Question for any familiar with real estate appraisal

[boston bean]

Can an appraiser calculate comps by using total square footage and give it a GLA value/sq ft on the appraisal report? While the home they are appraising ~ not use total square footage because they feel part of the home is below grade and only use GLA above grade.

Think of a bi-level where the below grade is minused out of the appraised home, and the comps are also split where the square footage, not GLA, is used and the square footage includes the below grade sq. footage.

The appraised house has much more livable square footage because it is a bi level with a floor above the middle floor.

In essence, the appraiser is not calculating over 1000 sq ft for the appraised home and is saying that 1000 sq ft is below grade, but is using comps with below grade that are included in their calculations. The comps have much less sq ft, over 1000 less.

Is this common practice? Are these fair comps?

[pscot]

1. This must be a loan appraisal?

I guess it depends on whether that's standard practice in your area. And whether it accurately reflects what similar homes are selling for in the area. You're better off with an accurate appraisal of fair market value. Tje other kind have caused no end of trouble.

[boston bean]

3. I think the fact that the below grade was used in calculation in the comp

that is is standard practice, but for the appraised property it is not.

[pscot]

5. If this is for a sale

the general standard for establishing value is what a willing seller and a willing buyer can agree on. That's the market. But in light of recent history, bank appraisals are going to be cautious.

[taterguy]

2. Life is not fair

[boston bean]

4. Very true. nt

[david13]

6. An appraisal is nothing but a statement of opinion. You have the

right to challenge that opinion in several ways. One would simply be get your own appraisal.
It all depends on the purpose of the thing.
dc