Appraisals in Cohousing
From: Sharon Villines (sharonsharonvillines.com)
Date: Wed, 2 Jun 2021 07:59:23 -0700 (PDT)
Appraisals of cohousing units by banks and others, including yourself, have 
often been a problem because the appraisers say all the bank cares about is 
comparables. There are very few cohousing communities in places where there are 
cohousing comparables.

The tips in this article are for appraising sustainable and green housing 
accurately and they might also be helpful in convincing an appraiser that your 
unit is comparable to high end condos that have common house like features.

4 Steps to Getting an Accurate Appraisal Value for Your High-Performance Home
https://nahbnow.com/2021/03/4-steps-to-getting-an-accurate-appraisal-value-for-your-high-performance-home/

Two tips:

> Include the Residential Green and Energy Efficient Addendum in your sales 
> contract to document the high-performance features behind the walls 
> throughout the sales process. Fully documenting the systems you put in is 
> imperative to help the appraiser understand the value inherent in your 
> above-code home. Additionally, consider adding a paragraph in your sales 
> contract to clearly outline that hiring a qualified appraisal is a 
> requirement for buying your home.

> Interview the appraiser before making an appointment. Ask him or her about 
> their appraisal experience, what ERI Scores and HERS ratings he or she has 
> seen in the area, and what professional development courses he or she has 
> taken on high-performance valuation. The Federal Housing Administration, the 
> U.S. Department of Veterans Affairs, Fannie Mae and Freddie Mac all require 
> that the appraiser has requisite knowledge prior to accepting the assignment, 
> and the only way to enforce that is to ask about their knowledge and 
> experience upfront.

Sharon
——— 
Sharon Villines, Editor & Publisher
Affordable Housing means 30% of household income
Cohousing means self-developed, self-governed, self-managed
http://affordablecohousing.com

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