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New Home Appraisal?

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zhencai

Sophomore Member
Joined
May 27, 2003
Professional Status
Certified Residential Appraiser
State
California
I have an order to appraise an un-finished new home. There are some finished new homes nearby. Where can I find selling prices of those comps? Sales office? What if other new home loans haven't been closed?

Thanks a lot.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
First, if the homes were part of the general inventory of the builder, offered to the general public, and not true customs, then go talk to the builder rep and get the info from them. Homes that have not closed can be cited, again the same source, but these are not sales. Sometimes, new builder homes show up in MLS as well. Overall, however, builders and their reps are willing to help you because they know that they'll need help from other builders down the road.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
If you can access the sale prices in your county records, better verify them against what the builders give you! Underwriters will.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
New construction appraising is generally not for a brand new appraiser. It has lots of considerations not typically found in appraising existing housing. Consult with your mentor to determine if you are qualified for this type of assignment.
 

Kelly S

Junior Member
Joined
Apr 25, 2003
Professional Status
Certified Residential Appraiser
State
California
I ran across the exact same thing recently. Most of the homes were finished, but none of the APN's showed up in public records yet! There was zero information in MLS. I went to the sales office and they were very friendly and gave me all the information I needed. It was a rainy day and I think they were just glad to have someone to talk to!
 
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