Appraiser Certification Required

Every proposed construction appraisal must include the following certification:

“I hereby certify that the information contained in ___[specific identification of all construction exhibits (e.g., Smith Construction Plan Type A, 9 sheets, VA Form 26-1852, plot plan by Jones, Inc.)]      was used to arrive at the estimate of reasonable value noted in this report.    __[appraiser’s signature]___”

“Master” Appraisal Reports

Each “master” appraisal must include

·   separate Uniform Residential Appraisal Report (URAR) completed for each basic house type in the appraisal

·   narrative analysis of the project to include:

-   current status of project (development stage, number of sales, etc.)

-   status of off-site improvements (streets, common area improvements, etc.)

-   any condominium/planned unit development-related or other information not sufficiently covered in the URAR.

·   list of all options with the value estimate for each one (see below)

·   list of all offsite improvements included in the value estimate, and

·   list of all lots/units, to include:

-   each lot number or legal description

-   value estimate for each lot (according to its relative size and desirability), and

-   total value estimate for each lot and the basic improvements to be built on it (or a schedule which provides for the substitution of models on individual lots).

Valuing “Options”

“Options” are items of equipment and variations from the basic house type (such as, kitchen appliances, fireplace, building elevation variations, etc.) not included in the base price of the house.

Personal-type items (such as, blenders, fireplace equipment, furniture, drapes, rugs, etc.) cannot be included in the VA valuation.