Winter 2024 Chicago REALTOR® Magazine

Keep reading below where we’ll outline what
could go into an “appraisal package” that you
may assemble for said appraiser prior to the
appraisal.
Ask Questions About the
Appraiser’s Areas of Expertise
In the NAR Appraisal Survey, of the
REALTORS ® who responded that the most
competent appraisers are not being selected
for appraisals, 48% said that the greatest
competency issue was that the appraisals
were performed outside the appraisers’
area(s) of geographical expertise.
Illinois REALTORS ® Appraisal FAQs provides
the following guidelines for inquiring about
an appraiser’s competence: “Reach out to
the appraiser and ask them, ‘Are you familiar
with the area?’ and ‘Could I provide you with
details concerning the subject's location?’
Appraisers are required to determine if they
are competent to perform the appraisal
(type of property, market, geographic area,
intended use). If they are not, they must
disclose this information and either withdraw
from the assignment or document how they
will acquire competency.”
Create An Appraiser’s Package
An appraiser’s package is a packet of
information a REALTOR ® can send to an
appraiser before the appraisal that the
appraiser can bring with during the appraisal.
3. Neighborhood & Market Information
Including property value information,
price per square foot, supply/demand
information, marketing time information,
neighborhood boundaries and
description and market conditions.
4. Subject Property Type Information
Including lot dimensions, zoning
information, FEMA Flood Zone
Information and Adverse Site Condition
or External Factors.
5. Subject Property Condition
Including recent improvements made
to the property, with the year and cost,
and major mechanical systems ages. This
section will directly impact the appraised
value, so make sure any improvements
are included, especially those the
appraiser cannot see, such as electrical
wiring, plumbing, insulation, etc.
6. Above Grade Room Counts
Including total rooms, bedrooms, full bath
and half bath that are not in basements.
7. Garage Information
Including number of car spaces,
dimensions and additional features.
8. Condition of the Property
Including a description of the condition of
the property and any known deficiencies.
The goal of the appraiser’s package is to
share facts to inform the appraiser about the
subject property and contract price.
9. PUD Information
Including homeowner’s association
information.
Illinois REALTORS ® provides a sample
appraiser’s package on their website. They
suggest that this packet should include:
1. Subject Property Information
Including the address, the county,
legal description, PIN, tax information,
neighborhood name, special tax
assessments and HOAs.
2. Subject Property Listing Information
Including the MLS record number,
list date and price, if multiple offers
were received and the date and amount
of any price changes.
10. Comparable Properties
Including a list of comparable property
sales or CMA, specific comments as to
why a comparable property was
included and attach MLS listing sheets
for comparable properties.
11. Disclosure
For example: Information deemed
reliable but not guaranteed; should be
verified. Content provided “AS IS,”
without any warranty, express or
implied.
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