Real Property Appraisals/Casita

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Question
Have a house in escrow offered $330,000 from the buyer.  Existing dwelling at 1961 sq ft and a Casita added to the back of house and attached with other roof with permits for the extra living area.  We are told that because there is a breeze way and it is not separately metered that the value of the dwelling would not be added to the value of home and even though the casita was 771 sq ft they only gave 41 feet value to the 1961 and appraised it at $282,000..............Is this right??
Jack

Answer
Jack
Thanks for your question.
The reason that they did not consider the Casita as part of the living area of the house is that it did not have direct, inside access from the house. This is a requirement for the appraiser to consider it as part of the house or part of what appraisers call the "gross living area or GLA". If the breeze way was not there and the Casita was directly connected to the house it would be like just going from one room to another and would be considered part of the GLA. They are correct in what they have told you.
As to the valuation, I do not know why they only said it was 41 square feet in size. It should be measured from the outside. You can do this yourself to get the proper size. As to value, sorry, but I can;t tell you what the market value would be as I am not familiar with your market area and have no data to base an opinion upon.

Hope this helps.
Steven Coull  

Real Property Appraisals

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Steven G. Coull

Expertise

Real estate appraisal or the valuation of real estate. Regulation of real estate appraisers in the US or Canada. How to become an appraiser. Real estate appraiser professional associations.

Experience

35 years as a real estate appraiser. Author of 8 books on real estate appraisal. Instructor of real estate appraisal courses. Chief Executive Officer and Director of Education of the Canadian National Association of Real Estate Appraisers. Expert witness in both Canadian and US courts. Review appraiser for various mortgage insurance companies. Instructor of hundreds of appraisal course presentations.

Organizations
National Association of Independent Fee Appraisers (NAIFA) Canadian National Association of Real Estate Appraisers (CNAREA)

Publications
Author of eight books on specific valuation topics and several articles published in various trade magazines.

Education/Credentials
PhD Valuation Sciences. Designated IFAS (Independent Fee Appraiser Senior) National Association of Independent Fee Appraisers (NAIFA). DAC (Designated Appraiser Commercial) and Certified Appraisal Reviewer, Canadian National Association of Real Estate Appraisers (CNAREA)

Awards and Honors
Member of the Year from the Canadian National Association of Real Estate Appraisers Instructor of the Year from the National Association of Independent Fee appraisers

Past/Present Clients
Financial institutions, credit unions, mortgage insurance companies, State Courts, lawyers, all internationally.

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