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Does anyone here have any experience with appraisals on a new construction home? I built in a small town in Colorado and when the house was completed, the lady that did the appraisal came in WAY below what we expected/needed. There are very few comps to our house, but a home just sold in Dec and the price per sq ft was right in line with what it cost to build our house.
FHA New Construction Requirements At-A-Glance More information for this section can be found in the HUD Publication 4155.1 Rev 5, Ch 1-8 F New Construction is defined as a subject property that is less than one year old, whether or not it has
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10 Ways to Beat Low Appraisals.. ‘I need an appraiser who understands new construction in this county,’" Linville says.. They ordered a new appraisal, which came in at higher than our sale price. At the end of it all, we got the appraisal, but it took 30 to 45 days with a lot of back.
They were there because police arrested three men in in an alleged scheme to dump debris from Julian Construction in a pile.
The Appraisal Rule creates a new definition of, and separate category for, commercial real estate transactions and raises the threshold for requiring an appraisal from $250,000 to $500,000 for those transactions, which will exempt an additional 15.7 percent of transactions from the appraisal requirements.
On new construction one year old or less that involves 90% or less LTV financing: If the property is proposed or under construction the lender must obtain and include in the case binder submitted to HUD for insurance endorsement the following documents. Also, the lender must retain copies of these documents in its origination
George hatch elite member gold Supporting Member. 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. In this region, the "upgrade game" has profound effects on the sale prices. Marion Rhodes likes this.
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Fannie Mae expects the appraiser to account for all factors that affect value when.. see B4-1.4-03, condo appraisal requirements, and B4-2, project standards.. subject property, especially if the subject property is new construction or was. 2007 Fannie mae selling guide Property and Appraisal Guidelines. whether the property was appraised as proposed or existing construction-the appraiser must.