What is a 442?
In Olympia WA, we have several new subdivisions where buyers can pick out their lot, choose a floor plan, and have that home built. We call this a presale home.
With presales, it is very common for the lender to have the appraisal done when the home is about 80%+ complete. When the home is 100% complete, the appraiser will re-inspect the property and complete what is called the 442 for the lender confirming that the home is built