 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Walk-out Bsmt as Square Footage
My walk-out basement has several large windows (32x50) above grade and a door leading to two steps to the door to the yard. The area is finished and heated and cooled with another staircase leading to the kitchen. We are relocating and the appraiser won't base upon 1916 sq ft to include the bsmt. This is obviously greatly affecting our appraisal amount and I'm trying to find any possible way to include this sq footage.
|
||||
|
||||
|
Who hired the appraiser and why does this have such an affect? Is your company paying a relocation stipend based on this? Appraised values are used by lenders to make loans. Is your buyer having trouble getting a loan for the sales price?
|
||||
|
||||
|
I'm the seller and the relocation company hired the appraiser. The appraiser is the one who isn't including the bsmt sq footage for comps in the area. So the appraiser is using comps of homes with only 1196 sq ft vs comps with homes of 1916 sq ft. If we can prove the basment sq ft is useable, then our value will be much higher.
|
||||
|
||||
|
Ok, so your company is using a relocation service, that will "buy" the house from you. And that's why the appraised value becomes important.
Go to your company's HR dept (or whover oversees the relocation process) and discuss it with them. Ultimately it's the company who foots the bill and they can tell the relocation company what to do. |
||||
|
||||
|
Normally a basement has to have two methods of egress that are no more than 48" from the floor. That is, if the bottom sill of the window is less than 48.5" off the floor and is wide enough for someone to crawl through in the event of a fire, then it is acceptable. If the ceiling is a minimum of 6'6" finished surface, that also is acceptable. But I have seen many basements that weren't finished enough for the appraiser to call it acceptable. On the other hand, I've had appraisers count space that simply had poured concrete with only one egress. Appraising is an art, not a science. Have him explain what he means. The draw back is, the person paying for the appraisal is the only one who has the RIGHT to see the appraisal. Anyone else is just lucky if they get to see it and/or discuss it.
|
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Can someone tell me how to get the correct square footage of living space for a home? What measurements should I take to compile this number? And what areas do not come into consideration? Thanks. Dave.
How do I calculate the square footage of a room
I had a 100,000 BTU furnace replaced with a 75,000 BTU 80% furnace. I have a two story house with a finished basement and was told the basement square footage is not used in calculating the square footage for sizing the furnace BTU's. I'm wondering if this is true? The two stories is...
Hoe do I correctly determin the square footage of a property?
I just bought a house and in the basement the single wall furnace flue is touching the dark iron natural gas pipe, just before it enters the brick chimney , the water heater also has single wall flue that runs through wood structure. The previous owner put coffee cans around the flue, he cut off...
View more questions Search
|
