pre-appraisal Checklist

1. Is the purchase price supported by recent comparable sales?

2. What is the likelihood that a competent objective appraiser will arrive to the same conclusion of the market

value?

3. Appraisers will look for similar homes that sold in the last six months within 1 mile radius of the subject

property. In rural areas when necessary, the appraiser will research the market outside the one mile parameter.

4. Is the condition of the house less than in average condition? In most cases Banks won’t lend on less than

average condition homes.

5. Are there any visible repairs needed to the house? i.e. peeling or chipped paint, peeling vinyl siding, broken tiles

or cabinet doors, cracked concrete or pavement on driveway or walkway, visible leaks, visible roof damage,

visible mold or dampness in the basement, broken garage doors or roof etc…

6. Are there missing railings on any staircases? Include outside, inside, front, back and side entrances and stairs

leading to the basement.

7. Anything else which may be a safety or health issue.

8. Are there any illegal apartments or kitchens in the home?

9. Are there any window bars without release latches?

10. Are the utilities on and operable?

11. Was the property sold recently prior to this contract? If yes please explain the increase of value (when

applicable) i.e. short sale, foreclosure or renovations that were done.

12. For FHA loans, the FHA case numbers must be obtained prior to ordering the appraisals. Is there access to

the crawl space and attic? If attic entrance is too high, is there a ladder on premises?

13. For 203K and Homestyle Renovation loans, Bids must be uploaded at the time the order is placed. The

report will be subject to the bids; missing bids will likely affect the market value.

For more information, please contact :

Copyright 2016 © The Federal Savings Bank | Co. NMLS# 411500 | All Rights Reserved | thefederalsavingsbank.com

Douglas KatzVice President, NMLS# 217026direct: (312) 871-3469fax: (312) 871-3483cell: (708) 829-1336dkatz@thefederalsavingsbank.comwww.thefederalsavingsbank.com/dougkatz