Appraisers Add Form to Help Value ‘Green’ Homes

The Appraisal Institute recently released a form to help appraisers factor in energy-efficient home features when valuing homes. The forms can also be used by real estate agents in describing "green" properties on the MLS, the Appraisal Institute notes.

Everything from a home owners' energy efficient appliances to solar panels may now get more attention from appraisals with the added form.

The new form allows appraisers to identify and describe a home's green features. It will serve as an optional addendum to Fannie Mae Form 1004, which is the appraisal industry's mostly commonly used form for mortgage purposes, 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," Joseph C. Magdziarz, president of the Appraisal Institute, said in a statement. "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."

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October 04 2011 - San Francisco
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Profile picture for sunnyview
Green is great, but the question is how much in resale value are those systems really worth to the market right now? I see the potential for good, but I also see the potential for puffery. It's double edged until a standard of valuation is set for the resale market.
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October 04 2011
Profile picture for BrianButler7
Amen.  I think the HERS (Home Energy Rating System) Score has become the most adopted standard.  The DOE, Energy Star and LEED all rely on this standard for their certifications, and it's simple to follow:  100 = a home built to the 2006 IECC, and 0 = zero energy home (in the simplest terms).  I've heard the average American home rates at about a HERS 130...
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March 10 2013
First time Ive heard of it...
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March 10 2013
 
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