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How Many Times Would You Like to Pay for That Basement?

Are you in the market to buy a home? A lot of people are. Spring time is usually when the real estate market really heats up. With the ongoing shortage of home inventory, real estate agents are working hard to make their listings more attractive than their competition. Attempting to do so, some are including the finished basement square footage in their gross living area estimates in the MLS. This is not a new trick! It should be noted that not all real estate agents use this tactic. But many do. I see this on a regular basis as an appraiser. In my opinion, it is unethical because it’s misleading to the consumer. How so? IT CAN’T BE BOTH When agents include the finished basement square foota

Don't Shoot The Messenger

You get a copy of the appraisal report from the bank. Your eyes skim through the report until you arrive at the estimated value. Your blood begins to boil as you see that the estimated market value is less than what you had anticipated. Now the bank is not going to lend you as much as you would like and the home that you fell in love with appears to be unattainable. Did the appraisal kill the deal? As an appraiser, I would suggest that the answer to that question is really a matter of viewpoint. To a realtor, buyer, seller or loan officer, the answer is likely to be "yes". And if I am being honest, if I were one of these individuals involved in the transaction, I would probably feel the sa

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