How Do New Construction Appraisals Work

How Do New Construction Appraisals Work

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.

This is the job of the appraiser. An appraiser gives the buyer and seller an unbiased valuation of what you can expect to pay and what the seller will receive for the new property. Both parties are privy to the appraisal information. An expert team member at our certified appraising group will work to keep you in the loop and up to speed.

My wife and I are building a new home. Our bank requires a 20% down payment on the amount financed. Our builder has quoted us $138,500 to build, and we submitted a construction loan application for $140,000. Our appraisal on the blue prints to build came back at $153,000.

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Construction loans enable a new home to be built through the duration of construction. They are reflective of the time needed to build your home, and typically range from six months to a year. Once you have secured a construction loan, your lender will pay your builder after each interval of work is completed.

My new-construction tract home appraisals are usually for the entire subdivision prior to construction. If they’re not otherwise listed in the MLS I always go into the sales offices of the comps I’m using.

If you are financing your new construction project, your lender will need to order an appraisal of the property. We get questions all the time about what appraisers are looking for and how in the world they can appraise a house before it is even built.

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A certified residential appraiser does those too, but also deals with properties. Because the purpose of the appraisal is key, we work under somewhat different guidelines when doing an appraisal.

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.

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