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#879355 - 12/27/07 07:49 PM Spec Home Appraisals
DebbieC Offline
Joined: Jul 2001
Posts: 66
Owensboro, KY USA
We have a builder that will be completing 3 houses, side-by-side, using the same materials and the same floor plan. The lots are the exact measurements. Each house will be $251,000 upon completion. Appraisal law requires that we have a appraisal for all loans over $250,000, but could we have one conforming appraisal that is linked it to all 3 properties during the construction phase?

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#879378 - 12/27/07 08:06 PM Re: Spec Home Appraisals DebbieC
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
I think that you will find that the appraiser can accomodate you by just changing the locations for three otherwise identical appraisals "per plans and specs".
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#879506 - 12/27/07 10:26 PM Re: Spec Home Appraisals RR Joker
Mint Julep Offline
Diamond Poster
Mint Julep
Joined: Oct 2007
Posts: 1,152
We would get an appraisal based on the "model" and apply it as a "like-kind" to the second and third.

That is going to be one boring neighborhood.
Just another self-proclaimed expert ...

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