Tax assessor doesn't have exact Sq. Ft.

[HYDR1848]

I am a Kentucky Appraiser doing an appraisal in Illinois with a temporary license. The subject is a 2 story 3000+ Sq. Ft. home built in 1900. This is a very small town with no real estate companies so I had to search for comps at the county tax assessor's office. When looking through the records I realized that they only measure the first floor of a home then apply a multiplier to figure out their assessed values. I am wondering if anyone else has dealt with this and how you came up with accurate GLA for your sales? Am I required to go measure each sale? Please help, Thanks.

 

[Lawrence R.]

XI, 406.01: Sources of Comparable Market Data (06/30/02)
The appraiser’s opinion of market value is no better than the reliability of the comparable data that is used; therefore, the appraiser must exercise due diligence to ensure the reliability of the comparable sales data that he or she uses. The appraiser must report his or her data and/or verification source(s) for each comparable sale on the appraisal report form. An appraiser may use a single source for the data and verifications or multiple sources if they are needed to adequately verify the comparable sales. The quality of the data available varies from source to source and from one locality to another. In view of this, a single data source may be adequate if the appraiser uses a source that provides quality sales data that is confirmed or verified by closed or settled transactions. On the other hand, if the appraiser’s basic data source does not confirm or verify the sales data, the appraiser will need to use additional sources. When comparable sales data is provided by a party that has a financial interest in either the sale or financing of the subject property, the appraiser must reverify the data with a party that does not have a financial interest in the subject transaction.


This is FNMA's take on it.

 

[444nutman]

Do you have access to MLS? I hope so because I think it would be difficult to do any sort of market analysis without it or at least less time consuming. What does your mentor say?

 

[Jill Kinnaird]

Did your client agree to the temporary licensing before you began the assignment? If not make sure he does before you do anymore work.
Assuming the first floor calculations are correct, drive by all your comps. Unless the owners of those properties allow you to measure the property you'll have to estimate GLA based on the first floor calculations and view from the street. Disclose this estimating process in your report.

 

[Lawrence R.]

And it must be asked.

Where is your mentor on this? did he make the trip from Kentucky with you to inspect the subject, and comparables from the street?

I assume this one is close to your home base, not like 100 miles away?

What did he say when you asked?

Sounds to me like you may be out of your area of geographical competence, based on the fact that you do not have access to the tools that a typical appraiser in that market would use.

I would probably try to affiliate myself with a local appraiser, or real estate agent to gain the competence you are lacking on this assignment.

BTW, good luck finding an appraiser who isn't an ornery old curmudgeon and unwilling to lend a hand.

 

[HYDR1848]

No MLS. I have consulted an appraiser in the subject market area about the market analysis. My mentor is in the Bahamas and I couldn't reach him today that is why I consulted the forum.

 

[Lawrence R.]

No MLS. I have consulted an appraiser in the subject market area about the market analysis. My mentor is in the Bahamas and I couldn't reach him today that is why I consulted the forum.

I couldn't have answered for you any better if I had the collected works of trainee cliches on my desk.

How far out of your usual area are you?

I would cling to the other appraiser at this point if I were you.

 

[HYDR1848]

This city is directly across the river from my hometown. I actually grew up in the city so I am familiar with the area I just never had to deal with this type of record keeping. Sounds like I'm going to have to go back and measure the comps. Thanks for all the suggestions.

 

[BNICK]

Since You Said There Is No MLS, I Would Go To The Assessors Office Find Out What Square Footage They Assigneed To Your Subject, Since You Measured The Subject (use This Measurement As Your Constant ), You Can Use This As A Ratio , Use This Ratio On The Comparables You Are Looking To Use ,, The Procedures Have Probably Been In Place By The Township Assesors Office For Some Time ,so As Long As All Your Comparables Are Measured By The Township The Same Way, 1st Floor Only,the Ratio Should Be Fairly Constant In Determining The Total Square Footage.

 

[38Scarcello]

Sounds like I'm going to have to go back and measure the comps.

Interesting....that sounds like trespassing to me.