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Not satisfied with the appraised value of your new homes? Follow these practical steps for avoiding the dreaded low appraisal.
Every step in the process of selling a house has its challenges, but perhaps none is more frustrating than having the appraisal on a house come in well below the sale price. Between tighter underwriting standards from lenders and the implementation of the Housing Valuation Code of Conduct (HVCC) in May 2009, low appraisals have been an increasingly common problem for new-home builders. Here are 10 ways to deal with them:
1. Get to know your lenders and how they select appraisers
Your best defense against a bad appraisal is to encourage your customers to select lenders that follow best practices in appraiser selection, says Allen Gardiner, SRA, vice president of residential at Plano, Texas-based Jackson Claborn. To do that, you need to get to know your lenders and learn how they select appraisers because appraiser selection is based solely on the lender guidelines. Start the process by having a candid discussion with lenders about your communities, homes and, the market, Gardiner says.
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