Orlando Appraisal Blog

Builders Advised Not to Hold Back From Giving Relevant Information to Appraisers!
November 22nd, 2011 7:35 PM

Here's a quote from the press release

"November 7, 2011 - NAHB (National Association of Home Builders) has developed a set of guidelines to help builders communicate with appraisers and lenders to ensure that they receive an accurate valuation of the new homes they are selling."

"The two-page document advises builders to meet with the appraiser on the site of where the home has been or will be built and provide direct support for the price with whatever relevant information they can."

"For example, builders should provide the appraiser with all appropriate comps, market and absorption data, specifications of the property, materials in the property and why they were chosen, buyers' reactions to products selected, and sales information."

"Hiding data is one of the biggest mistakes builders make, according to the NAHB appraiser guideline, which urges builders to provide appraisers with all the relevant data."

"In return, builders should demand that lenders use qualified, designated appraisers who are experienced in their local area, and who understand new construction and green building values."

"The use of inexperienced or under-qualified appraisers by lenders is a major problem that negatively affects property values and remains an obstacle to the recovery of the housing market."

"Banks have been relying upon appraisal management companies (AMCs) to select the appraiser. Too often this can be a matter of finding the appraiser who charges the lowest fee but doesn't provide the best quality."

"And an inadequate amount of time may be provided to complete the evaluation, making it difficult to adequately conduct proper research."

My comment: this is just guidelines. Maybe some builders will do something.

Direct link to the 2 pages of guidelines

Link to full press release


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Posted by Alexis Olmo on November 22nd, 2011 7:35 PMPost a Comment

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