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Basement sizes

Discussion in 'Illinois' started by Southside, Apr 12, 2011.

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  1. Southside

    Southside Sophomore Member

    0
    Mar 30, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Most of my work has been with smaller bungalows,ranches etc where its been pretty easy to see the size of a basement for a comp in relation to its first level, not always of course.

    The question is, where do you get basement sizes for the comps and the % finish as the new forms seem to ask?

    I do see it listed plenty of times in alot of other Cities where there are great web sites or assesors that have record cards on file when you call, but for the most part Chicago ( CC web site ) has no such info and neither do alot of other cities. Tax records, mls, CC web site all seem to be useless.

    Thanks
     
  2. Thomas Fiehler

    Thomas Fiehler Senior Member

    2
    Jun 2, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    The only % you need is for the subject and you should have that my inspecting it. As to the Sales Comparison Approach, and the grid, I list: Full/Walkout; 2 Rms/F-Ba. I always state full or partial (counties don't list size of basements) and # of rooms and bathrooms. You could have one that is 75% finished and another one that is 60% finished, but if the second one has a bathroom or partial bathroom, it is more desirable that just 1 room.
     
  3. Michigan CG

    Michigan CG Moderator Staff Member Moderator

    218
    Nov 1, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
    Call the Realtors and confirm the sale.
     
  4. Southside

    Southside Sophomore Member

    0
    Mar 30, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Thanks ,,all good,,, but NOT what I am saying..When the new forms start in September, you will have to enter the size of the basement as well as the percent finished on the grid for the COMPS as well as subject.

    I dosent matter how you do it now,,the point for the new forms is they want us all to do it the say way in the future.
     
  5. Southside

    Southside Sophomore Member

    0
    Mar 30, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    After further review, its not %,,,,but,,,,you WILL need to enter the Size of the basement as well as the Sq Ft finished for the comps in the basement section of grid. So I guess its the same question as above.

    Thanks
     
  6. Elizabeth Crotty

    Elizabeth Crotty New Member

    0
    Sep 27, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I agree that Cook county and even the township assessor records as well as the detail provided by the realtors in MRED are not going to supply this information for the comparables. I sincerely doubt that a call to the realtor will supply us with an accurate sqft for a partial basement and we will certainly be getting a SWAG in response to what the percent finish is. I hope that whoever is finalizing (Hope its not a done deal!) the new form format realizes that the best we will be able to do is make estimates on the comps in this regard. Like others stated I believe comparing basement types such as full, partial, lookout, walkout and considering the finished rooms is still the best method of comparison. At least it is more workable and detailed that just providing sqft estimates and % finished estimates. And Cook county is not alone, we have the same issues with Will, Dupage etc in Illinois. I am sure there will be a lot of issues once the new format is required. We appraisers will once again have to scramble to make sense out of it and there will be lots of issues and we will have to explain our reasons etc. etc. Just more of the same !!!
     
  7. ExplainDNA

    ExplainDNA Senior Member

    14
    Oct 30, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    HAH! Cook county doesn't even list GLA for Condos, but some idiot - or, more likely an entire horde of idiots, thought what a swell idea it would be for us to state basement sizes. Right.

    Dave...
     
  8. Mr Rex

    Mr Rex Elite Member

    153
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    So what have you guys been doing for basement sizes up until now? SWAG or PFA?:unsure:
     
  9. ExplainDNA

    ExplainDNA Senior Member

    14
    Oct 30, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Room Multipliers, other assorted guesstimates, and the ol' Magic 8 Ball.

    Dave...
     
  10. Southside

    Southside Sophomore Member

    0
    Mar 30, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Thanks to all-These are the responses I was looking for to make sure I was not in the dark on any data services for these basement sizes and SF finish.
    So I guess it will be like the whole condo size situation, but now in the basements for the comps on SFR's.

    Thanks
     
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