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Factors with negative impact on appraisal
Gowanus
I plan on having an appraisal done in the next few weeks. Our current home is 3 floors and a cellar. The cellar was completely finished when we bought the house. Due to some construction (waterproofing work) done, I removed some sheetrock walls. The floors are still intact. Will a "semi-finished" cellar affect the appraisal? Should I make it a priority to put up a wall prior to the appraisal? Attached is a picture of the wall in the main area. I also removed the wall in the bathroom. More»
11:51 AM 02/24/2012
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Alright, take this advice with the caveat that I don't know what the hell I am talking about. Two years ago we bought a house. Two appraisals: the first to get the mortgage (Wells Fargo), some flunky came out, did the whole song and dance (digital photos, walk around, comps, etc) and the apprais...... See More » -
Good Real Estate appraiser needed...
I am looking for a good real estate appraiser to appraise my property who is NOT also a real estate agent.Looking for an independant appraiser who is NOT in the business of buying and selling homes.Central park slope brownstone.Thanks! More»
1:32 PM 12/06/2011
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When I can I use Sam Heskel of HMS Associates. A lot of lenders use Frank Ciotta who tends to be very conservative. See More » -
Value of basement space?
I have a basement space aprox. 11' x 11', 6 foot ceiling, two windows looking out on the backyard. The space is heated by a steampipe and enclosed. Other than that is is pretty raw. The first floor apt. is being sold and I have had interest in "swapping" my space for a similar space in the basement that is a 'dead-room'. They are comparable in size and condition. I use this space daily for an office.The first floor buyer wants the space for obvious reasons, it makes his apt. larger and is connected to the backyard, and it has windows, which is nic... More»
10:49 AM 09/15/2011
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You need to get an appraisal from an agent. I think we would all be guessing what the value is not knowing your location and access to comps. See More » -
Recommend Engineer for a Walk Through (Before making an offer)
We are considering a multi family brownstone in Brooklyn. However as significant work would need to be done and ( at least for the cosmetics alone !) it would be ideal to have an engineer look at the place during a walk through, so we can determine if we really want to go forward.
Therefore, could someone on this forum recommend a good engineer that they have worked with to come look at a prospective house for a walk through ? If you have done this please send your recommendations. Thanks ! More»11:11 PM 08/14/2011
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Accurate is good (but not cheap).
http://www.accuratebuilding.com/
Company is run by the Ubells - ���The Gurus of How-To��� on WNYC Radio w/ Leonard Lopate. Very knowledgeable and thorough. See More » -
How to value condo with tax abatement?
How do you value a tax abatement when making an offer for a condo?
For example: Condo sold for 640K in 2008. Three years of 15 year abatement used, saving current owners 24K. To keep things simple, assume the condo has not lost value since 2008.
So do I offer 640K minus 24K (to reflect the portion of the abatement that was used)?
Thanks in advance! More»3:50 PM 05/22/2012
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So if you bought it in 12 years you would offer 640k minus 120k? See More » -
Need advice re Appraisal with an illegal unit
We are in contract to purchase a house that moved the rental unit from the top floor to the basement. The current owners live in the parlor/1st floor and the 2nd floor and their brother lives in the basement. We intend to use the home as a single family residence. We are scheduling an appraisal and I am concerned about having what I think is an illegal unit in the basement with a full kitchen (it is about 2/3 below curb level). Is it necessary to have the stove moved and the exhaust removed for the appraisal? More»
5:19 PM 05/07/2012
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My understanding is that in a basement (more than 50% below grade) you're allowed to have a "wet bar" (sink / fridge, but no stove) and a 2 piece bathroom (toilet & sink but no shower/tub). So you might want to have the stove moved. If the exhaust was made inconspicuous I don't think you'd need ...... See More » -
Low Appraisal for Refi
Prospect Heights
We are gutted! Just recieved an appraisal for our home in Prospect Heights, which we purchased in 2008 for 1.9 million--the appraiser puts the current value of the home at 1.5. Not only can we not refinance at that number, but according to him we have negative equity! Hurts the ego, not going to lie...Anyway--is there some recourse for what we feel is a low ball appraisal? Our last appraisal done in 2010 put the house at 1.875--how the mighty have fallen.... More»
10:30 AM 02/14/2012
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Perhaps this is none of our business, but why so many appraisals? See More » -
Question on appraisal value of finished cellar/basement
Hi all - If a basement is fully finished and has windows and a door to the outside, is there a difference in terms of appraisal and price/square foot than an above-ground space? From a quality of life standpoint it seems identical but I am wondering how this affects market value and financing. Thanks! More»
11:08 AM 02/12/2012
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We had two appraisals on two seperate occasions - one had a lower value for garden level, one didn't (a year apart?). Our garden does not have full kitchen / full bath though. Keep in mind, the standard approach is to use several methods for valuation, including (imprefect) comps, and at the end t...... See More » -
CofO question for refinance of a 2 family used as 1
Clinton Hill
Our house has a 2 family CofO, and while we are using it as a 1 family, we made sure to keep a kitchen and full bathroom in each duplex. The duplexes used to be divided completely with a wall put in by the last owner, and we cut an opening into it years ago so that we could access all floors of the house without going outside. We want to get rid of the wall altogether, but wonder if that will be a problem when we want to refinance. Does a 2 family house have to have two completely separate living spaces, or was that done simply to make the units more att... More»
11:14 PM 02/11/2012
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Kitchens and baths are usually the issue. Very unlikely the bank will even notice the lack of partition, partlcularly in the case of a two family. Many older designated two families units are not "separated"--it's one of the priorities of more contemporary renovation. See More » -
Is there a doorman at the 475 Sterling Place condo?
