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Am I being taken? Real estate question
Posted on 3/29/13 at 11:24 am
Posted on 3/29/13 at 11:24 am
So, My house is for sale. I bought it in 08. The appraisal then listed the house with a Sq footage of 1918. The prospective buyer had an appraisal done that lists the sq footage in the 1700's Now, here is where it gets "interesting" the people doing the appraisal stopped before it was done to tell the lender and buyer that it was gonna come in low. They eventually finished but come to find out the buyer knows the person who did the appraisal. She swears she didnt know that person was gonna do it but does admit to knowing them. In dispute is wether or not a sun room on the back of the house that is fully enclosed and heated / cooled shoud be included in the Sq footage. They say no, our commercial appraisal friend says yes. It makes a difference of around 13-17G and could make a difference as to wether I lose money on this house. What says the experts here on TD?
This post was edited on 3/29/13 at 11:25 am
12
Posted on 3/29/13 at 11:28 am to LordSnow
Could you get a second appraisal?
Posted on 3/29/13 at 11:30 am to Bmath
Yes, but not without running this buyer off.
Part of me thinks, a bird in the hand, but I also dont wanna come out of pocket 7g @ closing
Part of me thinks, a bird in the hand, but I also dont wanna come out of pocket 7g @ closing
Posted on 3/29/13 at 11:31 am to LordSnow
If it's fully enclosed, H/A I don't see how it wouldn't be part of the living area. But either way it would still need to be accounted for. It's not like it's worthless.
Posted on 3/29/13 at 12:01 pm to LordSnow
Sounds no different than a finished basement and that would certainly be included in the living sq footage.
If she insists on using that appraisal and would walk if you got a second opinion, maybe there isn't a deal to be made here.
If she insists on using that appraisal and would walk if you got a second opinion, maybe there isn't a deal to be made here.
Posted on 3/29/13 at 12:09 pm to LordSnow
I would put a stop to that BS in a heartbeat.
Posted on 3/29/13 at 12:13 pm to LordSnow
It gets a little grey about some of that. If it is "part of the house" and hooked up to the central heat and air it should be part of the living area. (Shouldn't have window units) What was the reasoning for them to not include it?
Posted on 3/29/13 at 12:14 pm to ZereauxSum
quote:
Sounds no different than a finished basement and that would certainly be included in the living sq footage.
When I was shopping for houses, they listed finished basements seperately from the housing square footage, but it was calculated into the price at about half the regular square foot price.
I'd say to try and compromise and see if they'll add the sunroom at price per square foot of house divided by two, especially if you haven't had many prospective buyers coming around. Is the floor of the sunroom concrete/tile/wood/grouted pavers?
Posted on 3/29/13 at 12:18 pm to LordSnow
quote:
Am I being taken?
If so I hope
quote:has a particular set of skills for your sake.
our commercial appraisal friend
Posted on 3/29/13 at 12:46 pm to Ric Flair
Its central air/ heat
Tile floor but its like a step down from the Living room into it. There is brick on the inside wall and sheetrock on the inside of the exterior wall if that makes sense. Its was an Add on, but added on during the initial build.
Tile floor but its like a step down from the Living room into it. There is brick on the inside wall and sheetrock on the inside of the exterior wall if that makes sense. Its was an Add on, but added on during the initial build.
Posted on 3/29/13 at 1:13 pm to LordSnow
quote:
Sounds no different than a finished basement and that would certainly be included in the living sq footage.
Negative.....appraisals go by "above ground square footage" as far as size of house. You will get SOME credit for the basement, but not full value of what the above ground sf is getting you.
Posted on 3/29/13 at 1:28 pm to LordSnow
quote:
Its central air/ heat
Tile floor but its like a step down from the Living room into it. There is brick on the inside wall and sheetrock on the inside of the exterior wall if that makes sense. Its was an Add on, but added on during the initial build.
quote:Fully enclosed, heated/cooled should absolutely be included. Might start by going to your real estate tax-value website. They will list your sq footage. But from what you're saying, something is amiss.
In dispute is wether or not a sun room on the back of the house that is fully enclosed and heated / cooled shoud be included in the Sq footage.
