Split-Level Appraisal

[Tony V]

In my market those are known as raised ranchs....they are a PITA as brokers like to call them high ranchs which confuses the heck out of both buyers and sellers. Even though the market has slowed in your area, there should be several of them around to compare to. Using plain ranchs for the appraisal does not make to much sense.

If you have a broker involved, did you ask them about the issue??

 

[bpbappraisal]

I frequently appraise properties of this type in this same geographic area, they are known, generally, as: "split-levels", "split-entry" or less commonly as "raised ranches". Responses are correct that only the main living level should be considered as part of the GLA and room count, finished lower level rooms do have value and should be adjusted for, although not at the same level as above grade GLA. This is a constant matter of contention in this market area with homeowners....and Realtors informing appraisers that they have a 2,000 sq. ft. home when in fact they have a 1,000 sq. ft. home with a finished basement. Sounds like the appraisal was done correctly.

 

[tjcou812]

Looks like a raised ranch to me. In Connecticut some town assessors do use the finished lower level GLA in their total if above ground. It looks like in the photos that you submitted that the lower level is above ground.

 

[timd354]

In my area, that type of house is known as a "split foyer". It is interesting to see the different localized names for housing styles in different areas of the country. Here, in most market areas a split foyer and raised rambler (a/k/a raised rancher) generally have equal appeal in the market.

 

[Hal Mann]

Or, at least the house was described and measured correctly. The analysis, especially comp selection, may have been deficient. Natasha reported that none of the comps were "split level".

 

[JennC]

Cute split!
Split-entry or split-level is what we call'em around here. I've never used bi-level...multi-level, yes.

The finished basement and bath should have been adjusted for in the appraisal, but as noted in previous posts it is adjusted for in the basement area of the sales grid: "Basement and finished rooms below grade." If the appraiser missed this than it would change the value."

If these rooms are done with similar quality to the above-grade construction and there is a full bath, than it should be adjusted for, but at a lower rate than the above-grade.

I do use ranches as comparables, but prefer other split's or multi-level's.

 

[JennC]

Sounds like you have grounds to negotiate the sales price though.

 

[natasha]

After reading the responses here, doing more research, and speaking with my mortgage broker and real estate agent I see that the appraisal was done correctly. It was just hard to believe at first because both levels of the house are finished and equivalent in quality. I certainly don't want to overpay so the low appraisal is a good thing to know.

Thank you all for your help!

 

[Bill_FL]

After reading the responses here, doing more research, and speaking with my mortgage broker and real estate agent I see that the appraisal was done correctly. It was just hard to believe at first because both levels of the house are finished and equivalent in quality. I certainly don't want to overpay so the low appraisal is a good thing to know.

Thank you all for your help!

Jen

Just a quick little note. Your last phrase there is something that just raises the hair on the backs of our necks. Was the appraisal low or the asking price and offer too high? What is the house worth? If it is worth what the apprasial came in at, how is the appraisal low?

 

[JennC]

Bill,
Are you referring to Natasha's comments (you addressed it to Jen)?

Sounded to me like Natasha was just stating the asking price is above what the appraisal came in at . I'm sure she didn't mean the appraisal was low, but that it was right on what it should be for that market.