Computer hardware and software
Legal Q on home appraisal: can above-the-ground part of basement of split-entry house be included in GLA calc?
When I bought the house, init appraisal did not include it and it came back not worth asking price, the owner request another appraisal and this time it is included because it is said that half of the basement is above the ground so it should be include in GLA, which increased the house appraisal value and got the mortgage from bank.
Now I’m selling my house, the buyer/bank appraiser said the entire basement should not be included in GLA, even though half of it is above the ground, which makes the appraisal result again lower than my asking price and the buyer failed to get mortgage. Anybody know is that above the ground part should be included in GLA at all? If should not, do I have a case against the appraiser who did it when I bought the house?
Sorry but if any part of the basement is below grade then it does not count as GLA. GLA MUST be all above grade. You can not split the basement in 2 section. Yes you do have a case against the first appraiser who included the basement into the GLA. Thats Mtg fraud and once the docs and funds were transferred across state lines then it becomes wire fraud. Federal crime 30 years and a $1,000,000 fine.