Items in average or better condition?
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27
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Is subject property free from physical deficiencies that would affect liability, soundness, or structural integrity?
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28
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Have you read all comments? (If no, read comments thoroughly)
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SALES COMPARISON GRID
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29
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Do the 1st and 2nd lines (# of available comps) at top of page 2 confirm information re: Neighborhood section on page 1 and age of comparables?
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30
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Is the subject property description on page 2 consistent throughout the appraisal?
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31
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Are comparable sales dated within 6 months? (If no, be aware of declining market issues)
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32
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Did the appraiser provide comments relating to any time adjustments? (If yes, be aware of declining market issues)
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33
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Are comparable sales within close proximity of subject for neighborhood character (Urban, Suburban, etc.)?
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34
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Do the comparable sales have sales prices GLAs that bracket the subject?
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34
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Is comparable sales source acceptable?
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35
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Are financing concessions in grid consistent with appraiser comments?
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36
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Is date of sale consistent with marketing time on Page 1 and top 2 lines on page 2?
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37
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Do comparable sales have similar characteristics that would impact marketability (style, square footage, bedroom count, etc.)?
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38
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Does the subject have any auxiliary features (I.e. Studio, mother-in-law suite, guest suite, etc.)? A “YES” answer warrants further review.
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38a
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If so, is marketability demonstrated via acceptable comparable sales?
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38b
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Should the property be considered a 2-4 family property? A “YES” answer warrants further review.
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39
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Does the subject property have a unique design (i.e. log home, earth berm home, geodesic dome, etc)? A “YES” answer warrants further review.
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40
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Are any line adjustments greater than 10 percent? A “YES” answer warrants further review.
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41
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Are net and gross adjustments greater than 15% and 25%, respectively? A “YES” answer warrants further review.
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42
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Is square footage of comparable sales similar to that of the subject?
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43
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Has any below-grade square footage been included in overall calculation? A “YES” answer warrants further review.
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44
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Are there any “upgrade” adjustments (i.e. pool, outbuilding, etc)? A “YES” answer warrants further review.
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45
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Did appraiser research the sale/transfer history of subject and comparable sales?
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46
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Has subject sold or transferred within the last 3 years? A “YES” answer warrants further review.
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47
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Have comparable sales sold or transferred within the last 12 months? A “YES” answer warrants further review.
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48
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Are subject and comparable sales void of foreclosure and non-arm’s length transactions?
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49
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Have you read all comments? (If no, read comments thoroughly).
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RECONCILIATION
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50
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Is the appraisal made “as is”?
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50a
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If yes, is following comment made: “No adverse conditions exist that affect livability, soundness, or structural integrity.”
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50b
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If no, and subject to completion or repairs, is a final inspection with photos documented?
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APPRISAL ADDENDA/OTHER
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51
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Does appraisal contain all exhibits/attachments?
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52
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Are subject photos and sketch consistent with appraiser’s description?
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53
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Do photos of subject and comparable sales look similar?
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54
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Per the comparable sales map, are comparable sales located within the subject market area?
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55
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Is the appraisal dated within 12 months?
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56
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Is the appraisal dated within 120 days?
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57
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Does the appraised value support the sales price?
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58
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Is the appraisal signed and dated?
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59
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Is the appraiser licensed and is a copy of their license attached to the appraisal?
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60
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Have you read all comments? (If no, read comments thoroughly).
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