What's needed to order the appraisal?

There could be two or three items needed before an appraisal can be ordered. What’s needed will depend on the project. Generally speaking the three items would be:

  1. Plans

  2. Budget

  3. Specifications

Plans

The types of plans needed will depend on the project you are doing. In some cases, plans will not be needed.

New construction:

When the project is a completely new home (including a teardowns), plans that show the floor plan with dimensions as well at the outside elevations is needed.

Rehab:

When a project is a rehab of a current home (including gut rehabs), plans will be needed only if there is a change in the floor plan and/or elevation. Floor plans need to be easily understood with dimensions.

Budget

A budget is required no matter what type of project you are doing. The budget should be from the general contractor or builder you are working. The budget can, ideally, be on “GC Statement” or similar spreadsheet which breaks down the project in detail by trades.

Specifications

While not required to order the appraisal, a nice detailed list of specifications is always recommended (showing the details of the project ) to give the appraiser as much information as possible to give you the best chance for a successful appraisal.

Who's Behind The Loans

Loan Program

Loan Process

Construction Phase

Construction Topics

About

Contact

Search By Tags
Follow Ed Currie Online
  • Facebook Basic Black
  • Twitter Basic Black
  • Black Google+ Icon

CHICAGO CONSTRUCTION LOANS

NMLS#523638

847-214-2404

16 North Spring St

Elgin, IL 60120

  • LinkedIn Social Icon
  • Facebook Social Icon
  • Twitter Social Icon
  • Google+ Social Icon

© 2015 Chicago Construction Loans. a big shot project