- Joined
- Jan 20, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Virginia
Ok guys/gals, I need your opinion. I have a lender that sends me requests for appraisals of new construction. When I call them to get a copy of the plans/specs, they say "it's conventional, we don't need the plans, if it was FHA, then we would need the plans". I say, "how do you expect me to appraise something that is not built". Their response is contact the agent, from whom I get varying degrees of help.
Question #1: How would you handle the situation.
Question #2.: Let's say the house is nearly complete, except for flooring and kitchen appliances. I go out and measure the house, call the builder to find out the rest and finish the report "subject to". Now what if the builder built something with less square feet than the actual plans? Say he took 2 feet off the width, for example. Since I'm checking the box "subject to completion per plans & specs", wouldn't I be in the wrong since the house really isn't built per the plans?
Question #1: How would you handle the situation.
Question #2.: Let's say the house is nearly complete, except for flooring and kitchen appliances. I go out and measure the house, call the builder to find out the rest and finish the report "subject to". Now what if the builder built something with less square feet than the actual plans? Say he took 2 feet off the width, for example. Since I'm checking the box "subject to completion per plans & specs", wouldn't I be in the wrong since the house really isn't built per the plans?