Liveable square footage in a house

[sonyalee9]

Thank you Elke, this is exactly the information I was looking for.

I realize that the seller can ask any price he wants and that if someone is willing to pay it, that's what the house is 'worth' but if I can explain to him that the comps he's using for pricing aren't accurate, perhaps we can get a more accurate price on the house.

Last question, Elke, does it matter if it's a 'walkout' basement? The house is built into a slope, so the front of the basement is underground but the back is fully above ground. I ask because you say 'true basement' and I'm not sure what would constitute a true basement vs. what is in this house, which is what I would refer to as a 'walkout' basement.

Thanks so much for your help, all of this information is very useful.

[Elke Mariotti]

Originally Posted by sonyalee9

Thank you Elke, this is exactly the information I was looking for.

I realize that the seller can ask any price he wants and that if someone is willing to pay it, that's what the house is 'worth' but if I can explain to him that the comps he's using for pricing aren't accurate, perhaps we can get a more accurate price on the house.

Last question, Elke, does it matter if it's a 'walkout' basement? The house is built into a slope, so the front of the basement is underground but the back is fully above ground. I ask because you say 'true basement' and I'm not sure what would constitute a true basement vs. what is in this house, which is what I would refer to as a 'walkout' basement.

Thanks so much for your help, all of this information is very useful.

Hmmm - tough to give you a definitive answer without seeing it. A "true" basement is all below grade. If the house is in the Town of Huntington, I may know it - you could send me a PM and I might be able to tell you off the top of my head. BTW, aren't you working with an agent? What has s/he said to all this?

FYI, with regard to "worth" of a house, in this environment - unless the buyer pays all cash - value is determined by the lenders' appraisal(s). Let's say I have a house and am asking $600,000 for it. You absolutely love it and want it and we settle on $585,000. If your lender's appraiser says it's only worth $500,000, you're going to have a problem getting a mortgage, unless you can come up with a lot more $$ for a downpayment in order to get that loan.

[Crookhaven]

Originally Posted by Elke Mariotti

Hmmm - tough to give you a definitive answer without seeing it. A "true" basement is all below grade. If the house is in the Town of Huntington, I may know it - you could send me a PM and I might be able to tell you off the top of my head. BTW, aren't you working with an agent? What has s/he said to all this?

FYI, with regard to "worth" of a house, in this environment - unless the buyer pays all cash - value is determined by the lenders' appraisal(s). Let's say I have a house and am asking $600,000 for it. You absolutely love it and want it and we settle on $585,000. If your lender's appraiser says it's only worth $500,000, you're going to have a problem getting a mortgage, unless you can come up with a lot more $$ for a downpayment in order to get that loan.

Great point!
Crooks

[sonyalee9]

Yes, 'someone willing to pay for it' would include the banks!

Thanks, Elke, I sent you a DM.