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