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Old 06-04-2009, 12:04 AM
 
3,020 posts, read 8,575,756 times
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I've been an appraiser for 26 years. I now only do commercial and eminent domain, but for several years I did contract residential appraisal reviews for a number of banks as well as Freddie Mac and the FDIC. At one time I had 4 residential appraisers working for me. I've reviewed hundreds of them.

Actually it's not that unusual for two appraisals of the same property to come up to the same value. I think the poster said "the same", not "exactly the same", meaning it could have been "essentially the same". Perhaps within a thousand or two difference.
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Old 06-04-2009, 10:19 AM
 
Location: OK
2,825 posts, read 7,519,737 times
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Quote:
Originally Posted by ETex2 View Post
I've been an appraiser for 26 years. I now only do commercial and eminent domain, but for several years I did contract residential appraisal reviews for a number of banks as well as Freddie Mac and the FDIC. At one time I had 4 residential appraisers working for me. I've reviewed hundreds of them.

Actually it's not that unusual for two appraisals of the same property to come up to the same value. I think the poster said "the same", not "exactly the same", meaning it could have been "essentially the same". Perhaps within a thousand or two difference.
Especially if it is a cookie cutter in a subdivision.
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Old 06-04-2009, 10:20 AM
 
Location: OK
2,825 posts, read 7,519,737 times
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Quote:
Originally Posted by olecapt View Post
Actually by training and adult livelihood I am an engineer. That is why I suffer fools badly. I retired after 33 years and took up RE as my wife's hobby. Late in my career I ran and had major responsibility defining ANSI standards. I would be glad to defend my credientials against yours.

Get it through your head. Idiocy is idioncy whether sanctioned by standards or not.

Only a fool would suggest a floor, fullly finished, with a walk out capability is valueless. Save the stupid it is "legal" for the lawyers. Engineers prefer rational arguments.

If I judge by the set here that is not true of Appraisers. I would however point out that the local leadership around Vegas seems rational. They are easily spooked...perhaps the earmark of all those who make their living on a government handout.
You ought to take that up with the AQB, then.
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Old 06-04-2009, 11:20 AM
 
Location: Just transplanted to FL from the N GA mountains
3,999 posts, read 4,121,056 times
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OP here:
First appraisal done. There was a rebuttal done on the first appraisal. My understanding was that there was a person who would be coming in and doing the once over on this appraisal. An arbitrator of sorts. So, perhaps, I was wrong in calling it a second appraisal. Although, my understanding was that that was what this person was doing. Another appraisal. To verify that all the figures, etc. were correct. Apparently though, this was not the case, if ya'all say that they could not come up with the same exact price twice. Or at least that is highly unlikely. Because the amount was the exact same when the rebuttal price came in.

Matters not now however; the seller has agreed to pay for another appraisal. We should get the results of this 2nd/3rd? appraisal by Monday at the latest.

As for the basement area... ya'all tell me whether this basement is under grade or not?

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Old 06-04-2009, 04:55 PM
 
Location: Pawnee Nation
7,525 posts, read 16,921,499 times
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It is below grade.

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Old 06-04-2009, 05:28 PM
 
Location: NW Las Vegas - Lone Mountain
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Quote:
Originally Posted by Goodpasture View Post
It is below grade.
And therefore valueless?

Not where I come from...
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Old 06-04-2009, 05:34 PM
 
Location: OK
2,825 posts, read 7,519,737 times
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Quote:
Originally Posted by olecapt View Post
And therefore valueless?

Not where I come from...
Why, you ARE a caustic little thing, aren't you? Bless your heart.

Did Goodpasture say it was without value? He answered the question whether or not it was below grade
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Old 06-04-2009, 05:36 PM
 
28,455 posts, read 84,989,538 times
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Even the caption on the illustration says "below-grade finished square footage" which is clearly COUNTED. The "crawl" is clearly NOT counted, but the presence or absence of the crawl is not what determines if the finished space is counted.
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Old 06-04-2009, 05:38 PM
 
Location: Pawnee Nation
7,525 posts, read 16,921,499 times
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Quote:
Originally Posted by olecapt View Post
And therefore valueless?

Not where I come from...
Why would you consider it valueless?
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Old 06-04-2009, 05:47 PM
 
Location: Pawnee Nation
7,525 posts, read 16,921,499 times
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Quote:
Originally Posted by chet everett View Post
Even the caption on the illustration says "below-grade finished square footage" which is clearly COUNTED. The "crawl" is clearly NOT counted, but the presence or absence of the crawl is not what determines if the finished space is counted.
It is finished. It contributes value. It is not above grade. It may or may not have the same value as those areas above grade, only the market can determine that.

But the question was "Is it below grade" and the answer is "Yes."

Quote:
Originally Posted by ANSI 765
Above- and Below-Grade Finished Areas
The above-grade finished square footage of a house is the sum of finished areas on levels that are entirely above grade. The below-grade finished square footage of a house is the sum of finished areas on levels that are wholly or partly below grade.
Quote:
Originally Posted by ANSI 765
Reporting of Above- and Below-Grade Areas
No statement of a house’s finished square footage can be made without the clear and separate distinction of above-grade areas and below-grade areas.
Quote:
Originally Posted by ANSI 765
This standard makes a clear delineation between above-grade square footage and below-grade square footage; no statement of a house’s square footage can be made without that clear and separate distinction. Given the above-grade and below-grade distinction and the definition of grade, the committee acknowledges that this may result in houses that–depending on topography, design, or grade line–have no calculated above-grade finished square footage derived from the method of measurement employed by this standard. This possible consequence arises from the committee’s intent to quantify a house’s area while minimizing the likelihood of misinterpretation or misapplication. Houses that are alternatively described as at grade or on grade are typically considered above-grade houses.
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