The Official Online Newspaper of NAHB
With builders around the nation continuing to grapple with faulty appraisals that jeopardize sales of their new homes, NAHB is adding an “Appraisal Primer” to its collection of resources aimed at helping association members strive for the best possible outcome from today’s less-than-perfect appraisal process.
The newly published primer from NAHB discusses in detail the appraiser’s role in the financing of new homes.
“There is a lot behind the scenes that affects the way appraisers must conduct their business,” writes Joan Trice, an appraiser and author of the primer; editor and publisher of Appraisal Buzz, an email publication; and the host of the Alterra Group’s Valuation Expo, which is the largest annual conference for the appraisal community.
Trice is also consulting with NAHB on the association's efforts to resolve appraisal problems.
“Understanding the regulations, methodologies and task of the real estate appraiser will provide home builders with the necessary knowledge to discuss valuation issues with appraisers before they become valuation problems,” Trice says.
Beginning in 2009, NAHB has held a series of four appraisal summits at the National Housing Center in Washington, D.C., attended by representatives of federal banking regulators, the appraisal industry, the housing finance industry, the real estate and housing sectors and others for discussions of deficiencies in the current system of evaluating homes and how to address them. ... Read More
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High in the Pacific Northwest is a rural oasis for active adults that boasts breathtaking mountain views and beautiful sunsets while also being close to extensive recreational activities, shopping, medical and community centers and free public bus transportation.
The award-winning Meadow Ranch, developed and built by ActiveWest Builder in picturesque Coeur d’Alene, Idaho, incorporates smart growth principles, urbanism and green building. The 80-home community is sited on a 12-acre urban infill lot formerly zoned for light commercial. ...... Read More
Zeroing in on yet another deficiency of a faulty appraisal process that is hurting home values, hampering a housing recovery and often killing sales of homes coming in below the contract sales price, the Government Accountability Office (GAO) earlier this month reported that the Appraisal Subcommittee, which oversees the appraiser regulatory programs established by the states, needs to improve its monitoring procedures.
"These findings underscore the need to establish an effective oversight system to ensure that appraisals accurately reflect true market values and don't harm aspiring home buyers or builders," said NAHB Chairman Bob Nielsen
A recent NAHB survey shows that one out of three builders has lost signed sales contracts because of flawed appraisals, and a fall survey conducted by the National Association of Realtors found 18% of Realtors reporting a recent contract cancellation or delay as a result of a low appraisal. ...... Read More
Nation's Building News will not be published on Feb. 13, its regularly scheduled production date, as NBN staff members return from the 2012 NAHB International Builders' Show in Orlando. NBN publication will resume on Feb. 20 and include reports from IBS.
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