I'm buyer, have closed, appr sf under by ~750 sf

[sputnam]

The appraiser's error (if there was one), does not change the characteristics of the property in any way. It could have made a difference in the lending decision but, since you were able to purchase the property, you apparently were able to accomplish the goal you had when you started the process. I agree, put the report in a box and move on to the next challenge.

 

[Papoua Jose]

Wheat is behind that 12' difference?

I've never seen Wheat cause that much of discrepancy. Barley and Hops, yes, but Wheat, no.

 

[johnnyboygirl]

He might have separated the basement below grade from the basement above grade. On the section that says, "Basement & Finished Rooms Below Grade," he put a general "sf" figure and then a "sfwo" The sfwo matches his 14' wall floor plan. I thought the first figure was supposed to be TOTAL sf on the basement and the sfwo would be a part of that. There is one unfinished room about 19' wide next to the finished part that would just about compensate for the difference between the two figures, which is why I read it that way. But,t hat unfinished space is also a walk-out space.

So, is the first "sf" figure ONLY supposed to be below grade and the "sfwo" (sf walk out, I know) additional above grade, or is the first figure a cumulative first floor sf? I assume there's a standard to how these figures are listed.

If these two areas are differentiated then that means all the rooms on the first floor have a "value boundary" going right down the middle. The 14' facing the view is sfwo but the rest of the room is just finished basement?! What happens if you have a basement that isn't finished? It should add some value.

This brings up another dilemma if he actually did it correctly. For his "Additional Comparables" he used a home which we looked at ourselves to buy. It has a concrete basement 2/3 the size with nothing finished and totally below grade. Awesome place for storage, but it isn't true living space with a full bathroom and there ain't any daylight getting down there. He only credited $6,000 for the difference in these two spaces. How can one fully finished (except for a 19' wide space) and much larger space be worth only $6K more?! This is also a house that has AMAZING reclaimed wood floors compared to the old carpet in ours. I would have thought our carpet would have reduced the value of our house, which I know used to be the case. I'd like to think that when we put in hardwood floors it's going to make a difference in the value of the house! It's a lot of money to pay for something that doesn't matter to an appraiser.

Why don't I order another appraisal? Because I already paid $700 for this one less than a month ago.

Thank you all for your responses and help! Your help is greatly appreciated As you can tell, it's somewhat confusing to me. It's a wonderful house, and if we need an appraisal in the future we'll obviously have to get a new one, so in the long run this one really doesn't matter, but I would like to understand. Maybe I should just call him and ask him to help me understand his figures.

 

[JTip]

I'd like to think that when we put in hardwood floors it's going to make a difference in the value of the house! It's a lot of money to pay for something that doesn't matter to an appraiser.

Like putting chrome 18" wheels on a Dodge Neon. Every car needs wheels no matter the taste.

 

[Michigan CG]

.........Why don't I order another appraisal? Because I already paid $700 for this one less than a month ago........

Did you get kissed after you got screwed by your lender?

 

[BRCJR]

If I were happy with my purchase, I would not bother drawing this to my lender's attention. If, out of curiosity, I contacted the appraiser, I'd take the chance an overly-scrupulous appraiser might attempt to correct the error. That might get back to my lender. If I discovered the error caused my real estate taxes to increase, I MIGHT appeal to the assessor. However, the assessor probably has the correct gross living area and they may NOT have information I'd rather not provide...like features which would increase my taxes.

Why would an Appraiser encourage this person to directly contact the Appraiser?

So you would not want to pay your fair tax?

 

[TRESinc]

He might have separated the basement below grade from the basement above grade.

there is no such thing as above grade basement. if any portion of a level is below ground, and that means ANY portion, it is basement and not part of the living area of the property.

 

[johnnyboygirl]

Did you get kissed after you got screwed by your lender?

That's what jumbo loan appraisals with additional lot features apparently cost around here. I was actually quoted $1000!

 

[BRCJR]

there is no such thing as above grade basement. if any portion of a level is below ground, and that means ANY portion, it is basement and not part of the living area of the property.

Even on California hillsides where the dwelling is "below grade"?

 

[johnnyboygirl]

there is no such thing as above grade basement. if any portion of a level is below ground, and that means ANY portion, it is basement and not part of the living area of the property.

I should have said walk-out instead of above grade. He specified the 14' part as sfwo. But that still means the rooms have been chopped in half and square footage valued differently for each half of the room, which I don't understand yet. Any help would be appreciated.