Basement valuation vs. above grade GLA.

[shrubberyvaluation]

It is a terrible appraisal report.

I bet you he makes a lot of money. Value is what they need and turned around in 48 hours. LO is top 20 in the country. This appraiser is just part of his loan closing machine.

Another reason that the higher adjustments being a red flag can be the opposite. Small meaningless adjustments can be a bigger red flag IMO.

 

[Digger88]

I bet you he makes a lot of money. Value is what they need and turned around in 48 hours. LO is top 20 in the country. This appraiser is just part of his loan closing machine.

was it Digger69 by chance? that dude is sleazy

 

[Terrel L. Shields]

I try to use sensitivity on all my appraisals to determine (effective) age adjustment and SF adjustment. I do a sales write up on each comp, and then calculate an effective age by reverse engineering the costs. With the age adjustment, then the comps are equalized as I remove land value, outbuildings and site values, and then the SF adjustment always seems reasonable. The RCN was $220± on the one I mentioned above, and sensitivity suggested a $165/SF adjustment (the dwelling was updated 4 years ago, some work last year) and was 20 years old, my observed effective age was 15.

A basement that is contributing less complicates the process but can be done.