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KrK
Heavy Artillery For The Little Guy
Premium
join:2000-01-17
Tulsa, OK
reply to SwedishRider

Re: Appraisals and Finished Basements

This is in two letters, BS. This means I got screwed royally when I bought my house because they DEFINITELY counted the basement Sq. footage in that valuation. If I have to take off 900 sq. feet plus a bathroom I am sure my house would be considered way over priced compared to other homes and I would be upside down in it in a huge way.

Love it when they change the game after the fact. Too bad you can't just "adjust" the amount owed on a mortgage to comply with the new lower valuation. Wow.
--
"Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini


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

This is in two letters, BS. This means I got screwed royally when I bought my house because they DEFINITELY counted the basement Sq. footage in that valuation. If I have to take off 900 sq. feet plus a bathroom I am sure my house would be considered way over priced compared to other homes and I would be upside down in it in a huge way.

Love it when they change the game after the fact. Too bad you can't just "adjust" the amount owed on a mortgage to comply with the new lower valuation. Wow.

Yeah, you may have gotten royally burned on that one. When you get comp'd during a refi appraisal or a sale, you'll lose that bathroom and square footage... and it could potentially be a deal breaker for bank financing for your buyer.

Better look into it...