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Indiana Home Appraisers

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Lender Disclosures

Please send these items with your order

Appraisal (or Property Inspection) Documentation

Lender Specific:  Please send your requirements in addition to the following:

Appraisals for sale transactions

Appraisals for Refinance transactions

Environmental Hazard Information

Appraisals for New or Proposed Construction

Retrospective Appraisals- Estate, Dissolution, Insurance/Catastrophic Loss

Small Residential Income Property Appraisal

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Appraisals for Sale transactions

As the lender, you must disclose to us, the appraiser, any and all information about the subject property of which you are aware, if the information could affect either the marketability of the property or the appraiser's opinion of the market value of the property.  Specifically, the lender must make sure that it provides the appraiser with all appropriate financing data and sales concessions for the subject property that will be, or have been, granted by anyone associated with the transaction. Generally, this can be accomplished by providing us with a copy of the complete, ratified sales contract for the property that is to be appraised.  If the lender is aware of additional pertinent information that is not included in the sales contract, it should inform of that as well.  Information that must be disclosed includes:

settlement charges;
loan fees or charges;
discounts to the sales price;
payment of condominium/PUD fees;
interest rate buydowns, or other below-market-rate financing;
credits or refunds of the borrower's expenses;
absorption of monthly payments;
assignment of rent payments; and
non-realty items that were included in the transaction.

Additionally, please make sure that you include the listing agent's (homeowner, if FSBO) contact information so that we may access the subject property as soon as possible.

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Appraisals for refinance transactions

any known existing liens such as a first mortgage or HELOC;
changes in the ownership's constitution;
settlement charges, loan fees, or other charges;
payment of condominium/PUD fees;
interest rate buydowns, or other below-market-rate financing;
credits or refunds of the borrower's expenses;
absorption of monthly payments;
assignment of rent payments; and
non-realty items that were included in the transaction.

Additionally, please make sure that you include the homeowner (s) contact information so that we may access the subject property, or verbally obtain information, as soon as possible.

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Environmental Hazard Information

As the lender, you must also disclose to us, the appraiser, any information about an environmental hazard in or on the subject property or in the vicinity of the property that you obtain from the borrower, the real estate broker, or any other party to the transaction so that we, the appraiser, can consider any influence the hazard may have on the value and marketability of the property.

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Appraisals for New or Proposed Construction

In addition to the documents listed above in the "appraisals for sale transactions" section, plans, specifications, and plat with legal description, and deed if applicable must be sent to us by the lender or directly from the builder for new or proposed construction.  Line item budgets and draw disbursement schedules, while not typically required, can also help us in our completion of the appraisal for comparing the subject to other known similar projects.  The appraisal will be based upon these plans and specifications and made "subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed".  An appraisal for new construction can typically be completed without plans and specifications if it is around 90% complete (lender specific) at the time of appraisal inspection.

Draw Inspections:  The originating appraiser should typically at minimum complete the first draw and final inspections.  It is ok for the lender to use an in house or third party inspector to complete the "interim draw inspections" to expedite them.  However, we can service them as well. 

Final Inspection:  If the completion of certain items that are included as part of the sales contract such as landscaping, a driveway, a sidewalk or other minor items that do not affect the ability to obtain an occupancy permit has to be postponed for some reason, and you, the lender must deliver the mortgage before these postponed items are completed, assuming you represent and warrant that the postponed improvements will be completed within 180 days after the date of the mortgage note, the appraisal report must then show both the cost of completing the postponed items and the "as completed" value of the property after completion of the postponed improvements, although no dollar-for-dollar adjustments will be made.  The cost of completing any minor improvements generally must not represent more that two percent of the "as completed" appraised value of the property.

- The lender must establish a "completion escrow" for the postponed improvements, by withholding from the purchase proceeds funds equal to 120 percent of the estimated cost for completing the improvements. However, if the contractor or builder offers a guaranteed "fixed price" contract for completion of the improvements, the funds in the "completion escrow" only need to equal the full amount of the contract price.
- The lender and the borrower must enter into an escrow agreement that determines how the lender will manage and disburse funds from the escrow account.  Once a certificate of completion is obtained, the lender must release the final draw from the escrow account.

A certification of completion will be issued by us, the appraiser, when you notify us that these items have been completed, and we have visited the site and verified it.  Additionally, at this time our appraiser is going to call for a "certificate of occupancy" and a "building permit" for our work file.  This final certification should be completed by us, the original appraiser.  The certification of completion will state that the improvements were completed in accordance with the requirements and conditions in the original appraisal report, and be accompanied by photographs of the completed improvements.

Additionally, please make sure that you include the listing agent (if one) and builder's contact information/representative's name so that we may access the subject property site as soon as possible.

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Retrospective Appraisals- Estate, Dissolution, Insurance/Catastrophic Loss

Please send the date of loss, date of death, or date of dissolution in addition to any applicable general information listed above.  Please send a detailed description of what "basis" the appraisal is to estimate a value for.

Additionally, please make sure that you include the homeowner (s), estate representative, attorney, or listing agents contact information so that we may access the subject property, or verbally obtain information, as soon as possible.

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Small Residential Income Property Appraisal

As the lender, you must disclose to us, the appraiser, any and all information about the subject property of which you are aware, if the information could affect either the marketability of the property or the appraiser's opinion of the market value of the property.  Specifically, the lender must make sure that it provides the appraiser with all appropriate financing data and sales concessions for the subject property that will be, or have been, granted by anyone associated with the transaction. Generally, this can be accomplished by providing us with a copy of the complete, ratified sales contract for the property that is to be appraised.  If the lender is aware of additional pertinent information that is not included in the sales contract, it should inform of that as well.  Information that must be disclosed includes:

settlement charges;
loan fees or charges;
discounts to the sales price;
payment of condominium/PUD/owner's association dues;
interest rate buydowns, or other below-market-rate financing;
credits or refunds of the borrower's expenses;
absorption of monthly payments;
assignment of rent payments; and
non-realty items that were included in the transaction.

Additionally, when the appraiser prepares an Operating Income Statement (Form 216), the lender must make sure the appraiser has the following:

operating statements;
expense statements related to mortgage insurance premiums;
leasehold payments;
or subordinate financing payments; and
any other pertinent information related to the property, such as
rental history for up to the last three years.

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Indiana Real Estate Appraisers


Contact Us: EMAIL:  i...@appraisers.in  PHONE: 1+234-RE-VALUE  Indianapolis: 1+317-784-6582

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