Need Help with ANSI/Below grade, hold the snark please!

[Dublin ohio]

The fact that it had several offers means that the functional utility is not bothering these buyers, and it is already baked into the lower price. That supports not making a negative adjustment for it..

Read the post you responded to again. It might be "baked into" the lower price. But how do you justify no adjustment compared to the other "livable" homes in the area that are probably selling for more

 

[Zoe]

Many houses that are very expensive have more than one bath and another kitchen in basement. Bedrooms, etc. etc. in basement.

Game room, media room, play room, the list goes on.

 

[Zoe]

Memphis area is not acceptable unless you spend a bunch of money doing it. The soil type does not like basements. They built many in 1900. But it was unfinished. More like a fruit cellar. Held the boiler system and gave access to crawl space.

Make good storm shelters.

If it smelled okay and everybody said no leaks we are aware of? Don't worry about the basement thing.

They build tons of basements in East TN with all the rocky ground. Soil type is different than west TN.

Sitting on big hill or mountain and walk outside from the basement.

 

[J Grant]

Read the post you responded to again. It might be "baked into" the lower price. But how do you justify no adjustment compared to the other "livable" homes in the area that are probably selling for more

The house has three offers as the justification. It is buyer-accepted; therefore, it is not a functional utility ding noted in the market reaction.

I also suggested appraising it perhaps at teh lower range of the adjusted values due to the kitchen and bath in the basement. Its is up to the OP to decide, nobody can decide it for them. We can offer suggestions, and some might be more relevant to the assignment than others.

 

[Terrel L. Shields]

If we sign an appraisal saying we used ANSI, then our reported SF for the GLA of the subject is what ANSI defines

But it does not say you cannot lump the adjustments together. You only are required to report the GLA and other separately. Using the same SF adjustment on the gross instead of the two separate 'things' would make analysis easier I would think. I only adjust a finished basement against GLA when the data suggests a difference. I just finished one where the finish was identical, the comps appeared to treat GLA and finished basement the same, and so I made one adjustment on the total heated area.

 

[Surf Cat]

But how do you justify no adjustment compared to the other "livable" homes in the area that are probably selling for more

The crux of the matter imo. If all the comps listed by the op in post #18 are above grade kitchens and baths....then they all su*k for the same reason.

If this is truly the anomaly of the neighborhood....I'd spell out the steps I took to try to find the elusive basement kitchen within the report, as well as the multiple offers....

 

[Fernando]

Even before ANZI sh*t, appraising home under 700 sf was difficult especially here because not many homes are so small let along finding comps.
I did such a tiny home years ago which was owned by an agent who recently purchased the tiny home and then remodeled and wanted me to appraise it higher.
He got upset I couldn't appraise it higher. It was easy to measure but headache to deal with the pressure.

 

[J Grant]

This is what I call a "funky " house...such as a small A-frame old shotgun-style houses, and other oddballs. Usually, they are cheap for a reason, and they attract buyers because they are cheap/and/or in a good location. The buyers of such houses forgive their flaws and functional issues.

Just make sure it is not a tear down, wrt HBU the small home adds so little value to the lot that the trend is tear it down to rebuild a bigger /more modern house.

 

[Sid Holderly]

Not uncommon for lake properties, some not even straight walk outs. You may have to compare total finished area even if you find similar layout comps. explain explain

 

[Fernando]

Seems like an easy appraisal for small house but to fit Fannie guidelines, appraiser needs to do more work and explain, explain, explain,......