Market Conditions in Sabin>Question Details

Bud Crow, Home Buyer in Portland, OR

Since when are we including a partially finished basement in the square footage of the home!

Asked by Bud Crow, Portland, OR Fri Apr 12, 2013

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Not all BPOs are drive by. Many are interior. Though I am paid to do many of them---I do not think drive by BPOs should even be legal. WAYYY too much room for error.
0 votes Thank Flag Link Mon Apr 15, 2013
Eric is right RMLS changed the rules on us due to a law suit about square footage in a house. You can tell by looking at the house it is not 2200 sq ft. Now the hard question is the basement legal height and do the rooms have egress windows to make them legal living space. Many sellers are finishing these off with lowering the windows to pick up inexpensive living space. Whether it is legal space or not we are supposed to count it. I personally liked the old way so much finished and the rest unfinished. Good luck to you. Tom Inglesby
0 votes Thank Flag Link Fri Apr 12, 2013
This information is very useful to me, I am selling my home by owner and I also have an unfinished basement.
0 votes Thank Flag Link Fri Apr 12, 2013
That is why knowing your area is important. Any basement realtor can look online with jammies on, but a saavy realtor who goes to Tuesday opens and actually reviews homes in the area is far more knowledgable to the marketplace. BPO is drive-by. Real Estate Broker is a walk-in.
0 votes Thank Flag Link Fri Apr 12, 2013
Its a big problem for those who do BPOs or Broker Price Opinions, or values of homes for lenders. We have to compare the GLA or Gross Living Area. Many times the total square footage on the MLS form isnt really correct. We dont know if its living area, finished or unfinished, etc without going in. And, many real estate people play it safe by using the tax gla but its often incorrect! I also see 1/2 baths called full baths on tax docs. Drives me crazy when I have to explain it in my evaluation. In the old days, lol, (I started in 1979) we hand measured everything and used the exterior walls which isnt really true gla but we also measured every inch of space and categorized it.

Consider that 'partially finished' or even fully finished doesnt mean LEGAL. It may not conform to code or to the lenders rules. For example, a bedroom off a kitchen or a room w no closet. Also celings under 8 feet, etc.
0 votes Thank Flag Link Fri Apr 12, 2013
It still holds true from the change in 2003 when we disclosed finished square footage but offered buyers information online of the unfinished spaces too.
0 votes Thank Flag Link Fri Apr 12, 2013
It used to be that we're were only supposed to count finished rooms in the square footage in RMLS. Now we count finished and unfinished, but not crawlspace or attics. It works much better this way, as the old system never really worked- too many agents would fudge things and include raw or unfinished sq ft in RMLS listings. It was changed a long time ago- I'm not sure, but probably 10 years ago.
0 votes Thank Flag Link Fri Apr 12, 2013
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