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  #1  
Old 07-11-2008, 07:03 PM
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Reelestate Reelestate is offline
 
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Default Landsafe Condo GLA requirement?

I have a Landsafe reviewer telling the mortgage girl that he won't complete his review unless I measure and verify GLA on a 1073 condo appraisal. I tried to explain to her Fannie Mae inspection rule XI 204.1, but I went ahead and added extra comments about GLA being taken from recorded documents etc.

Then the reviewer shoots back this email:

"Looking at the most recent submitted report, it appears that the appraiser has still not measured the subject.

As stated in my previous emails, this simply is not acceptable. If you could find out whether or not the appraiser is going to measure the subject, we can then move forward with completing this review assignment."


And you want to know the punchline to this fiasco? ALL FOUR COMPS ARE IDENTICAL FLOOR PLANS IN SUBJECT BUILDING!


My question is, should I charge a re-inspection fee because I have to go back and measure?
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  #2  
Old 07-11-2008, 07:22 PM
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If it was an interior inspection, it should have been measured. If it wasn't measured during the original inspection, I doubt that I would charge to go back. Doesn't matter if they're all the same GLA in the tax records. Everyone knows the tax records are only as good as the person entering that information in their data base. No fee to go back and do what should've been done in the first place.

Why wouldn't you have measured it in the first place? Just curious.
  #3  
Old 07-11-2008, 07:27 PM
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Quote:
Originally Posted by Lee Dillon View Post
My question is, should I charge a re-inspection fee because I have to go back and measure?
No, I don't think you should charge more. I think you should have measured when you first inspected.
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  #4  
Old 07-11-2008, 07:27 PM
Bama Bayou Bama Bayou is offline
 
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I wouldn't go back and measure because I measure every condo anyway. You might want to on this one. The lenders have gotten wind that the developers pump up the GLA when they sell them, then the agents (and sometimes the tax assessor) continue to use the inflated GLA forever.

We have about 100 pending lawsuits on this very issue in my market. New construction condos where the developer is including the walls in addition to prorating the common areas, stairways, elevator shafts, and their big egos in the advertised GLA.

The buyers are trying to use this to get out of the contract and get their 20% non-refundable down payment back.
  #5  
Old 07-11-2008, 07:35 PM
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You don't have to measure condo's per Fannie Mae:

XI, 204.01: Appraisals Based on Interior and Exterior Property Inspections (11/01/05)

• An exterior building sketch of the improvements that indicates the dimensions. (For a unit in a condominium or cooperative project, the sketch of the unit must indicate interior perimeter unit dimensions rather than exterior building dimensions.) Generally, the appraiser also must include calculations to show how he or she arrived at the estimate for gross living area; however, for a unit in a condominium or cooperative project, the appraiser may rely on the dimensions and estimate for gross living area that are shown on the plat. In such cases, the appraiser does not need to provide a sketch of the unit as long as he or she includes a copy of the plat with the appraisal report.
  #6  
Old 07-11-2008, 07:49 PM
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Quote:
Originally Posted by Lee Dillon View Post
You don't have to measure condo's per Fannie Mae:

XI, 204.01: Appraisals Based on Interior and Exterior Property Inspections (11/01/05)

• An exterior building sketch of the improvements that indicates the dimensions. (For a unit in a condominium or cooperative project, the sketch of the unit must indicate interior perimeter unit dimensions rather than exterior building dimensions.) Generally, the appraiser also must include calculations to show how he or she arrived at the estimate for gross living area; however, for a unit in a condominium or cooperative project, the appraiser may rely on the dimensions and estimate for gross living area that are shown on the plat. In such cases, the appraiser does not need to provide a sketch of the unit as long as he or she includes a copy of the plat with the appraisal report.
So you provided the plat instead of a sketch? Because what I'm reading there is that if its a condo you're suppose to measure from the interior walls and show the calculations (e.g., sketch) on how you arrived at the gross living area....UNLESS you included a copy of the plat in the report.
  #7  
Old 07-11-2008, 07:50 PM
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Quote:
Originally Posted by Judy Lazar View Post
If it was an interior inspection, it should have been measured. If it wasn't measured during the original inspection, I doubt that I would charge to go back. Doesn't matter if they're all the same GLA in the tax records. Everyone knows the tax records are only as good as the person entering that information in their data base. No fee to go back and do what should've been done in the first place.

Why wouldn't you have measured it in the first place? Just curious.
GLA is not from tax records, but from recorded condo docs. If there is ever a GLA dispute, it's between the owner and the person who signed and submitted these legal documents. In my opinion, by providing my "personal" GLA estimate I could be included in a GLA lawsuit, and Fannie Mae doesn't require it anyway.
  #8  
Old 07-11-2008, 07:51 PM
Bama Bayou Bama Bayou is offline
 
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Quote:
Originally Posted by Lee Dillon View Post
You don't have to measure condo's per Fannie Mae:

XI, 204.01: Appraisals Based on Interior and Exterior Property Inspections (11/01/05)

An exterior building sketch of the improvements that indicates the dimensions. (For a unit in a condominium or cooperative project, the sketch of the unit must indicate interior perimeter unit dimensions rather than exterior building dimensions.) Generally, the appraiser also must include calculations to show how he or she arrived at the estimate for gross living area; however, for a unit in a condominium or cooperative project, the appraiser may rely on the dimensions and estimate for gross living area that are shown on the plat. In such cases, the appraiser does not need to provide a sketch of the unit as long as he or she includes a copy of the plat with the appraisal report.
FNMA guidelines are the minimal standards. The lender and the appraiser can (and should) have higher standards if they so choose.
  #9  
Old 07-11-2008, 07:52 PM
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What Fannie Mae means "By Plat" is a unit sketch from condo docs with interior wall measurements and GLA total.
  #10  
Old 07-11-2008, 08:04 PM
Bama Bayou Bama Bayou is offline
 
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Quote:
Originally Posted by Lee Dillon View Post
What Fannie Mae means "By Plat" is a unit sketch from condo docs with interior wall measurements and GLA total.
Where does Fannie say that? I always thought "plat" referred to a subdivision plat. If I was ever sued over GLA, I would not want to get on a witness stand and tell a jury that I didn't measure it because Fannie said I did not have to. It would make them think I did all my work at minimum standards.
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