It seems that green is finally catching on in home building with manufacturers and contractors increasingly getting onboard as buyers increasingly demand environmentally sensitive products and homes. But there’s another hurdle to overcome: The lending community in general — and appraisers, specifically — remain far behind the times when it comes to green construction. Most lenders don't offer mortgages that take into account the money buyers are likely to save on their utility bills, and most appraisers won't give full value for the extra cost or the potential savings. The Appraisal Institute is taking steps to change that, according to spokesman Ken Chitester, by producing several webinars and publishing a booklet to help educate more appraisers on green valuations. But until the industry gets caught up, some say it’s up to the real estate agent or contractor to make sure the appraiser used is trained in green building. (Chicago Tribune)
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Source: Chicago Tribune