Posted on 3/29/13 at 1:34 pm to NC_Tigah
I bet if you are really trying to sell the house soon you could compromise with them.
If the difference is 15k$ and you are losing 7k$ at their deal, bithc about it threaten new appraisor and give them an offer of 10-12k$ over their deal
If the difference is 15k$ and you are losing 7k$ at their deal, bithc about it threaten new appraisor and give them an offer of 10-12k$ over their deal
Posted on 3/29/13 at 1:34 pm to Im4datigers
quote:I guess it depends? Our basement appraises at something north of $200/sq ft.
Negative.....appraisals go by "above ground square footage" as far as size of house
Posted on 3/29/13 at 1:37 pm to Im4datigers
quote:
it was calculated into the price at about half the regular square foot price.
quote:
appraisals go by "above ground square footage" as far as size of house.
Gotcha. I've seen listings that included the basement into the total square footage, but I don't now how that impacted the list price. Maybe that portion was priced at 50% like Ric suggested.
In any event, it sounds like the OP's buyer is trying to treat the sunroom like a porch or something, which can't be right.
Posted on 3/29/13 at 1:56 pm to NC_Tigah
quote:
Fully enclosed, heated/cooled should absolutely be included
Correct me if I'm wrong but doesn't accessibility come into play as well? For example if you have to go through a bedroom to get to the sunroom it would not be included as LA. Also the op mentioned that you had to step down to get to it. Usually everything on one "level" will have to be at slab height to be considered LA.
Posted on 3/29/13 at 2:10 pm to LordSnow
quote:
come to find out the buyer knows the person who did the appraisal. She swears she didnt know that person was gonna do it but does admit to knowing them
This is probably true. You don't get to pick your appraiser any more.
Posted on 3/29/13 at 2:27 pm to MikeBRLA
quote:That would leave classic New Orleans "Shotgun Houses" rated at about 100sqft.
Correct me if I'm wrong but doesn't accessibility come into play as well?
quote:Nah.
Usually everything on one "level" will have to be at slab height to be considered LA.
Sunken great rooms, etc. all should rate at normal value.
Posted on 3/29/13 at 2:29 pm to LordSnow
If you are not happy then don't sell it
A little story
Put a house under contract that had a sun room as part of the living square footage. This was the case 2 previous sales as it was recorded in the MLS.
This appraiser decide not to count it even though in the past others had counted it. It did have a mini split ac system.
Anyway,the low appraisal blew the sale. 3 weeks later house goes under contract again for 10k more than the previous contract.....This time it appraises.
I investigated further by calling 3 different appraisers that I know only to find that BECAUSE AN APPRAISAL IS A PROFESSIONAL OPINION of value ....the appraiser has latitude over what they count.
I now meet all appraisers with much of their work done for them to help make sure as much as possible that the home appraises
A little story
Put a house under contract that had a sun room as part of the living square footage. This was the case 2 previous sales as it was recorded in the MLS.
This appraiser decide not to count it even though in the past others had counted it. It did have a mini split ac system.
Anyway,the low appraisal blew the sale. 3 weeks later house goes under contract again for 10k more than the previous contract.....This time it appraises.
I investigated further by calling 3 different appraisers that I know only to find that BECAUSE AN APPRAISAL IS A PROFESSIONAL OPINION of value ....the appraiser has latitude over what they count.
I now meet all appraisers with much of their work done for them to help make sure as much as possible that the home appraises
Posted on 3/29/13 at 4:19 pm to LordSnow
My last home had a nice sunroom on the back that was centrally heated & cooled. There was no problem with it appraising as living area. It was finished on the same level as the rest of the home. I've noticed that it sometimes depends on the way the room is furnished/used.
Someone brought up access - this does make a difference with a spare room that doesn't have direct access to the rest of your living area - a room above garage that is accessed from outside, a pool house/guest house. You will get credit, but reduced to some extent from the remainder of the living area. Appraiser just needs to use his head.
Hope it works out for you!
Someone brought up access - this does make a difference with a spare room that doesn't have direct access to the rest of your living area - a room above garage that is accessed from outside, a pool house/guest house. You will get credit, but reduced to some extent from the remainder of the living area. Appraiser just needs to use his head.
Hope it works out for you!
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