Question for an Appraiser in MN!

[Hannah Krebs]

Hi everyone,

I’m looking at a house to convert to a duplex in central MN. The house has a “finished” basement that includes sheetrocked and painted walls and carpeted floors. However, the ceiling is unfinished and has exposed wires not in conduit and ductwork running everywhere. In addition, the electrical box is in the middle of the finished space with nothing blocking it off. My question is whether this will appraise as a finished space or not? I own the house next door which appraised at $160k as a 3/1. Without the finished space this would be a 3/2 and they’re asking $240k so I’m worried about appraisal and want to justify a lower offer.

Thanks in advance!! 

[Hannah Krebs]

@Nathan Grabau that’s a great idea, I’ll check the records. Also a great point on whether buyers will find that acceptable. The house has been on the market with no price drop for two months so I’d say the price isn’t off anyway, but since we are neighbors I am hoping to place price blame elsewhere 😂 thanks for your reply and great advice!