How do I explain this

[Joker0091]

I've been reviewing some appraisals lately and one appraiser keeps doing this:

The subject property is a tri-level, basic tri-level (lower level, main level, and an upper level). They are reporting the GLA as the main and upper level only. They are only placing the lower level sq ft on the sales comparison grid like you would a pool or other amenity and making an adjustment there.

As I understand it the appraiser is supposed to report the subject property as the market recognizes it. Every other tri-level by all the other appraisers in the area includes the lower level in the GLA or as basement sq ft.

I've tried to explain this to them before, but that are not getting the idea. Help please

 

[Mike Siegfried]

What is the permitted square footage per public record? I am typing this from my office in the unpermitted lower level of my 3 story townhouse. It has heat & A/C vents, electricity, carpet, drywall, etc but since it is partially below ground level on one side, it is not permitted GLA. If this is the case with your subject property, then the appraiser may be correct by noting permitted GLA and then addressing the "bonus room" separately. Just a thought.

Mike

 

[Randolph Kinney]

I've been reviewing some appraisals lately and one appraiser keeps doing this:

The subject property is a tri-level, basic tri-level (lower level, main level, and an upper level). They are reporting the GLA as the main and upper level only. They are only placing the lower level sq ft on the sales comparison grid like you would a pool or other amenity and making an adjustment there.

As I understand it the appraiser is supposed to report the subject property as the market recognizes it. Every other tri-level by all the other appraisers in the area includes the lower level in the GLA or as basement sq ft.

I've tried to explain this to them before, but that are not getting the idea. Help please

View attachment 16495

So what is the problem? Is the data not presented the way you want? Or is the analysis of the data incorrect, wrong or misleading? Or is the opinion of value compromised to the extent it does not represent a credible opinion of value?

 

[Kevin A. Spellman]

I agree with the presentation of the data, no problem with me if it was here in MA.

 

[CJ1234]

How are they presenting the subject's basement data on page 1?
Just curious.

 

[Nate2]

Not wrong, just different, maybe they just do it to annoy you:icon_mrgreen:

 

[stefan olafson]

Look at your definition of GLA - The total area of finished, above-grade residential space excluding unheated areas such as porches and balconies; the standard measure for determining the amount of space in residential properties. Page 164 The Dictionary of Real Estate Third Edition.

It appears he is allocating the GLA correctly as per definition. I don't understand his methodology on the garden level square footage, but who am I to criticize this appraiser. It appears his unconventional style still includes what has to be there.

It must be ***** for him to explain to underwriter after underwriter though!

 

[Joker]

Hey,
How'd you get my moniker?

 

[J L H]

In my market, most homes in this configuration do have an area under the main walk-in level which by every definition is basement. I have run across a few however that truely ARE crawlspaces. The often have nice windows, curtains, and some are even well finished, but they're ceilings are only 5-1/2 to 6 feet high. Warm and cozy, great play area for the kids, but too short for living area - whether it be above gound or below.

Rather than telling the appraiser what it should be, ask him/her why it is what they're calling it. More than likely the appraiser is getting it wrong, but it may be possible that the comps are all built by the same developer and they all lack a true basement.

 

[Mztk1]

I'd love to know that market because I bet not only does the market see that area as living space, but it probably pays more than $1,000 for a two car garage or $1,000 for central air, or $500 for the half bath.

To me he looks like 1. a number hitter; and 2. like he is trying to hide the fact that his house suffers from a possible functional inadequacy because it has only one bath while the rest have 1.5 baths.

I don't know the market...obviously just shooting off the cuff.