Getting a good appraisal for new construction

By
Real Estate Agent with Classic Communities Corporation

Well times are changing again.  Getting a good appraisal is getting harder and harder to come by these days.  I guess I shouldn't complain too much.  Let's face it, if appraisal guidelines were more strict before, there wouldn't be as many people upside down on their current home. 

But, why should other people's errors hurt me now?  Hey I didn't tell you to give John and Mary Homebuyer a 125% value on their home so that they could refinance, pull out money that wasn't really even there to begin with; and then do it on an adjustable rate mortgage that they will never be able to handle.  OK, I'm done venting.  Well not really, but that's enough for now.

This brings me back to my point:  Appraisals on new homes are getting very difficult.  This takes away from my main prinicple of "work smarter, not harder".  Unfortunately, that principle is going out the door to get a good value. 

NOTE to Appraisers:  NEW HOME BUILDERS DON'T LIST ALL OF THEIR SALES (FRANKLY ABOUT 15% OR LESS) IN THE MLS.  SO FOR UP TO DATE INFORMATION ON SALES, YOU WILL NEED TO VISIT OR CALL LOCAL NEW HOME COMMUNITIES. 

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