To start 2011 off on the right foot, we have gathered feedback from our underwriting partners on common appraisal issues and red flags. Rectifying these items will help speed your report through the underwriting process and alleviate the need for "requests for revisions."
- Make sure the legal description is accurately reflected in the appraisal
- If a property is rural and offers a number of acres, appraiser should comment on whether the subject is a working farm
- Provide search parameters in your commentary
- Place your best comp in the #1 sale position on the grid
- Explain the need to use comparable sales farther from the subject
- If homes of different styles are used in the analysis, explain why this was necessary and why they are felt to be reflective of the subject
- Explanation of which comps are given greatest consideration
- Wide range of adjusted and unadjusted values
- Explain and analyze the previous sale of the subject
- Include a copy of your appraisal license
- The more photos, the better!
Here's to a revision-free appraisal for 2011!
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