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Appraising New Construction: Guidance for Follow-Up Inspections

McKissock

Not only will you conduct an extensive lot inspection before construction starts, but you may also need to visit the property during construction—to assess progress and detail when work is complete. You will also need to conduct a final inspection. Inspection during construction. Final inspection.

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Great news! No need for an appraisal. Or is it really??

Town & Country Residential Appraisals

Click on this link to view the actual document as released by Fannie Mae on March 1, 2023 [link] They have changed the term “Appraisal Waiver” to “Value Acceptance”. There have been plenty of times I have showed up to complete a repair inspection or final inspection on a new construction and it was not completed.

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The Appraiser-Agent Relationship: A Win-Win Approach

Birmingham Appraisal

Facilitating Smooth Appraisal Process: Agents can help streamline the appraisal process by providing access to the property, relevant documents , and accurate property information, allowing appraisers to perform their valuations efficiently. Their combined insights aid clients in understanding the true value of these properties.

Agents 89
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Say What? Home-Buying Lingo You Should Know

Zillow

Appraisal : An informed, impartial and well-documented opinion of the value of a home, prepared by a licensed and certified appraiser and based on data about comparable homes in the area, as well as the appraiser's own walkthrough. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more.

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The 9 Essential Steps of a Real Estate Closing Process

Movoto

A real estate closing is the final stretch of a real estate transaction, during which several tasks prepare the property for transfer. Throughout this time, several inspections are performed to check everything from the physical condition of the home to the underlying financial and legal health of the property.

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Appraising New Construction

Appraisal Today

My advice: Always check what plan and updates were actually built when doing final inspection. I always asked to see the final sales document data. I finally quit doing them – too much hassle. That is not a document you can just draft up yourself. Sometimes I got them.