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What year was the house built?

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BlueDog007

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Jan 25, 2002
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Certified Residential Appraiser
State
South Carolina
Maybe this should be a poll........hahahaha.........the foundation was poured in October of 2007; the framing was completed by November of 2007; all mechanical was completed by 12/31/2007; final inspection will take place in February of 2008.

Was this house built in 2007 or 2008? I am arguing with the UW about it now.....let me know your opinion. Maybe Fannie has a rule too......if so, I'm not familiar with it and need to know.
 

Pat Butler

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Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
You just described it perfectly. Sometimes the fields on a form don't always make sense. Another option is report the date that the occupancy permit is issued.
 

Kevin A. Spellman

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Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
I would use the following response to the underwriter: 2007> - >2008.

The year built is typically the foundation for most service providers in the valuation industry.
 

Couch Potato

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Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Some use the date the permit was issued, others use the date the certificate of occupancy was issued. Others use something in between. Does it really matter? Was there some change in building codes that affects the value estimate? It's a new house. Year built? How can you answer a question about when it was built (past tense) when they are still building it? :shrug:
 

Mztk1

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Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
2008. Common sense says it will not be turning 2 on January 1, 2009 but 1.
 

Mr Rex

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Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
It was only buil in 2007. It will be built in 2008.:)
 

BlueDog007

Thread Starter
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Joined
Jan 25, 2002
Professional Status
Certified Residential Appraiser
State
South Carolina
Jim-

I disagree. The baby was born the day the foundation was installed, not when the pansies were put in. I can see the other side too! Why can't the UW. One of my reports was flagged because of this issue, and the UW wanted it changed in order to satisfy HER opinion. I thought these reports were OUR opinions??? :-/
 

Lost Cause

Senior Member
Joined
Sep 17, 2004
Professional Status
Certified General Appraiser
State
New York
Why not keep it simple with: "Construction on the improvements was completed in January, 2008"?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
How does your local taxing authority report it (since thats the market basis for comparables age typically?) I realize some MLS listings are shown prior to completion, but once built, most folks rely on the tax records for year built.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Maybe this should be a poll........hahahaha.........the foundation was poured in October of 2007; the framing was completed by November of 2007; all mechanical was completed by 12/31/2007; final inspection will take place in February of 2008.

Was this house built in 2007 or 2008? I am arguing with the UW about it now.....let me know your opinion. Maybe Fannie has a rule too......if so, I'm not familiar with it and need to know.

I would put 2008. Maybe you should use 2007-2008 and then explain.
 
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