Green or energy-efficient features in a home often don’t get factored into appraisals. But they can be an important selling point in a home, and many home owners say “green” should count when valuing homes.
A new form by the Appraisal Institute aims to make sure these key selling features–from those energy-efficient appliances to solar panels–are no longer overlooked and are factored into the equation. The form is also viewed as a big step in helping the appraisal industry standardize the way residential energy-efficient features are reported and analyzed.
The form is an optional addendum to Fannie Mae Form 1004, which is the appraisal industry’s most widely used form for mortgage purposes. It is used by Fannie Mae, Freddie Mac, and the Federal Housing Administration.
“We hope lenders, home builders, real estate agents, and home owners will take advantage of this new tool,” says Joseph C. Magdziarz, president of the Appraisal Institute. “Mortgage lenders who want to see energy features analyzed should request the green addendum to be included with Form 1004. We also encourage lenders to provide the green addendum to home owners so they can fill it out and provide it to their appraiser. If a new home is being appraised, home builders can use the addendum to provide data to appraisers. Real estate agents also can use the data to help populate the MLS.”
Source: By Melissa Dittmann Tracey, REALTOR® Magazine: Styled, Staged and Sold
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