We just have an appraisal done on a home that my buyer has made an offer. The appraisal came back considerably lower than the contract price and raised some issues with me. The home has a lower level (below grade) with a walk-out. The appraiser (before adjustments) gave the main level a dollar/sq.ft. of $99. The finished lower level that is really very well done received 33 per sq.ft. I had previously thought that the lower level normally receives 50% of the main level. I am curious as to the experience of others.