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What to do?

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Indiana Jones

Thread Starter
Member
Joined
Oct 16, 2002
Professional Status
Licensed Appraiser
State
Indiana
This is my first post, :D I've been lurking for awhile but I have a question. I am a trainee about to get a CR in Jan. I've asked my supervisor about this but I would like another opinion. What do you do when you have a property in a tract neighborhood that only has 3 or 4 models, you measure the house, and the sf comes out, say 200 sf larger than the assessors record. (Happens all the time here, the assessor is wrong 90% of the time.) You've got a comp that is the exact same model as the the subject (so you know it's the same sf)yet the MLS & assessor has it as the same size as what the subject is LISTED. Now I've got a comp that is the same size as the subject, but no way to prove it. Adjust for the sf or explain in an addendum?
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Mike,

You've two choices:

Enter what you've determined to be the correct figure (GLA) for both subject and comp, with the remark saying what you've just said in your post, or:

Enter your own measured values for the subject, and the MLS/Assessor value for the comp WITH NO ADJUSTMENT explained by what you've just said in your post.

Six of one, half a dozen of the other .. but fully disclosed ..
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
Are you sure that the subject's model wasn't added on to? I've seen these new housing developements with only 3 or 4 models to choose from, and sometimes there are options in a specific model.

Recently I did a new condo that was located on one of the ends of the strip of condos. Even though all of the condos were recorded the same at the county assessors, I found out from the subject's owner (and by measuring) that there was an option for the outside units to be 2 or 4 feet wider than the others.

Just a thought. If there are no options in the available models, and if you're doing it on a form (URAR, 2055), then here's what I'd do:

List the subject with the correctly measured square footage of course. In the sales comparison adjustment grid I'd list the comparable with the square footage that the MLS and assessor have listed, and don't make an adjustment to it for the difference in square footage. Then I'd just mention everything in the addenda, stating that you used the available square footage that was listed from the 2 sources available to you, but that it is the same model as the subject and because of this you think that there may be a discrepancy in the comp's measurement, and as so you didn't make an adjustment for the perceived size difference on that one comp.
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Graindart,

DejaVu .. all over again ..
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Been there, done that, I went and measured the comps!!! Easier than you might think......just a thought. :roll:
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Gee, I wasn't going to admit that I actually have asked and been given permission to measure comps. If they are hesitant, I offer to mail them the sketch. Get's them all excited and by then they'll tell you EVERYTHING whether you want to know or not.
:lol: 8O :roll:
 
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