Appraisal on Lower Level

By
Real Estate Agent with Coldwell Banker Gundaker

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.

 

Thanks.

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Rainer
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Chris Horton
Horton's Lawn Care L.L.C. - Burton, MI

We added an indoor inground heated pool + room + 30x60 pole barn cost $175k gained $10-15 k value luckily planning on staying here forever lol I don't remember any of the other #'s just that the additions only gained $10-15,000

May 13, 2008 05:42 PM #1
Rainer
28,105
Chip Jefferson
Advanced Building LLC - Lexington, SC

Does any of the comparable have a basement that is finished? Each market is different but 33 per square seems low to me.

May 13, 2008 11:24 PM #2
Rainer
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Ronald Gorman
Coldwell Banker Gundaker - Saint Louis, MO

Sorry to be so late to reply to your response.  Yes, half of the basement was finished - separate office, full bathroom, bedroom, kitchen area, etc.  Fortunately, we had another appraisal done and the results were much better. 

Jun 24, 2008 12:53 PM #3
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Rainer
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Ronald Gorman

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