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Not satisfied with the appraised value of your new homes? Follow these practical steps for avoiding the dreaded low appraisal.
9. Request the appraisal early in the construction process
Crowe learned this one the hard way. His appraisals used to be done as part of the closing process. Not anymore.
“Now we mandate that the plans and the appraisal be done between two to three weeks of the start of construction. They order it and the appraiser has about two weeks to get it back to the management company. We know in the very early stages of construction that we may have a problem, versus building a home and getting notified two days before closing that we’re $15,000 short of the sales price.”
Baughman asks for appraisals early on if he has a house that he thinks will run into problems. “None of the appraisers like to do appraisals based on plans and specs,” he says, “but they will do it.”
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