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Message
New Construction Appraisal
Posted on 6/18/15 at 9:35 pm
Posted on 6/18/15 at 9:35 pm
Almost ready to get an appraisal done on my house plans. Any advice talking to appraiser or going over the plans? I know how an existing appraisal works but will be the first new construction on my part.
5
Posted on 6/18/15 at 9:39 pm to daviddsims
I think the bank orders this when you apply for a loan and that you won't know/can't talk to the person doing the appraisal.
Good luck, building prices are higher than giraffe pussy.
Good luck, building prices are higher than giraffe pussy.
Posted on 6/18/15 at 10:00 pm to ruzil
It does seem building prices are sky high right now.
Posted on 6/18/15 at 10:50 pm to daviddsims
In my case we gave all the plans and documentation to the bank. They ordered the appraisal.
I will say this. The appraiser called me and asked about the amount of the bid. From his response it was obvious he wanted to qualify that the bid included the builder profit. I don't feel like it was very fair that he did that. To me he should've looked at the plans, property and comparable homes to determine a price. So back to your original question; be ready for the appraiser to call you up and feel you out concerning the cost on our home. I wish I could go back and make him feel like it was a little more expensive. I suspect it would've resulted in a better value and me not paying so much more down to avoid PMI.
I will say this. The appraiser called me and asked about the amount of the bid. From his response it was obvious he wanted to qualify that the bid included the builder profit. I don't feel like it was very fair that he did that. To me he should've looked at the plans, property and comparable homes to determine a price. So back to your original question; be ready for the appraiser to call you up and feel you out concerning the cost on our home. I wish I could go back and make him feel like it was a little more expensive. I suspect it would've resulted in a better value and me not paying so much more down to avoid PMI.
Posted on 6/18/15 at 11:07 pm to BeerMoney
Excellent advice!
Posted on 6/18/15 at 11:12 pm to daviddsims
My appraisal was ordered by the bank and I was not contacted by the appraiser fwiw.
Posted on 6/19/15 at 7:14 am to daviddsims
I had a new construction appraisal. I happened to see the appraiser at the house and he was open to discussing how much I had invested in the house. He also reviewed a spec sheet prepared by the builder which included things like energy efficiency and other non-standard items. The appraiser may have been open to input since there weren't many nearby comparables, and I'm not sure if our experience was out of the norm.
This post was edited on 5/12/18 at 2:22 pm
Posted on 6/19/15 at 7:45 am to saderade
quote:
My appraisal was ordered by the bank and I was not contacted by the appraiser fwiw.
Posted on 6/19/15 at 7:47 am to daviddsims
Prepare an amenities list to give them.
Posted on 6/19/15 at 7:54 am to daviddsims
give your plans and contract to the lender, if the appraiser needs anything from you so lender can back loan, he'll let you know.
Posted on 6/19/15 at 7:55 am to whit
quote:
Prepare an amenities list to give them.
i would hope this is in the contract
Posted on 6/19/15 at 5:36 pm to ItNeverRains
I am awaiting final bids from contractors and then deciding on which one to pick. I will make sure they give a very detailed description of amenities. Good advice.
Posted on 6/19/15 at 5:52 pm to daviddsims
As someone who appraises, calling the home owner to find out cost to build and what they are putting inside house is normal , but not asking them what they think the house should appraise for. How the hell would they know!
Posted on 6/19/15 at 6:29 pm to daviddsims
If your credit is good (and I'm sure it is) the appraisal will be fine.
Appraisals are just a worthless piece of paper the bank requires.
Appraisals are just a worthless piece of paper the bank requires.
Posted on 6/19/15 at 6:36 pm to N2cars
quote:
Appraisals are just a worthless piece of paper the bank requires.
+1
Posted on 6/19/15 at 6:54 pm to daviddsims
Be prepared for it to be low. Appraisers generally are conservative when going off plans. Our appraisals for customers often come in 10k+ less than what the final appraisal comes in after completion of the home. If they call fishing for info, lie and over state everything. Make them squirm.
Posted on 6/19/15 at 10:53 pm to Libertariantiger
That's the case for friends that just built. Their initial appraisal was low based off plans but final one came back higher.
Posted on 6/19/15 at 11:11 pm to joeleblanc
Actually appraisals are not worthless piece of paper. That piece of paper can cause you to not get that loan for your house. Sooooo, yea.
Posted on 6/19/15 at 11:27 pm to N2cars
Yours must have came out ok when you built yours?
Posted on 6/20/15 at 8:04 am to daviddsims
Our experience was that the construction loan appraiser (based on plans) was very conservative versus the appraiser for the mortgage (after construction was completed). The final appraisal was $200k higher than the construction loan appraisal.
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