Michigander
Senior Member
- Joined
- Oct 23, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Michigan
I have not read the responses, but in my market (a small segment of SE Michigan), walkout basements can range from no premium, to a premium of over 20K. Finished basements can add a couple dollars per sqft of finish, to well over $40 per sqft. It just depends on what is expected, the price range, and of course, the area. These differences I stated above can be within a few miles too, so it is extremely market dependent. Because it is so market dependent, the appraiser has to look at what is competitive within the market (note, competitive) and analyze that data.
Logically one would expect a finished walkout value to have more appeal to a buyer than completely below grade and unfinished. I'd be curious in the appraiser's logic as well as how they supported that. Do realize however, that the appraisers client is the lender in this instance, and they cannot talk with you, the borrower or any of the agents related to value. They can only communicate with the lender and through the reconsideration process on this. Gather information for an argument and use that, but it will need to go through the proper channels.
Logically one would expect a finished walkout value to have more appeal to a buyer than completely below grade and unfinished. I'd be curious in the appraiser's logic as well as how they supported that. Do realize however, that the appraisers client is the lender in this instance, and they cannot talk with you, the borrower or any of the agents related to value. They can only communicate with the lender and through the reconsideration process on this. Gather information for an argument and use that, but it will need to go through the proper channels.