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4. Analysis and Reporting Requirements (05/09/2022)
The Appraiser must observe and analyze the entire Property that is the subject of the appraisal and report all characteristics of the Property that are relevant to value conclusion. The Appraiser must report the condition of the Property.
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II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT F. Appraiser and Property Requirements for Title I Loans
5. Valuation Development – Chattel
Inspection Requirements
The Appraiser or a field inspector contracted by the Appraiser must inspect chattel property. The Appraiser must review and evaluate the work of any inspector and, in accordance with appraisal standards, incorporate those findings into the valuation opinion. The certified Appraiser must attest to the competency of the inspector and take full responsibility for the chattel interest conclusions when completing and finalizing the appraisal.
If the Appraiser is appraising a real estate interest, the Appraiser must inspect the subject site. The Appraiser or the field inspector must inspect the Chattel.
The conclusions about the observed conditions of the Property contribute to the rationale for the opinion of value.