new construction appraisal – when should it happen? Asked by Mona, Huntington, NY fri sep 19, 2008. so here is our dilemma. We are buying a new construction property in Carteret, NJ (as witnessed by my other questions here).
At the crucial point of closing on loans, Kelly says, loan officers who specialize in construction loans and home equity lines of credit do a better job than their peers. He generally sees more accurate appraisals from banks that choose their own appraisers rather than banks that bid out appraisals or use a lottery system.
· A “subject to” appraisal is an assumed value of a home once all of its work is completed. This type of appraisal is somewhat common, and will take place when a house is still under construction or in the middle of a renovation.
How Home Appraisals Work. by Sarah Siddons Home Appraisal Methods. Prev NEXT . The appraiser looks at the asking and purchase price of other comparable properties when making an appraisal.. The cost approach is used more for new property and is based on reproduction costs. The appraiser estimates the cost to replace the structure on the.
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As a builder, you can ask the lender to select appraisers who are: Experienced in your market. In appraisal terms, this is known as "geographic competency.". Qualified to value new construction. Fully familiar with green building and energy efficiency values.
What are appraisals, and how do they work? An appraisal is an independent, professional opinion of value. An appraisal helps establish a property’s market value – the likely sales price it would bring if offered in an open and competitive real estate market.
· That doesn’t mean there are more appraisers available to do the work. Plus, when interest rates go down, not only does purchase volume go up, but refinance activity also spikes. Hot markets can easily double the demand for appraisers.
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· Why? What is the big deal about the appraisal? The appraisal will tell the bank and us how much the home is worth. The bank needs to know that they are lending us at the very least what the home is worth. If we borrowed more than the home is worth, then we would be upside down on the loan. This means the loan could be a high risk loan for the bank.