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To measure or not to measure
May 13th, 2011 7:35 PM

What happens when an appraiser's actual Gross Living Area measurements of a dwelling are questioned by the borrower/ purchaser/ client? Safe to say this would only occur when the GLA is LESS than what is stated on the property (tax assessor) card, as they feel shortchanged. Their defense comes in the form of "I've had two appraisals in the past year and the GLA in those reports match the GLA on the assessor's card. It's assumed correct. WHAT DOES THIS TELL US? Maybe the respective appraisers did not measure at all and used the incorrect GLA on the assessor card. Do yourselves a favor and investigate and verify whenever possible.

In the mind of the appraiser, at the very minimum some measurements should be verified, if not totally measured during each subject property inspection, especially if there is uncertainty in the appraiser's mind versus the tax record. This gets magnified at a greater level when an Appraisal Management Company gets involved these days, as the appraiser may need to communicate with three or more concerned parties, as opposed to just one at an earlier time. It leads to miscommunication and confusion, but that's the way it is now. If you truly believe your GLA measurements are correct, stick by them, but be ultra prepared to describe and defend in detail what is wrong with the GLA on the tax card!

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Posted by Jack Boyles on May 13th, 2011 7:35 PMPost a Comment

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