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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 11:31 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 12:18 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 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 2:29 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!
Posted on 3/29/13 at 7:39 pm to LordSnow
The personal relationship between the appraiser and the purchaser gives the appearance of a conflict of interest which should raise professional ethics issues for the appraiser. I would ask the licensing board for appraisers if the appraiser has a conflict of interests. You'd be surprised how seriously licensing boards take inquiries about ethical issues that could discredit the profession.
Posted on 3/31/13 at 10:00 am to LordSnow
Keep us updated on what happens. I am interested in what happens
Posted on 4/1/13 at 12:52 pm to LordSnow
sure the sunroom should be counted---my last house had a sunroom all the way across the back of the house and it was totally counted in our price---it was heated and cooled as well! get a second appraisal
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