Green Home Appraisal Form.

By
Real Estate Broker/Owner with DMK Real Estate Ct RE Broker 0789963

Green Home Appraisal Form.

 

If you are selling or buying a 'Green' Energy Efficient home then you might have to bring this form along and give it to your appraiser. Along with that you will want to give him a list of green features, date of work and cost. 

The form is being offered as an optional addendum to Fannie Mae Form 1004 - the standard appraisal form for mortgage lending purposes that, according to the appraisal trade group, devotes limited attention to green home features.

The Appraisal Institute recently released a three-page optional addendum form to the standard appraisal form Fannie Mae 1004. The new GREEN Form is called the Residential Green and Energy Efficient Addendum  and is meant to collect information about energy efficient and green features, such as insulation values, efficiency's of heating and air equipment, high performance windows, geothermal heat pumps,  reclaimed water systems, ENERGY STAR qualification or a HERS Rating, etc.  can now be more easily considered into the home’s value

The form is meant to be used by appraisers, lenders, home energy raters and builders.  The Appraisal Institute is encouraging Fannie Mae and Freddie Mac to use the form and even request it from appraisers.

Energy-efficient green features will now get more attention from appraisers that will benefit owners of sustainable buildings and homes.  Few people realize that they have a right to request that their lender assign an appraiser who is skilled and competent at performing valuation adjustments for energy efficiency features.  It is perfectly acceptable to provide documents and information to the lender or appraiser about features of your home that you think are above average.  It is the appraiser's job to verify that information, and give it an appropriate value.

 

 

 To read more about Energy Efficient Mortgages click here.

 

David Popoff is a Connecticut license real estate agent in lower Fairfield County and is a designated “Green” Realtor in Darien, Ct.

cell 203-228-0646

email DavidPopoffCT@hotmail.com

 

 

 

 
Posted by

David Popoff
Connecticut Licensed Real Estate Broker
Realtor® Green
Seller Representative Specialist
Accredited Buyer Representative
candidate
LEED AP Homes

 

DMK Real Estate, Darien, CT.
Cell (203) 228-0646
DMKrealestate.com

 

 

 

DMK Realty, 06820 

 

 

 

 

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This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Connecticut Fairfield County Wilton Community Of Wilton
Groups:
Realtors®
ECO ALL-STARS & GREENIES
Going Green!
Connecticut Professionals
The Ninety-ninth Percentile
Tags:
green appraisals
buying green homes
green home value

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Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi David.  I have never seen that form.  I clicked on it.  It is basically a listing of the green products used.  How is it used for to support the market approach?  Thanks.

Jan 16, 2013 07:35 PM #1
Rainmaker
2,070,128
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Do you believe the value will increase using this form? Will there be an extra charge if the form is added to what the appraiser is already doing?

Jan 16, 2013 08:14 PM #2
Rainmaker
756,524
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Conrad, if you like you can use it as a marketing tool, it really is an appraisal tool to get the correct comps.

Joe, if a green home has upgrades that the comps do not then yes it will add value to the home. Green features are not fully integrated into the standard appraisal form thus the added form.

Jan 16, 2013 09:36 PM #3
Rainmaker
426,471
Sondra Meyer:
Hayden Outdoors, LLC Colorado - Colorado Springs, CO
See It. Experience It. Live It.

David,

Thank you for sharing these links.   It seems this form is an important step to getting more people to think or "rethink"  about green features and their value.    

Now that more and more MLS's are adding Green features into the listing fields, it should be easier for appraisers to find good comps. 

Jan 20, 2013 01:27 AM #4
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Rainmaker
756,524

David Popoff

Realtor®,SRS, Green ~ Fairfield County, Ct
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