Tagged: living area

The RPR® Epidemic – Online Valuations vs Trained Appraisers 10

The RPR® Epidemic – Online Valuations vs Trained Appraisers

Consumer protection goes right out the door as consumers learn to trust these online valuations over a local, highly trained appraiser. Realtor Property Resource® is a private automated system just for Realtor® members. They are making great strides in promoting this service, and more and more agents are using this system to create their CMAs to present to owners. I recently reviewed a report provided by the listing agent which included sixty-nine pages of every imaginable piece of information. To an owner, this must look very impressive. However, to anyone who understands what a “Comparable” sale is, this report was...

What is Gross Living Area and What Does it Include 5

What is Gross Living Area (GLA)?

What is Gross Living Area and What Does it Include? Appraisers, There are certain properties where aspects of Gross Living Area (GLA) might not be obvious. It’s more confusing when the selling real estate agents lump all “living space” together, because that’s what they are selling, or when the county assessor includes basements with upper level areas. These include homes with a detached ADU, additional rec room or sleeping space above a garage, additional living space with roof attached to the primary dwelling via covered breezeway, basement living spaces with separate entry, etc. Fannie Mae has a giant book called...

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Indeed, Size Matters!

Many agents have asked; “Does this square footage stuff really matter to me? Isn’t it more of an appraisal issue? Fair questions. Let’s take a look at one sale where the agent now understands just how square footage affects a listing value. It was a hard lesson in the importance of square footage, and one they will not soon forget.

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When Does a Closet Become a Room?

When is a closet a room? In most cases, interior closets are included within the total finished square footage. But, when the closet measures 12 x 20, and does not have any heat/air ducts, is it a closet or is it really a separate unheated room? Should it be counted in the total finished square footage, or should it be included within the unfinished category? According to ANSI®, the space must be heated and cooled by a central HVAC system and a closet typically serves a specific bedroom/space. If you really look through ANSI® there is not an answer to...

USPAP violations 2

Commonly Encountered USPAP Violations

This is a list of USPAP violations most commonly encountered by the Texas Appraiser Licensing & Certification Board’s staff appraiser-investigators when investigating complaints filed with the Board. This list is given for informational purposes only and does not constitute legal advice or instructions on how to properly comply with USPAP or properly complete an appraisal assignment. Most Commonly Encountered USPAP Violations: Sales Comparison Selection of Comparable Properties. Failing to select and/or support the selection of comparable sales using recognized methods and techniques. Examples include: Leaving the subject’s neighborhood when sales data is readily available in the immediate neighborhood; Searching by price; Utilizing sales of superior...

Basement Homes and Appraised Values Gone Wrong 1

Basement Homes and Appraised Values Gone Wrong

95% of Appraisals on Homes with Basement or Lower Levels Have Errors, Errors that Affect the Home’s Value… In the majority of markets all across the country, it is virtually impossible to get an accurate appraisal on homes that have a basement or lower levels. That’s a pretty big claim. Can it possibly be true? Absolutely it can! And, it happens every day. No one in the real estate industry wants to bring this topic out in the open for fear the public would be outraged. Well, it’s time somebody gets mad. And for all the Realtor’s® big talk about...

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