Three Story Home

[Nancy Jackson]

Originally posted by Mike Garrett, RAA@Aug 15 2003, 08:51 AM
Sounds like more energy and time was expended in this thread than the appraisal. I cannot comment on the appraisal because I have not seen it. Are we beating a dead horse here? The appraisal served it's purpose, your refinance was completed.

I don't understand why you expended more of your energy on my issue. I simply asked the number of the ANSI standard. Why bother responding if you feel it is a done deal?

I wish I could find the standards online without bothering the board, but I have tried searching to no avail. I believe I had a number which I found on another thread when I did my initial search.

Yes, I received my financing, yes, it was an inaccurate description of my home, no, I am not arguing about value, but yes, I do believe it may be undervalued, due to the way the appraiser hit my estimate on the nose. I would simply like to have a letter in my file at the lender, since I will be most likely going to them for further financing for renovations at a later date.

I have decided to send a letter to my lender, several of your colleagues recommended sending a letter to the appraiser. I doubt if I will do that because I feel it will fall on deaf ear. If my lender chooses to do so, then so be it.

Sorry, I wasted your time Mike.

 

[Mike Garrett RAA]

Now Nancy...re-read my post. I never said a word about wasting my time. I simply ask the question..."are we beating a dead horse".

1. The purpose of the appraisal is finished. The report was satisfactory to the client.
2. You stated the appraiser will not change his report and we can't make him do it.
3. If you wish to refinance or get a loan in the future, most likely another appraisal will be required. They are only good for 6 months.
4. Anyone responding to your questions will, at best, be expressing a personal opinion as to what the appraiser did or did not do...SINCE THEY HAVE NOT SEEN THE REPORT!
5. Consider this, there are no mandatory national standards when it comes to measurements...only recommendations. In some areas appraisers count attic space as part of the GLA and in other areas they do not.
6. I have found, in my 23+ years of appraising, engineers and accountants are quite often the most difficult people to satisfy when it comes to an appraisal. Appraising is an art not a science. It isn't always black and white. You are used to working in absolutes.
7. My comment about the time and energy expended in this thread still stands.....the respondents responded and gave you their opinions. The thread could go on and on and on and nothing else will be accomplished here.

Oh darn....now I have been dragged into it! :rofl:

I am sorry if I offended you. Don't have a link for ANSI standards for measuring a house. Oh, one more thing...what does the public record say about your square footage?

 

[Ted Martin]

It doesn't sound like there was a problem with the origninal appraisal.

From the description of the report it sounded like the comparison between the subject and the comparables was consistent. First and second floors were treated as AGLA with third level treated as attic space. We don't have many true three stories in my market, but I have noticed that buyers will discount the third level space compared to levels one and two similar to the way they will discount basement finish compared to above grade finish. Assuming in both cases that the quality and utility of the finish on each of the levels is near equal. In both cases it adds value but at a lesser rate. Personally speaking, I have rotten knees and would pay less for that finished area at the end of that third flight of stairs. Strict application of ANSI standards may not truly reflect the actions of a typical buyer in this market. While it may be technically accurate to include the third level space in with levels one and two it may not result in an reasonable value estimate for the subject.

 

[Nancy Jackson]

Originally posted by Mike Garrett, RAA@Aug 15 2003, 11:04 AM
Now Nancy...re-read my post. I never said a word about wasting my time. I simply ask the question..."are we beating a dead horse".

1. The purpose of the appraisal is finished. The report was satisfactory to the client.
2. You stated the appraiser will not change his report and we can't make him do it.
3. If you wish to refinance or get a loan in the future, most likely another appraisal will be required. They are only good for 6 months.
4. Anyone responding to your questions will, at best, be expressing a personal opinion as to what the appraiser did or did not do...SINCE THEY HAVE NOT SEEN THE REPORT!
5. Consider this, there are no mandatory national standards when it comes to measurements...only recommendations. In some areas appraisers count attic space as part of the GLA and in other areas they do not.
6. I have found, in my 23+ years of appraising, engineers and accountants are quite often the most difficult people to satisfy when it comes to an appraisal. Appraising is an art not a science. It isn't always black and white. You are used to working in absolutes.
7. My comment about the time and energy expended in this thread still stands.....the respondents responded and gave you their opinions. The thread could go on and on and on and nothing else will be accomplished here.

Oh darn....now I have been dragged into it! :rofl:

I am sorry if I offended you. Don't have a link for ANSI standards for measuring a house. Oh, one more thing...what does the public record say about your square footage?

Mike,
I asked for the ANSI standard number, pure and simple. It is you who rehashed the issue.

Because you asked, and as I posted previously, the public records say 2306 square feet, the appraiser came up with GLA of 1729, which is the number excluding the third floor.

I do not want to drag anyone into rehashing the issue. Previous posts have been very helpful. I just would like the ANSI number if anyone has it. I know the standards are available online as I have found it through a previous search I performed with use of the number.

 

[Mike Garrett RAA]

You might try clicking on the carrot to the right of your address line, it usually keeps those site addresses you have gone to.

 

[Nancy Jackson]

Originally posted by Mike Garrett@ RAA,Aug 15 2003, 11:44 AM
You might try clicking on the carrot to the right of your address line, it usually keeps those site addresses you have gone to.

Thanks Mike,

I tried that, but its not there. I don't keep much in history in my work computer. Better that the boss not know I take peeks at appraiser boards during work time.

 

[Em Tee]

Nancy:

I think you're looking for ANSI Z765.

 

[Nancy Jackson]

Originally posted by Mary Adamson@Aug 15 2003, 07:15 PM
Nancy:

I think you're looking for ANSI Z765.

Thanks Mary,

I'll try a search on that.