Financing in 17402>Question Details

Joe, Both Buyer and Seller in York, PA

How do we get the maximum apraisal with comparable homes when simliar have not sold in our neighborhood?

Asked by Joe, York, PA Thu Dec 11, 2008

We have one of the largest finished walk out basement homes in our neighborhood.

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Erica Ramus, MRE’s answer
THis is a huge problem with appraisers right now: lack of good comps. If you have similar ones unsold in your neighborhood that won't help you at all. The appraiser is given a list of rules he must stick to -- distance to subject property, 6 or 12 months, for example. If he ventures out of these rules he must explain that to the lender, and the lender may or may not accept out of area comps.
0 votes Thank Flag Link Sun Dec 18, 2011
BEST ANSWER
Anything below ground is usually valued at half of what it would be if it was above ground. It might be tough to get what you are looking for. Make sure you get a good appraiser that knows what they are doing and they will give you a fair value for your home.
1 vote Thank Flag Link Fri Dec 12, 2008
Joe,
Appraisers will typically count the finished square footage (provided the basement was finished with permits), but will not count any additional bedrooms if the basement is even partially below grade.
I just had a transaction where the appraiser classified the home as a 1 bedroom instead of a 2 bedroom, despite the fact that the basement was finished legally and was even tax assessed as a 2 bedroom!
This was due to it being partially below grade. It is a HUD appraisal guideline.
Needless to say, we managed to still put the deal together.
Is your home currently listed for sale? If not, feel free to call or email me to set up an appointment for me to come by to take a look at it. I can research the comparable homes in the area and figure out how to maximize
the amount you will get for your home.
Thanks,
Aaron Marshall
Prudential Homesale Services
717-757-7811
0 votes Thank Flag Link Wed Dec 14, 2011
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