A popular webinar offered by NAHB's Housing Finance and Business Management & Information Technology committees and sponsored by Builder Partnerships on August 4 provided some sound advice for builders who have had trouble obtaining accurate appraisals for new homes. At the very top of the list is the need to improve the lines of communication between builders and appraisers, said panelists. While such communication channels have been impaired for some time now due to difficulties in interpreting the Home Valuation Code of Conduct that was put in place by Fannie Mae and Freddie Mac, newly issued policies from both of these agencies attempt to correct that problem.
In addition to making it clear that builders may and should provide information to appraisers, the guidance also clarified the appropriate use of distressed home sales as comparables, stated that lenders may not unilaterally change appraisal reports, and reiterated that appraisers must have appropriate knowledge and experience to undertake specific assignments. See the rest of this article from NAHBs Nation's Building News here.
To see the presentation from BuilderPartnerships.com click here:
Builders Guide to Appraisals: Obtaining Accurate Valuations on New Homes
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