Green Features are Undervalued by Appraisers and Banks

Home builders are complaining that the appraisers and lenders aren’t willing to recognize the value of green building features.

“What we’re finding is that the appraisal process, the lending process, the underwriting process for loans still hasn’t caught up with the market interest in green building,” says Kevin Morrow, senior program manager for the National Association of Home Builders’ green programs.

“Technological advances have radically changed — and are radically changing — the way we build houses. The banking and mortgage industries need to be educated,” says Mark Nuzzolo, owner of Brookside Development in Woodbridge, Conn.

Source: The Christian Science Monitor, Alexandra Marks (04/07/2010)