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Old 02-17-2016, 05:01 PM
 
1 posts, read 937 times
Reputation: 10

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We are building a home and are in the loan process. I am very knowledgable on building in the area and have researched all the comps completely in the area and the construction appraisal based just off the lot and plans came back lower than anticipated. About $60-$80k lower.
My question is are banks very conservative on their new construction appraisals to lessen there risk on a new construction loan, and I realize it can vary from appraiser to appraiser but I am hoping the bank was just playing it safe and it will appraise for higher when actually complete.
I just don't feel like he took into account enough of the upgrades in the house, like dome ceilings, faux paint, coffered ceiling. very high end interior and exterior. And there are comparable homes in subdivision selling for what I thought it would appraise for that are 20 years old, same size, everything inside extremely dated.
So any advice would be much appreciated because we will be selling it within a year so the appraisal it very significant in this particular case. The appraisal was still $175K over cost to build so it doesn't affect the loan at all but we still expected much higher.
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Old 02-18-2016, 09:03 PM
 
Location: Knoxville
4,705 posts, read 25,299,067 times
Reputation: 6131
If it doesn't affect the loan, and you are going to sell it in a year, why do you care what the appraisal is now?
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