Crown Heights
Kind of a random question, but does anyone know if there is a doorman at the condo development at 475 Sterling Place? More»
4:17 PM 11/12/2011
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No Answer Yet
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Estate Sale Coordinator
Brooklyn
Hello. Can anyone recommend a coordinator for an estate sale in Westchester County (NY)? I am packing up my grandparents' house in Port Chester. The Forum archives are mum on the topic, and I've only found one company through internet searches. Thanks, 'Stoners. More»
8:47 AM 11/09/2011
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I'm not sure if "coordinator" or "planner" is the right word, but I am talking about an estate sale (as in selling wood furniture, vintage items, etc.) not selling the house. We are keeping the house and have had it appraised. After dividing up the belongings that have personal meaning, and making...... See More » -
Exterior Waterproofing & Added value to the home
Gowanus
Before I even ask my question, I know that there are lots of factors that go into determining the added value of a project. Assuming the exterior waterproofing job is done properly and is successful, what can one anticipate how much value this type of work would add to the house? The cellar will now be waterproofed and properly ventilated. It is approximatey 650 square feet (8 foot ceiling.... yes 8 feet). More»
12:52 PM 10/28/2011
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This is a tricky question to answer. It's always worth doing whatever maintenance or preventative work will keep the building structure safe and sound, and waterproofing could be in that category, depending on the conditions and what exactly you're planning to do (and it's effectiveness). If the bas...... See More » -
Anyone secured a HELOC ?
Has anybody with a brownstone succeeded in securing a Home Equity Line of Credit without removing the security bars from their home? If so, which bank did you use? I know this has been addressed before, but I'm looking for a success story and the bank that granted the loan. TD and Peoples United Bank both want them removed or replaced with ones that open. Before I take those steps, I thought I'd ask the chorus. Thanks in advance. More»
3:36 PM 09/27/2011
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A good iron worker can modify your existing iron so that it opens. A neighbor of mine did that in order to comply. See More » -
Basement heat
I am trying to refinance and the appraiser said he can't count our basement in the living space calculation unless we have radiators there. (Since the basement is one-third of our space, this would significantly affect the appraisal). The boiler is on this level, and the steam pipes (the current source of our basement heat) span just under our basement ceiling, at approximately 7' high, before turning up to heat the two floors above. There are a few inches of space between the pipe and the basement ceiling....i have heard of people mounting small radiato... More»
2:09 PM 08/17/2011
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wiley has the generalities right. So the typical installation involves pulling a hot water zone off your boiler and running the loop around your basement through radiators. For the cheapest installation you would use baseboard radiators. You are definitely in the thousands range maybe the best budge...... See More » -
illegal one family???
Stuyvesant Heights
I am trying to refinance my house but am running into trouble. The house is set up and used as a one family but has a COO of a two family. It was appraised as a one family and everything was fine until the FHA said they won't approve the refinance because it is an illegal one family. Has anyone ever run into this? How hard, expensive, time consuming is it to switch the COO? More»
1:55 PM 08/14/2011
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Was it sold to you as a one family? Might have a case against the title company. See More »
