• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Open Two Story Areas

Status
Not open for further replies.

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I have a two story home with a two story foyer and 2 story great room.

This is approx 400 Sq Ft of opened air two story. On an approx 3000 sq ft house
(2764 Gross living area, Not counting the open area on 2nd level).

One home looks very similar to the subject, confirmed by owner that the house has a similar floor plan, but, its listed at 3500 sq ft. On an exterior observation, you can see the foyer is a story and rear view indicates great room is a two story.

What is the proper way to adjust for this? The REALTORS don't measure, their using county records, and county records only measures the outside.

Should I take off 400 sq ft of the comp? and splain that it has open 2 story foyer & great room. (That's whadda Im thinking?)
Or just use Gross building area, and splain why? Which would add 400 sq ft
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
How was your subject measured by the county? Did you gain access to the comparable? If you can gain access measure the comparable. I deal with open to stories all the time the assessor here does not include the open area. Even if the comparable looks similar from the outside are you sure that it is not larger than your subject? I would personally not reduce the sf of the comparable because what if it is actually 3500 sf. What would you do if you received a review on someone that reduced the square footage based upon what the measured on the subject? Are you sure non of the other comparable sales have open areas?

Like I said before I would use county records for the sf and not make any adjustments to the comparables sf.

Ryan
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
ALWAYS use what you correctly measured for your subject.

Use the county records GLA for your comps. Adjust what you believe is correct and explain exactly what you did and why you did it with each comp.

I've had the same or similar circumstances, especially with condo units. What I measure it not what reality is according to ANSI standards. When I know a comp is the same floorplan, I put in what the tax records say it is and give a 0 adjustment with an explanation. When a comp is a different floor plan, I've used the percentage of the difference between what I measured for the subject and what the tax records said for the subject as the percentage of my adjustment for that particular comp. Just explain fully what you did, why you did it that way, how you estimated the the GLA of the comps and that their GLA is assumed to the best of your knowledge at this time but not guaranteed.

Haven't had an underwriter question yet doing it this way.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Just do the best with what you've got. Just finished an appraisal. Tax records showed the subject with 2500 SF, measured at 3800 SF.
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Lee,

I do not know what kind of relationships you have with other appraisers in your area, however I have called the broker and asked who appraised the home when it sold. Then called the appraiser and asked him/her what the actual GLA was.

On the same token, have answered that question for appraisers.
 

Monica Otto

Freshman Member
Joined
Mar 1, 2002
Professional Status
Certified Residential Appraiser
State
Florida
If you know FOR SURE that the comparable is the same model as your subject, ie, same builder in development, only has one floor plan that looks like yours, then I would use what I measured for the subject as the size of the comparable and explain. If you are not sure I wouldnt change the size of the comparable without finding some way to verify the size.
Ryan had a good question, What did the county show was the square footage of the subject? Did the county include the 400 as added square footage?
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
I do not know what kind of relationships you have with other appraisers in your area, however I have called the broker and asked who appraised the home when it sold. Then called the appraiser and asked him/her what the actual GLA was.

That is really good advice. I have only done it a couple of times, but I probably should do it more. I have walked up to comparable houses and asked to measure, and have always been allowed to do it.
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Michael,

When I first heard a few years ago that the AI was working on a database software, I thought, fantastic, we can all share are sales inspections with each other, what great data.

Then they told us, no its not for you guys, its for us to sell to banks, lenders, insurance companies....

That is when I lost interest in their orginization.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
Bill -

I have taken several AI courses over the years and they do push exactly what you are discussing. They have the best courses that I have taken, but there is definitely an agenda. I have several appraisers in the rural parts of Wisconsin who I share land sale data with, but I have seldom shared residential data. It is too bad the AI isn't actually making some sort of database for appraisers only. That I would pay for.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Originally posted by "Michael"
It is too bad the AI isn't actually making some sort of database for appraisers only. That I would pay for.
Ditto.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks