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ropeguru
Premium
join:2001-01-25
Mechanicsville, VA
reply to SwedishRider

Re: Appraisals and Finished Basements

Was it a local bank? If so, I find it kind of funny that both the appraiser and the town assessor knew this but the bank did not.


SwedishRider
Rider on the Storm
Premium
join:2006-01-11
not Sweden
kudos:1
said by ropeguru:

Was it a local bank? If so, I find it kind of funny that both the appraiser and the town assessor knew this but the bank did not.

Yes, local bank. Appraiser was from other part of the state hired through a blind third party (they pick a rotation pool of appraisers to keep a firewall between the bank and the appraiser's numbers).

But yes, assessor and appraiser knew this... bank reps did not. But in their defense, my in-law apartment is atypical of most homes... it's a unique feature that they don't see very often.


SandShark
Long may you run
Premium,MVM
join:2000-05-23
Santa Fe, TX
kudos:3
Do you know if this is just the way it is in your state or is this nationwide? I know it's filmed in Canada, but on HGTV "Income Property", the remodel dude is always telling the homeowners how much more their home re-appraised for after they added a finished apartment in the basement.


SwedishRider
Rider on the Storm
Premium
join:2006-01-11
not Sweden
kudos:1
said by SandShark:

Do you know if this is just the way it is in your state or is this nationwide? I know it's filmed in Canada, but on HGTV "Income Property", the remodel dude is always telling the homeowners how much more their home re-appraised for after they added a finished apartment in the basement.

Good question... not really sure. I would think nationwide as Fannie and Freddie's loan standards apply virtually everywhere. I plan to have a local real estate broker do a walk through to give me a good faith valuation. I'll ask him then.


ropeguru
Premium
join:2001-01-25
Mechanicsville, VA
reply to SandShark
I will b e able to let you know the first of next week. Closing on a home on Monday and will know by then whether or not it counted. I can say that it did not for my home owners.