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Posts Tagged ‘residential real estate appraisal’


Timing and Mindset really are everything. Move over Tony Robbins.

I have done several appraisals this spring to help sellers decide whether 1) to reduce their asking price or 2) take what they considered low offers. Rarely am I asked to do pre-listing appraisals which could save sellers time, energy, and money. Recently, I appraised a beautifully restored house that had been on the market for many months and had received-what seemed to them-only low offers. The homeowners were confused and frustrated, and, at that point, they were committed to selling. With the information from the appraisal they understood the situation in their specific market much better and were able to look at the situation more realistically. This is what a good appraisal does. The homeowners thanked me for my “candor” and accepted an offer. (more…)

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I have been asked by several people to describe how appraisers measure square footage. This is an important issue during the residential real estate appraisal process as appraisers use square footage as a significant factor when choosing comparable sales.

There is a guideline-ANSI Z765-2003-used by myself and many appraisers. This guideline, while not a regulation, is a part of the Appraisal Institute curriculum and recognized by many federal agencies. It was created by the American National Standards Institute (ANSI) at the request of the National Association of Home Builders in 1996 and updated in 2003. The standard describes measuring and calculation procedures used to determine the square footage of detached and attached single-family homes. The Appraisal Institute curriculum also states that appraisers should be aware of how measuring square footage is done in their area…and, to make it all more interesting, some of the bigger players in the market place (FHA, VA, Fannie Mae, etc.) have their own standards. (more…)

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