Get the free Appraisal Review Checklist - Merchants Bank

Appraisal Review Checklist Property Address or Loan Number Subject (PURCHASE ONLY): Does the property address match the sales contract (findings, and flood cert)? Does the current owner per title

How to fill out appraisal review checklist

How to fill out an appraisal review checklist:

1. Begin by reviewing the appraisal report and familiarizing yourself with the property details, including location, size, condition, and any improvements made.
2. Examine the comparable properties used in the appraisal report. Verify that they are appropriate and similar to the subject property in terms of location, size, condition, and amenities.
3. Evaluate the accuracy and completeness of the information provided in the appraisal report. Check for any errors or omissions that may affect the appraisal value.
4. Assess the appraisal methodology used by the appraiser. Ensure that it follows accepted industry standards and approaches, such as the sales comparison approach, income approach, or cost approach.
5. Consider any market conditions or economic factors that may impact the property's value. This could include changes in the local real estate market, population trends, or economic development.
6. Determine if the appraiser has provided adequate reasoning and support for their conclusions. Look for relevant market data, adjustments made to comparable properties, and explanations for any discrepancies or inconsistencies.
7. Note any additional documents or information that may be necessary to support the appraisal review. This could include sales contracts, rent rolls, income statements, or other relevant data.
8. Make any necessary recommendations or suggestions for improvement based on your evaluation of the appraisal report. This could include suggesting additional comparable properties, requesting more detailed explanations, or requesting a revised appraisal report if major errors are identified.

Who needs an appraisal review checklist?

1. Real estate professionals: Real estate agents, brokers, and property managers often use appraisal review checklists to ensure the accuracy and reliability of appraisal reports before advising clients or making important decisions.
2. Lenders and financial institutions: Banks, mortgage lenders, and other financial institutions rely on appraisal review checklists to verify the value of a property when approving mortgage loans or determining collateral value.
3. Property owners and sellers: Individuals who own or are selling a property may use appraisal review checklists to assess the accuracy of an appraisal report before listing the property for sale or negotiating a sale price.
4. Appraisal management companies: These companies specialize in reviewing and managing appraisal reports on behalf of lenders or investors and often utilize appraisal review checklists to ensure compliance with industry standards.
5. Legal professionals: Lawyers, particularly those specializing in real estate law or property disputes, may use appraisal review checklists to evaluate the accuracy and credibility of an appraisal report when representing clients in legal proceedings.

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What is appraisal review checklist?

An appraisal review checklist is a tool used to evaluate and verify the accuracy and quality of an appraisal report.

Who is required to file appraisal review checklist?

Appraisers, appraisal management companies, and lenders are typically required to file an appraisal review checklist.

How to fill out appraisal review checklist?

To fill out an appraisal review checklist, one must carefully review the appraisal report and compare it against the checklist criteria, documenting any discrepancies or issues.

What is the purpose of appraisal review checklist?

The purpose of an appraisal review checklist is to ensure that appraisals are conducted accurately and in compliance with regulations.

What information must be reported on appraisal review checklist?

The appraisal review checklist should include information such as property details, valuation method used, comparable sales data, and any adjustments made by the appraiser.