Looking for some feedback. I am a seller, or at least I hope to be. I have a buyer who agreed to pay a certain amount. She ordered an appraisal and the result was $16k less than the agreed upon price. Now, I understand that Sellers value their own home perhaps more than perhaps they should but I think there were a couple significant errors in the appraisal and thought I'd run this by anyone who could help me ease my mind.
The appraiser found another condominium in my development that has the same first floor plan. Both of us have basements. My basement is partially above ground with a sliding glass door out to a covered concrete patio. There are two full-size windows that look out ground level. My basement was finished off to local code by a contractor. I had uninsulated walls insulated, created a utility room for the water heater and furnace and added a sprinkler head and extra electrical outlets. The main room has heat and a/c vents, carpet and track lighting. The other comparable is a below ground basement that is unfinished. Should there be any value given to a walk-out vs. below ground. Should any value at all be given to the finished work compared to unfinished?
FYI, both of our homes have the same layout, same condition inside although the other one has a fireplace. Two thousand dollars was subtracted from my appraisal because I do not have one.
Any thoughts?
The appraiser found another condominium in my development that has the same first floor plan. Both of us have basements. My basement is partially above ground with a sliding glass door out to a covered concrete patio. There are two full-size windows that look out ground level. My basement was finished off to local code by a contractor. I had uninsulated walls insulated, created a utility room for the water heater and furnace and added a sprinkler head and extra electrical outlets. The main room has heat and a/c vents, carpet and track lighting. The other comparable is a below ground basement that is unfinished. Should there be any value given to a walk-out vs. below ground. Should any value at all be given to the finished work compared to unfinished?
FYI, both of our homes have the same layout, same condition inside although the other one has a fireplace. Two thousand dollars was subtracted from my appraisal because I do not have one.
Any thoughts?
