Appraising in Delaware, the Blog...

New Construction Appraisal Tips
May 16th, 2022 12:01 PM

Appraising a home that is new construction varies throughout the different lenders, FHA and others. They are certainly more in depth than a typical appraisal - so make sure you are charging the correct amount for them! Your time is important. Outside of the time that it takes to do a new construction there are a few things you can do to help make your appraisal as easy as possible. 

  1. Blueprints cannot be the only thing you rely on. 

The blueprints that you receive can easily end up giving you a different square footage than might be true for the home. 

  1. Gather as much information about plans and specs as you possibly can.

Builders will keep the plans and specifications for a home, with the most diligent ones updating them as things change. This will give you a good idea of what is being done, what the costs and materials are, among other pertinent information. 

  1. Review past new construction appraisals you have done. 

There is a small important piece to this - remember to take into account the time between builds as materials will fluctuate on pricing. Otherwise, if you have a home that was new construction that is similar to whatever appraisal you are working on now you can use it as a foundation for the new appraisal. 

  1. Know your requirements.

From FHA to HUD to USPAP each will require specific things from you. Make sure you read through and follow the instructions to a T. 

Over time you will get better at knowing exactly who and what you are working with but if you use these tips you will be able to settle yourself into knowing the baseline of getting these types of appraisals completed.

Posted in:General
Posted by Patricia Persia on May 16th, 2022 12:01 PMPost a Comment

Subscribe to this blog


My Favorite Blogs:

Sites That Link to This Blog: