Appraisal square footage

Hello appraisers of this sub-

I had an appraisal done on my home last week and got the report back to find the appraiser drastically misrepresented numerous factual pieces of the appraisal.

To start, he overestimated the comps unfinished basement square footage. I have a finished basement (840 sqft total 672 sqft finished he says) but in all of the comps that were pulled without a finished basement the appraiser divided the entire above grade square footage in half and said that’s what they have in the basement. In nearly all of the homes with an unfinished basement the $10,000 addition that my home got for having a finished basement is being largely wiped out by him saying the comps have a 400-700 sqft basement LARGER than what they actually have (below grade sqft is calculated at $10/sqft according to him).

In one comp the above grade square footage that he cites is 1,000 sqft over what the MLS says and then he is deducting $55/sqft to account for their house being bigger.

My issue with that method is this doesn’t consider that most people in this area do not have basements under their garage.

My realtor is basically saying realtors can put whatever square footage they want in the listing and that I should just be happy with the appraisal that shorted $45k off the offer price and that disputing the appraisal report for these errors could upset the appraiser and make him adjust down. He said that appraisers (who spent 7 minutes inside my 2 story home with a fully finished basement) have no way to verify below grade unfinished square footage in comps so he just “taking his best guess” but that it’s unverifiable for him. He also said that features in my home (fully tiled shower, heated bathroom floors, custom kitchen cabinet) that should have been accounted for when adjusting the homes to be even, don’t matter because those are common and my house is “just average”. My issue is, none of the houses we were comped to had any of those things, yes my home is an average home but comps are supposed to adjust to make homes equal. He suggest that I ask the buyers for more money even though they already put up a $20k appraisal gap.

After a terrible conversation with the realtor yesterday and feeling so unheard and alone in this dispute, I went to 3 out of the 6 homes on the comp list without finished basements and asked them flat out if their basement ran under their garage, of which all 3 said “no” they have no basement under their garage, effectively adding at least 400 sqft to each of their basement square footages. 1 of the houses that I went to was also the one with the square footage being wrong by 1,000 and the home owners laughed when I showed them our appraisal report said their home has 3,682 square feet. They said Zillow says 2,682 and that is what we have.

My question to the appraisers of Reddit, is there anything I can do here? Will me going to these houses and verbally verifying with the home owner matter at all? When I simply fix these errors, and use his exact weightings that he used in the report to adjust this house it brings our appraisal value up $12,000. This doesn’t even consider all the upgrades my home has over the comps that he didn’t value, frankly I’d probably just be happy if he fixed the errors alone.

submitted by /u/htorrence0
[link] [comments]

Hello appraisers of this sub- I had an appraisal done on my home last week and got the report back to find the appraiser drastically misrepresented numerous factual pieces of the appraisal. To start, he overestimated the comps unfinished basement square footage. I have a finished basement (840 sqft total 672 sqft finished he says) but in all of the comps that were pulled without a finished basement the appraiser divided the entire above grade square footage in half and said that’s what they have in the basement. In nearly all of the homes with an unfinished basement the $10,000 addition that my home got for having a finished basement is being largely wiped out by him saying the comps have a 400-700 sqft basement LARGER than what they actually have (below grade sqft is calculated at $10/sqft according to him). In one comp the above grade square footage that he cites is 1,000 sqft over what the MLS says and then he is deducting $55/sqft to account for their house being bigger. My issue with that method is this doesn’t consider that most people in this area do not have basements under their garage. My realtor is basically saying realtors can put whatever square footage they want in the listing and that I should just be happy with the appraisal that shorted $45k off the offer price and that disputing the appraisal report for these errors could upset the appraiser and make him adjust down. He said that appraisers (who spent 7 minutes inside my 2 story home with a fully finished basement) have no way to verify below grade unfinished square footage in comps so he just “taking his best guess” but that it’s unverifiable for him. He also said that features in my home (fully tiled shower, heated bathroom floors, custom kitchen cabinet) that should have been accounted for when adjusting the homes to be even, don’t matter because those are common and my house is “just average”. My issue is, none of the houses we were comped to had any of those things, yes my home is an average home but comps are supposed to adjust to make homes equal. He suggest that I ask the buyers for more money even though they already put up a $20k appraisal gap. After a terrible conversation with the realtor yesterday and feeling so unheard and alone in this dispute, I went to 3 out of the 6 homes on the comp list without finished basements and asked them flat out if their basement ran under their garage, of which all 3 said “no” they have no basement under their garage, effectively adding at least 400 sqft to each of their basement square footages. 1 of the houses that I went to was also the one with the square footage being wrong by 1,000 and the home owners laughed when I showed them our appraisal report said their home has 3,682 square feet. They said Zillow says 2,682 and that is what we have. My question to the appraisers of Reddit, is there anything I can do here? Will me going to these houses and verbally verifying with the home owner matter at all? When I simply fix these errors, and use his exact weightings that he used in the report to adjust this house it brings our appraisal value up $12,000. This doesn’t even consider all the upgrades my home has over the comps that he didn’t value, frankly I’d probably just be happy if he fixed the errors alone. submitted by /u/htorrence0 [link] [comments]

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