One bedroom Upscale dwelling/Exposed bsmt

[Laura Doherty]

I appraised a newer dwelling that appeared to be a one-story house from the front and then the entire back was exposed and walk-out. Quality of finish was same on both levels. Biggest problem is that only the master bedroom was on main level. Two additional bedrooms were on exposed side of lower level. I appraised this as a one-story dwelling with considerable basement finish which I gave higher value to than traditional basement finish.

I was able to find a current listing of a similar property with one bedroom on main level. I used that as well as two-bedroom sales that were similar and made bedroom and GLA adjustments.

Biggest problem is now the lender/underwriter wants me to change the entire appraisal to reflect 3-bedrooms above grade. To do this feels against everything I have been taught. I would have to redo the sketch to reflect half of the basement as "above grade" (and of course try to figure out the same thing of all the comps I use).

I am leaning heavily towards just telling the lender/underwriter I'm sorry but I can't do that and they would need to find a different appraiser if they can't make the deal work any other way.

Any suggestions?

 

[Mike Kennedy]

Tip for you - it's good idea to SEARCH prior threads - all, if not most, questions you may have ..........have been thoroughly discussed...........for example........

http://appraisersforum.com/newbies-...quare-footage.html?highlight=include+basement

http://appraisersforum.com/urgent-help-needed/106952-below-grade.html?highlight=grade

http://appraisersforum.com/urgent-help-needed/106553-gross-living-area.html?highlight=grade

 

[TEL2002]

Send your lender the appropriate pages from ANSI standards and say 'no can do'. It is what it is.

 

[wyecoyote]

You could also send FNMA guidelines concerning Basements as well.