An interesting story...

My current client had spoke with a few real estate agents in our area.  All the real estate agents told the homeowner he needs an appraiser to price the home for listing because of the declining market.  The homeowner had 2 appraisals that came in about $30,000 less than we expected...

I now have a client for life.
        I let the homeowner talk for about a 1/2 hour or 45 minutes.  I realized this person knew he had an an energy efficient / green home and didn't know how to word it.

We toured the "WOW" home.  At the end of the tour we sat down to talk.  He asked me what I thought about the appraisals he received.  I explained, "the appraisals that you have are useless."  He looked at me with a huge question mark.

I was able to explain that he needed a HERS (Home Energy Rating Score) by a RESNET (Residential Energy Services Network) person before the appraisals.   The RESNET person will put in the report the score of the home and the "value added" because of the rating and home energy savings.  I also added information about special loans for buyers that may purchase his home.

    He trusted my advice.  He called, energy auditors, LLC.  David Nash took his equipment to the home and preformed the test.  This home was proven to be an energy efficient home.  While at the Michigan Realtor Conference the client called me totally excited about his progress.

   The report will given to an appraiser for an accurate "opinion of value".

To be continued...

Have a special "Green or Energy Efficient Client" in Michigan.  I love referrals...

Angie@AngieRidley.com

If you would like to purchase existing or build a new "Green" home there are special mortgage financing options.  Sometimes you will receive a lower interest rate, less expensive closing cost and / or the qualifying ratios will vary.  The theory for varying the ratios is, you will spend less on average utility bills therefore can afford more payment.  These mortgages are call "Energy Efficient Mortgages" (EEM)

Lenders include and are not limited to: Aspen Creek Financial, LLC
Mortgage Marketplace, Inc
Countrywide Home Loans Western Regional Green Mtg Services
Bank of America
ICON Mortgage Lending

There are two types of energy mortgages:

• Energy Improvement Mortgage - Finances the energy upgrades of an existing home in the mortgage loan using monthly energy savings
• Energy Efficient Mortgage - Uses the energy savings from a new energy efficient home to increase the home buying power of consumers and capitalizes the energy savings in the appraisal

If you would like to  find out how energy efficient the home is that you are purchasing, you may order a "Home Energy Rating Score".  This test is done by accredited individuals or companies.  http://www.resnet.us/directory/raters.aspx  defined:  http://www.energystar.gov/index.cfm?c=bldrs_lenders_raters.nh_HERS   This test usually be rolled into the loan if needed.

Angie Ridley, EcoBroker Certified^®
Genesee County, MI