Re: Cohousing Appraisals
From: Mac & Sandy Thomson (ganeshrmi.net)
Date: Fri, 10 Jan 2003 14:55:01 -0700 (MST)
When we needed appraisals to get our construction loan, we 'shopped' for an
appraiser that would give us good (high) appraisals.  When we found an
appraiser sympathetic to cohousing, we chose her.

If you have the option to choose the appraiser, interview a few and choose
one that will give you the appraisals you want.

IMHO, appraisals are kind of a 'make believe' phenomenon anyway to make
bankers feel good.  A home is really only worth what someone is willing to
pay for it.


- Mac

-- 
Mac Thomson

Heartwood Cohousing
Southwest Colorado
http://www.heartwoodcohousing.com


"True peace is not the absence of tension, it's the presence of justice"
            - Martin Luther King

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Amy wrote:
> Our community may soon have its first resale of a completed house.
> However the sellers and buyers still need to get over the appraisal
> hurdle.  When my husband and I refinanced our co-house, the appraiser gave
> it a very low appraisal because of the coven ants and restrictions of our
> homeowner's association which he felt made for a very limited resale
> market.  He saw no value in our common amenities nor in the community
> aspects which most of us have built in cohousing for.  While we didn't
> need a high appr aisal for our refinance, this upcoming sale probably
> will.  Have others encountered this problem of low valuation placed on
> cohousing?  Any recommendations for how to proceed? 

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