Appraisal Headaches

I started my career in the Real Estate field 4 years ago as an Appraiser. Sometimes I still get questions regarding some common issues related to the property. The best advice I can offer for a purchase or a refinance would be to get as much information about the property (subject) up front before you order the appraisal. Ask if they know the estimate square footage of the property above grade. If they have one level above grade and a full basement, believe it or not they don't have a 2 story home! Ask if their is anything unique about the subject. Does it have a lot of acreage, is it manufactured/modular, is it earth contact, is it a log cabin, etc. If there is acreage with the property, ask if any of the land is used for agricultural use. This helps an appraiser when doing a preliminary search for comparable sales. Another issue I've seen is for a borrower to turn their garage into an additional room. Does this add more value to the home? Yes, if every other comparable sale in the area doesn't have a garage. 9 out 10 times it evens out in the adjustments. Yes, you've added more square footage, but you also eliminated a garage which is more desirable. These few recommendations can go along way and save you some headaches. Please feel free to post any questions or concerns you may have. Looking forward to your comments.

JB