Wednesday, April 22, 2009

The Bank Appraisal is In

(Karann) After being on pins and needles for the last week, we finally got word from our bank, Northwest Community Bank, that our appraisal is complete and everything is good. We had heard from our bank representative, Monica, earlier last week that the appraiser was having a hard time valuating the house because it was so different from traditional construction and there were no "comps", or compariable properties for her to use for reference. We got very worried that the house and land wouldn't appraise out, especially due to the current real estate market. I think we were lucky with the appraiser, she seemed genuinely interested in the project and sought as much information from a variety of sources to help her with her valuation. So, we are one step closer.
The other news is that we have decided to enter the house in a design/build competition. See the title and link at the top right of this blog. The Connecticut Clean Energy Fund and state utilities are sponsoring a competition (1st, 2nd, and 3rd place) to find three houses that are as close to zero energy homes as possible. They are even awarding cash prizes!! The education opportunities are great as well. We think our house will be an excellent example of a zero energy home, so I've been putting together everything required for the application. The deadline is May 1, with finalists being announced by May 15th. The awards will not be anounced until after the houses are built, December, 2010.

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