Getting an appraisal can be exciting for a new house build but do not forget to read it over in detail. Last week the first appraisal came in barely over the sales price which we thought to be very convenient. It turns out that the initial review was done in early July prior to any framing and with the wrong floor plan and options. In the span of one week (time to perform and process a new appraisal), our gross living area increased by 734 sf (still missing 206 sf) and the appraisal increased by $12K. Our attic is marked as "scuttle" versus "stairs" which may be in reference to the unfinished attic space and not the finished space (this is maybe a "bonus room" rather than an attic?). We also did not get credit for our partial porch but are opting not to reject the second appraisal and ask for yet another revision for fear that it will push back our closing (28 September!). We did document the discrepancies and sent them to NVR so it's on record. This will also be a topic at closing.
We haven't been to the house since the last post (11 September) so imagine our surprise when we saw the photos in the appraisal, which were supposedly taken on 14 September. Either our PM neglected to tell us on our Friday update that we have landscaping or that landscaping occurred early this week and the appraisal wasn't done on Friday as planned. Regardless, we have landscaping!!! -- trees in the front, trees in the back, mulch, bushes, and lots and lots of sod! The vents on the roof were painted and the tie downs are also not visible any more. The porch columns have been painted and it looks like they may have buried the hose from the infamous downspout (and likely daylighted it elsewhere). Obvious things left to do: 1) put up the remaining shutters, 2) paint the foundation to match the siding, and 3) siding/casing between the BR#4 windows.
Our PM will be switching out the locks before the weekend and will retain the only key. It looks like no more weekend visits for us. :(
Pictures, courtesy of our appraiser:
In other news, the hubby has been Mr. Planner and set up pretty much everything: cable/phone/internet, gas, electric, Guardian, trash, recycling, and moving company. Our house is in complete disarray from packing and I can't wait to be settled in the new place ... and to do some shopping. Little Miss M needs a new bedroom set and a comforter.
Our appraisal came in about $100 above our purchase price -- very convenient, huh? Our appraisal was done long before the house was finished. The silver wrap was on the house and the windows were installed, but no brick or siding and absolutely nothing inside except framing. How can they appraise a house in that condition?
ReplyDeleteBy the way, your siding and stone are GORGEOUS! Congratulations!
Ours was done after everything was complete but again...it was appraised just over the purchase price. we had a final appraisal done the day of closing (fha required) i don't think anything changed but good catches for u in the report.
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