Split-Level Appraisal

[rhino04401]

Little long.sorry

I have a similar issue that I was hoping someone could lend some professional advice on...I recently had a new home built that was categorized as a "raised colonial" which is "similar" to a raised ranch but with a few distinct exceptions. The home as two full floors or "stories" ALL above grade set on a slab style foundation with a one car garage in one half of the ground level floor. There is no bump out like on a traditional raised ranch, so both floors are directly over one another for a "colonial" appearance from the exterior. The front entry to the home is elevated approximately 4 feet above grade with a small a split stair case immediately inside which leads either up to the second level or down to the ground level. Second level has two bedrooms, one full bath, kitchen and family room. Ground level has garage with side ground level entrance, master bedroom, master bath, laundry room and walk in closet. My recent appraisal listed this design as a "raised ranch" or one story home with 2 bedrooms and one full bath and a partial finished basement with bath, which obviously affected my GLA. There were several other aspects of the appraisal that were incorrect, but those are not my concern here. I have done a considerable amount of research on the definition of a "basement" and everything I have read (Fannie Mae, Freddie Mac, FHA, etc) all state at a basement is any part of the dwelling that is below grade. How is it that my home was tagged as a one-story home with a basement when everything is at or above grade?? Am I missing something in the translation here? All the comparisons that were given were all homes with the traditional raised ranch design with the lower level being sunken halfway below grade. When I question my mortgage broker about this I was told that I was looking at this from a "layman's" point of view and not by the USPAP guidelines like the appraiser did....again...am I missing something here? can anyone shed some light on this for me? please?

 

[JennC]

rhino,
Interesting configuration, doesn't seem typical for Maine. The kitchen is down from the front entrance and this whole area is above-grade?

Any pic's you could post?

 

[rhino04401]

Its not the typical raised ranch and that is why we liked it so much...it looks more like a standard colonial than a raised ranch...

Yes whole house is above grade and sitting on slab...the master suite downstairs actually sits a little higher than the garage as you have to step up one step to enter the downstairs area from the garage area.

Yes the kitchen is on the second level...as you walk up the steps the two bedrooms are on the right, the bath is straight ahead, the family room is on the immediate left and the kitchen is on the back left...all open floor plan for the kitchen and family room area.

I would love to post a pic, but don't see to have the rights too...anyway you could help me with that...be happy to email it to you if need be...

 

[natasha]

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?

I didn't mean the appraisal was low, I just meant that it was lower than everyone expected. The price and offer were too high. Sorry for the confusion...

 

[Tony V]

Sounds like a High Ranch style dwelling.......(a least on Long Island)...this place is lousy with them...If the lower level is totally above grade then it should be counted within the subjects GLA.....

For S&G google for Realtors and their web sites along with Realtor.com within your area and look thru the listings ... you may find several and call the brokers for them....and ask them about the GLA issue...They may give you some insight and info to go back to the appraiser with..

 

[Tony V]

It probably looks something like this , except both levels are equal in width

 

[rhino04401]

It probably looks something like this , except both levels are equal in width

Tony is correct..it looks very similar to the picture just minus the overhang in the front.

I tried to "reason" with my mortgage broker (who hired the appraiser) that my points about the GLA and room counts were correct due to the entire home being above grade, but it fell on deaf ears...naturally

The appraisal was riddled with several other smaller items that were incorrect, which didn't help calm me down any...but the whole one story with a basement classification really bothered me the most...I guess I will wait a year and have the home appraised again...

Is there really anything I can do to argue the incorrect points of the appraisal?

 

[Charlotte Dixon]

This thread adequately demonstrates how difficult it is for an appraiser to earn a fee. Everybody's got an opinion, and the appraiser must make the call.

 

[Bill_FL]

Rhino,

While the lower level may or maynor be all above grade, part of the question is the functionality of the space. Does it function as a two story home, typical of two stories in your area, or does it function as a split-level/once story with a basement.

If the kitchen is on the upper level, it does not sound like a typical two story. There are not too many 2 story homes built with the kitchen upstairs. So, if the home functions as a split-level or a one story home with a basement, that is probably how the appraiser treated it. We attempt to look at how the market treats such home. YOu have to agree that compariing a home with with a floor plan like yours tow a traditional two story colonial might be a bit misleading?

 

[rhino04401]

This thread adequately demonstrates how difficult it is for an appraiser to earn a fee. Everybody's got an opinion, and the appraiser must make the call.

The world is full of people with opinions...part of being a good business person that deals with the public is learning to handle those opinions in a professional manner...which I may say everyone on this forum has handled my opinions/questions very nicely...