tmeyer
Sophomore Member
- Joined
- Feb 14, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
I have a 1.5 Story Cap COD (I am in Illinois which mandates ANSI guidelines for GLA). I appraised this house and did not include the 2nd floor (finished attic) in the GLA due to it did not meet ANSI Guidelines for GLA - mainly due to low sloping ceilings: Per ANSI, 50% of the area must be at least 7 feet high (and it was not). However, recognizing that these finished 2nd floor/attics do have contributory value, I included in on a separate line and using paired analysis, I gave it $10 per SF. All my other comps were under the same situation and I did the same for each of the comps except one which had an unfinished attic.
Now, here is the Appeal: The appraiser only used 745 square feet. She stated that the reason she did so was that she was going by ANSI standards which forced her not to use the 2nd floor square footage. I am told by the President of the Appraiser’s Association in our area that that statement is incorrect. This is a Cape COD with full usable space on the 2nd floor. There are original hardwood floors, electricity, heat, and air conditioning to the space on the 2nd floor. The Association President also stated that it made no sense that the 2nd floor space was not included as gross living space and that it greatly discounted the value of the space. By breaking it down the appraiser made the 2nd floor a fraction of what it should be worth. She was doing a disservice to the 2nd story treating it as if it didn’t exist. We have never seen an appraisal such as this one where the 2nd level square footage was not counted as gross living space. It is above grade space and should be counted as such. . Appraisers do count it as gross living space every day. The President of the Association also stated that the methodology used here was unusual, strange, and not the typical approach used by the local Full-time appraisers.
Do I redo the appraisal and include all this area in the GLA including the Comps and ignore ANSI? Please advise because I am not sure when we can do this other then in situation for split level homes. Help!
Now, here is the Appeal: The appraiser only used 745 square feet. She stated that the reason she did so was that she was going by ANSI standards which forced her not to use the 2nd floor square footage. I am told by the President of the Appraiser’s Association in our area that that statement is incorrect. This is a Cape COD with full usable space on the 2nd floor. There are original hardwood floors, electricity, heat, and air conditioning to the space on the 2nd floor. The Association President also stated that it made no sense that the 2nd floor space was not included as gross living space and that it greatly discounted the value of the space. By breaking it down the appraiser made the 2nd floor a fraction of what it should be worth. She was doing a disservice to the 2nd story treating it as if it didn’t exist. We have never seen an appraisal such as this one where the 2nd level square footage was not counted as gross living space. It is above grade space and should be counted as such. . Appraisers do count it as gross living space every day. The President of the Association also stated that the methodology used here was unusual, strange, and not the typical approach used by the local Full-time appraisers.
Do I redo the appraisal and include all this area in the GLA including the Comps and ignore ANSI? Please advise because I am not sure when we can do this other then in situation for split level homes. Help!
