Appraisal Order Form
Understanding the Appraisal Order Form
The appraisal order form is the cornerstone of the real estate appraisal process. It’s a formal request from a lender, real estate agent, or even a homeowner, to a licensed appraiser to perform a professional valuation of a property. This document outlines the scope of the appraisal, specifies important property details, and sets the stage for a credible and unbiased assessment of its market value. A properly completed appraisal order form is crucial for ensuring accuracy, compliance, and a smooth transaction.
Key Components of an Appraisal Order Form
While specific forms might vary slightly, most appraisal order forms contain the following essential sections:
1. Client Information
This section identifies who is requesting the appraisal. Typically, it includes:
- Client Name: The name of the entity ordering the appraisal (e.g., mortgage lender, bank, or homeowner).
- Client Address: The client’s mailing address.
- Contact Person: The name and contact information (phone number and email address) of the person coordinating the appraisal.
- Loan Number: If applicable, the loan number associated with the property.
- Case Number (FHA/VA): If the appraisal is for an FHA or VA loan, the case number will be included here.
2. Property Information
This section provides comprehensive details about the subject property, which is absolutely vital for the appraiser to properly identify and analyze the correct property.
- Property Address: The complete and accurate street address, including city, state, and zip code.
- Property Type: Identifies the type of property (e.g., single-family residence, condo, townhome, manufactured home, land).
- Legal Description: A formal description of the property’s boundaries, typically obtained from the deed. This is less common in the initial order form, but may be required later.
- Parcel Number/Tax ID: The property’s unique identifier assigned by the local tax assessor.
- HOA Information (if applicable): Contact information for the homeowners association, along with any associated fees.
- Property Access Information: Details about how the appraiser can access the property, including contact information for the homeowner or listing agent.
- Occupancy Status: Whether the property is owner-occupied, tenant-occupied, or vacant.
3. Appraisal Requirements
This section clearly defines the scope of the appraisal and any specific instructions for the appraiser.
- Appraisal Type: Specifies the type of appraisal required (e.g., full appraisal, desk review, field review).
- Reporting Format: Indicates the required appraisal report format (e.g., Uniform Residential Appraisal Report (URAR), Small Residential Income Property Appraisal Report).
- Intended Use: States the purpose of the appraisal (e.g., mortgage financing, refinance, estate planning, purchase).
- Intended User: Identifies who will be relying on the appraisal report (e.g., the lender, the borrower).
- Scope of Work: May include specific instructions or requests, such as identifying specific market trends or comparable sales.
- Delivery Requirements: Specifies how the appraisal report should be delivered (e.g., electronic delivery via a specific platform).
- Turnaround Time: The requested deadline for completing the appraisal.
4. Payment Information
This section outlines the fees associated with the appraisal and how payment will be handled.
- Appraisal Fee: The agreed-upon fee for the appraisal service.
- Payment Method: How the appraiser will be paid (e.g., credit card, check, electronic transfer).
- Payment Terms: The terms of payment (e.g., upon completion, within 30 days).
5. Appraiser Selection
This section outlines how the appraiser will be selected, and can depend on the applicable regulations and the policies of the ordering party. Lenders ordering appraisals for federally related transactions must comply with appraisal independence requirements.
- Appraiser Selection Process: Details regarding how the appraiser was selected (e.g., randomly selected from an approved list).
- Appraiser Qualifications: The required qualifications of the appraiser (e.g., licensed, certified general, specific experience).
6. Signature and Date
This section provides space for the client or their representative to sign and date the form, formally requesting the appraisal.
Importance of Accuracy and Completeness
The accuracy and completeness of the appraisal order form are paramount. Any errors or omissions can lead to delays, inaccurate valuations, and potential legal issues. It is crucial to double-check all information before submitting the form to the appraiser.
Ethical Considerations
It is unethical and illegal to attempt to influence an appraiser’s opinion of value. The appraisal order form should not include any information that could be construed as pressure to arrive at a specific value. This includes suggesting a desired value, withholding relevant information, or selecting an appraiser based on their perceived willingness to inflate values.
Conclusion
The appraisal order form is a critical document that initiates the appraisal process and sets the foundation for a fair and unbiased valuation. By understanding its components and ensuring accuracy, all parties involved can contribute to a smooth and successful appraisal.
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