Part 3 This needs to be seen by as many Realtors as possible. UAD. Effective NOW

By
Real Estate Appraiser with Lanier Appraisal Service CR004373

If you have not seen my prior post on the UAD and how it affects you please go here now.

UAD is now in effect. I have already seen some Realtors adding comments in the FMLS/MLS system about renovations and updates to the home, especially kitchens and baths, which all appraisers must include in their reports effective 9/1/2011. So thanks to those who are doing this now!

The other thing that was not noted in my prior blog that also needs to be addressed either under the photos or in your FMLS comments is the number of other rooms finished in the basement aside from bedrooms and baths. We need the total number of other rooms or you can label them in your photos, ie: Theater, Kitchen, Family Room, Rec Room,etc. We have to know how many other rooms are FINISHED in the basement for all of our appraisal reports. 

The good news about this is that owners may wind up getting more credit for rooms finished in the basements such as kitchens, theaters, baths, etc. Before we just looked at the total heated square footage and gave a per square foot adjustment depending upon quality and finish work, but now if we have details on what is finished in the basement, if the subject has more high end rooms finished such as kitchens and theater rooms that cost BIG bucks as opposed to just bedrooms, we can justify giving credit where credit is due for these basement variances. So do your sellers a favor and include this date in ALL of your listings.

Please take those photos of the basements and label them and remember give us the year the kitchens and baths were renovated and to what extent. This will save you lots of time from having to return calls to appraisers who need this information.

Thanks guys, Pass this along to all you know and make sure you pass along my other Blogs on this topic.

 

 

See My Other Post on this topic

See my 2nd Blog on this Topic

 

 

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  1. Gail Robinson 10/23/2011 09:07 AM
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uad in effect 912011
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Rainmaker
245,315
John M. Scott
Broker / Owner San Francisco Bay Area
BRE # 01442690, Scott Keys Properties

Mary, good info for us. I assume that your reference to finished rooms in the basement or garage level (as it would be here in SF) doesn't apply to finished rooms that were done without permit? Just need a clarification...

September 02, 2011 09:18 PM
Rainmaker
75,080
Mary Thompson
Lake Lanier Appraiser in North Georgia
Lanier Appraisal Service

John

Great question, but my assumption for appraisers outside of Georgia is yes they would still give credit for un-permitted space, primarily because most of the time they would have no idea on the comparable properties if the area was permitted or not and going thru the process of finding out via searching building permits or calling Realtors, who also may not know, would be way too time consuming.   In Georgia, if you finishe your basement as long as you do not add structure to it, you do not have to have a permit. IF the basement area is heated and finished they get credit. 

You may want to check with a local Appraiser on this to be sure. It seems that they should get credit for this finished space, unless the job was poorly done, etc. 

 

September 03, 2011 08:04 AM
Rainmaker
442,463
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
Top Listing Broker
BROKER of Green Realty Properties® - 954-667-7253

Mary, thanks for writing these posts. The information you provide is so incredibly important for us to be able to help our clients.

September 19, 2011 11:04 AM
Rainmaker
805,723
Gail Robinson
REALTOR, GRI, e-PRO, Fairfield County, CT
William Raveis Real Estate

Mary - Thank you for part 3 in this very valuable series.  Will there be any future posts in this series?  Reblog wasn't available on your first post, but I've reblogged parts 2 and 3.

October 23, 2011 09:06 AM
Rainmaker
617,382
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise

This is good information to help our clients!  Thanks so much!

October 23, 2011 09:11 AM
Rainmaker
1,590,399
Dorie Dillard
Realtor-Canyon Creek- NW, Austin TX Homes For Sale
Coldwell Banker United Realtors

Mary,

Thank you for this part 3. What a valuable series! Will keep a watch for more of your timely posts! Suggested.

October 23, 2011 09:30 AM
Rainmaker
75,080
Mary Thompson
Lake Lanier Appraiser in North Georgia
Lanier Appraisal Service

More posts will follow. Good news I have been soooo busy with appraisals that my posts have been less frequent. But will be posting more soon

 

Thanks

October 24, 2011 10:10 AM
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Rainmaker
75,080

Mary Thompson

Lake Lanier Appraiser in North Georgia
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