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Today I want to explain the appraisal process to you and explain it in detail. It means different things for buyers and sellers, and you should know the difference.
For starters, an appraisal is usually carried out by the bank to ensure that the home is priced properly. All that an appraiser really looks at is the square footage, the number of bedrooms, the construction style, and the age of the home.
Any part of your home that is underground will not be taken into account for square footage, so we sometimes have difficulty appraising split level homes that have finished spaces below ground.Appraisals are extremely important to the selling process because if an appraiser's valuation doesn't match the asking price, the sale can be ruined.
If you have any more questions about appraisals and how they can impact your buying and selling process, please don't hesitate to contact me.
We have a split foyer home where everything is above ground with the exception of one corner that may be a foot or so below ground for maybe 5' to either side of the corner. The lower level is where we do all our living. Can you please explain to me who originally determined - and why - that this 1' is considered a "basement"? Since we were not informed of this asinine fact by our seller when we bought the house which now will heavily affect our own selling price, I want to know to whom those of us who are getting ripped off with this stupid determination can appeal...or at least work with to get the determination changed.
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