Condominium Appraisal Checklist

Use this Condominium Appraisal Checklist to assess and maintain property value, ensuring compliance with appraisal standards and overall asset quality.

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Condominium Appraisal Checklist

Condominium Appraisal

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Checklist by GoAudits.com – Please note that this checklist is intended as an example. We do not guarantee compliance with the laws applicable to your territory or industry. You should seek professional advice to determine how this checklist should be adapted to your workplace or jurisdiction.

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Condominium Appraisal Checklist

Use this Condominium Appraisal Checklist to assess and maintain property value, ensuring compliance with appraisal standards and overall asset quality.

1. Do the property address and seller/borrowers’ names match the loan file?

2. Is the buyer or seller an LLC or Corporation?

3. Are there any Special Assessments?

4. How are the property rights appraised? Fee Simple Leasehold Other

5. Has the subject property been offered for sale in the past 12 months?

6. Did the appraiser analyze the contract (if applicable)?

7. Is the contract an arms-length sale?

8. Is the property seller the owner of the public record?

9. Is there any financial assistance being paid by any party on behalf of the borrower?

10. Is the location rural or less than 25% built up?

11. Are property values declining?

12. Does demand/supply reflect an oversupply?

13. Is the marketing time more than six months?

14. Is the sales price within the neighborhood price range?

15. Are there any negative comments in the Neighborhood section?

16. Does the subject property conform to the present land use?

17. Is the zoning rated legal nonconforming or illegal?

18. Is the present use the highest and best use?

19. Are the Utilities and/or Off-Site Improvements public?

20. Is the property in a Special Flood Hazard area?

21. Are there any adverse comments, (e.g., environmental conditions, land uses, easements, view, etc.) in the Project Site section?

22. Is the project proposed or under construction?

23. Is the project subject to phasing or add-ons?

24. Is the developer/builder in control of the HOA?

25. Does any single entity own more than 10% of the total units in the project?

26. Is the project a conversion of an existing building(s) into a condo?

27. Are units, common elements, and recreation facilities complete?

28. Is there any commercial space in the project?

29. Are there any common elements leased to/by the HOA?

30. Did the appraiser analyze the condominium project budget for the current year?

31. Are there any other fees (other than HOA) for the use of the project facilities?

32. Is the subject unit charge High or Low?

33. Are there any special or unusual project characteristics that might affect marketability?

34. Is the heating/cooling for individual units separately metered?

35. Are any needed repairs or deterioration noted?

36. Does the Condition Rating of C1 – C6 meet guidelines or investor criteria?

37. Are there physical deficiencies that affect the livability, soundness, or structural integrity of the subject property?

38. Does the property generally conform to the neighborhood?

39. Has the appraiser completed a 3-year sales history for the subject property and a one-year history for the comparables?

40. Are the comparable sales located within an acceptable distance from the subject?

41. Is the sales price/gross living area for the subject property consistent with the comparable sales?

42. Did the appraiser use only data or verification sources that are non-public or non-MLS such as builder or developer?

43. Are there 3 comparable sales that have closed within the last 6 months or an appropriate time frame for current market conditions?

44. Did the appraiser select a rating and factor for both Location and View?

45. Are the comparables similar to the subject in Location, HOA Mo. Assessment, Common Elements & Rec. Facilities?

46. Are the comparables similar to the subject in Floor Location, View, and Design?

47. Are the comparables similar to the subject in Age, Room Count, and Gross Living Area?

48. Does the Quality Rating of Q1 – Q6 and Condition Rating C1 – C6 meet guidelines or investor criteria?

49. If the subject property is in an established condominium project, are there any comparable sales from outside the project?

50. If the subject property is in a new, or recently converted, condominium project, is 1 comparable sale from outside the subject project?

51. If the subject property is in a new, or recently converted, condominium project, is 1 comparable sale from inside the project?

52. If the subject has unusual features, did the appraiser provide additional comparable sales with similar characteristics?

53. Did the appraiser explain and support with market data any superior comparable sales?

54. Did the appraiser provide comments to support the market value conclusions provided in the report?

55. Did the appraiser provide an appropriate explanation of any findings that show a significant or unusual variance between the subject property and comparables, (e.g., design, subject’s sales price much lower than comparables)?

56. Is the appraisal made “as is”?

57. Is the appraisal less than 4 months old?

58. Does the appraised value support the sales price?

59. Are there any negative comments?

60. Is the appraisal signed and dated and is the Appraiser Certification or License Number and expiration date entered?

61. Does the appraisal contain clear photos of the front, back, and street of the subject property and the front of each comparable sale?

62. Do the photos of the subject and comparables reflect similar design and appeal?

63. Did the appraiser provide photographs of the subject property’s kitchen, bathroom(s), and main living area?

64. Are the photographs clear?

65. Do the photographs show items described such as railroad tracks, powerlines, etc.?

66. Do the photographs of the subject property reflect weather consistent with the date of appraisal?

67. Is there a street map that identifies the locations of the subject and comparable sales?

68. Does the interior sketch of the property match the room counts in the body of the appraisal?

69. Do any of the exhibits include adverse comments?