MHansen
Freshman Member
- Joined
- Jun 24, 2022
- Professional Status
- Appraiser Trainee
- State
- California
I have a comparable that I cannot ignore for this appraisal I'm working on. It closed the day before my inspection and is most comparable in condition, age and the nearest comparable to the subject as well. While researching my public records data for this one I noted the square footage was very different. MLS showed 1,752SF and public records showed 1,379 SF. I called the agent and questioned the difference and they stated that the dwelling had an addition that was included in the square footage per the prior appraisal on the property. I asked if the addition was permitted? He said no. I asked if it was heated and cooled? He said no, just attached to the home. He informed me that the appraiser suggested the addition might be grandfathered in cause it happened so long ago and included it in the GLA.
I'm very newly licensed and under the impression that when you come across this situation the square footage would not be included in the physical GLA but valued separately based on how the local market would react to it.
Now, I'm faced with how to enter it in my report. Do I enter it with the square footage that is on public records or as the square footage listed on MLS, based on what information I now know? (As a newbie I'm still terrified of making a stupid mistake.) Either way I'm going to note it in the report regarding the discrepancy. But I'd love to hear someone's opinion with more experience than me of how you would handle this situation.
I threw in a photo of the comparable's addition just for reference. If I'm way off please give it to me straight, I know I'm new.
Thanks!
I'm very newly licensed and under the impression that when you come across this situation the square footage would not be included in the physical GLA but valued separately based on how the local market would react to it.
Now, I'm faced with how to enter it in my report. Do I enter it with the square footage that is on public records or as the square footage listed on MLS, based on what information I now know? (As a newbie I'm still terrified of making a stupid mistake.) Either way I'm going to note it in the report regarding the discrepancy. But I'd love to hear someone's opinion with more experience than me of how you would handle this situation.
I threw in a photo of the comparable's addition just for reference. If I'm way off please give it to me straight, I know I'm new.
Thanks!