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Appraisal Checklist |
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Borrower Name:
_______________________________________________________
Appraiser:
____________________________________________________________
Property Description/Address:
____________________________________________
Effective Date of Appraisal:
______________________________________________
Yes No N/A
Is the commercial appraiser on the bank’s approved appraiser list?
___ ___ ___
Does the appraisal set forth the effective date of the appraisal,
and is the report
dated within six months of the closing of the loan? ___ ___ ___
Is the legal description of the property included? ___ ___ ___
Does the appraisal identify the property rights being appraised (fee
simple, leasehold, planned unit development, etc.) ___ ___ ___
Does the appraisal state the purpose of the appraisal? ___ ___ ___
Does the appraisal define the value to be reported (market
value/fair value)? ___ ___ ___
Is the sales comparison section complete and reasonable? ___ ___ ___
Are comparable properties presented and appropriate? ___ ___ ___
Are the comparables similar with respect to location, site, design
and style, functionality, amenities, size and utility? ___ ___ ___
Regarding adjustments to comparables, Is the math accurate? ___ ___
___
Has the appraiser commented on the subject’s marketability design
and appeal? ___ ___ ___
Are the assumptions and limiting conditions that affect the
analyses, opinions
and conclusions included? ___ ___ ___
Does the appraisal show surrounding property value trends
(increasing,
stable, declining)? ___ ___ ___
Is the highest and best use of the real estate stated? ___ ___ ___
Are photographs of the subject and comparables included? ___ ___ ___
Are maps and sketches included? ___ ___ ___
Is the appraiser’s value conclusion reasonable? ___ ___ ___
Is the appraisal signed, with the name typed under the signature and
the
license number shown? ___ ___ ___
Does the loan officer concur with the representations made in the
appraisal? ___ ___ ___
If the subject property is proposed, has an allowance been made for
lease-up
costs, future completion, and sales/lease concessions and
commissions? ___ ___ ___
Have projected rental rates, vacancy projections, and expenses been
supported by
current, accurate data; and have any rental concessions been exposed
and
accounted for? ___ ___ ___
Have actual income and expenses been revealed and reconciled to the
subject? ___ ___ ___
Are the discount and capitalization rates reasonable? ___ ___ ___
Has the appropriate date to reach stabilized occupancy been stated?
___ ___ ___
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