Please pass this around to every Realtor you know as it can save everyone from having New Construction Homes coming in UNDER value on an appraisal.
Appraisers have been directed by many lenders, who of course take their cues from Fannie and Freddie, that we MUST have at least a few sales, pending listings and actives that are listed in your local FMLS/MLS. We must see that they have been EXPOSED on the market in order to use them in the APPRAISAL.
WE CANNOT USE ALL PRE-SALES FOR OUR COMPARABLES. These are in essence not typical sales exposed on the market. So if you want to make sure that Appraisers are using the MOST RECENT comparable sales or pending sales and listings, you must enter them in FMLS/MLS or the Appraiser will use the sales they can find in MLS/FMLS and they may be older and not representative of the most recent builder price increases, etc.
Thank you!
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