Lots of offers but appraised low

[Michelle Glover]

Hello everyone!

We’re currently flipping a home in Maple Heights, OH, where most homes are 3-bedroom, 1-bathroom layouts with unfinished basements. To maximize the living space, we worked closely with the city to create egress window codes, allowing us to add an additional bedroom, a beautifully finished bathroom, and a family room in the basement. Our remodeled home has received multiple offers at or near the asking price.

Unfortunately, we've hit an issue with the appraisal. Despite the Ohio Building Code recognizing the basement bedroom as a legitimate bedroom, the appraiser did not include the basement in the general living area (GLA) and didn’t assign much value, if any, to the additional finished space.

Has anyone dealt with this challenge before? Any advice on how to address this appraisal issue would be greatly appreciated!

Thanks!

Michelle