Standardized Property Measuring Guidelines

[Trenton]

Is the "upper floor" really 6 inches wider than the "lower floor. " hard to tell the picture. I don't typically see that in my area with split levels. More likely it is an interior measurement as the walls are typically 3 inches or so thicker in the basement on each side.

I'm curious if we will be able to use the exemption code “GXX001 –” for split levels, as in my market area the lower level is normally considered part of GLA, with an actual basement under the main level. In the FNMA guide though it only mentions an example of a dwelling where 100% of the GLA would be below grade. What if 33% of the GLA (as expected by market participants and county records) is partially below grade?

 

[Dublin ohio]

I'm curious if we will be able to use the exemption code “GXX001 –” for split levels, as in my market area the lower level is normally considered part of GLA, with an actual basement under the main level. In the FNMA guide though it only mentions an example of a dwelling where 100% of the GLA would be below grade. What if 33% of the GLA (as expected by market participants and county records) is partially below grade?

Lots of split and bi-levels in my areas. Just going to call the finished below grade area finished basement. Won't make a difference as long as I am comparing apples to apples. Won't change adjustments. Around here. the market treats the partial below grade area in a split or bi-level the same as above grade. Why go through the trouble using the exemption and then having to provide a wordy explanation that a QC reviewer would understand as to why you used the exemption.

 

[Terrel L. Shields]

Why go through the trouble using the exemption and then having to provide a wordy explanation that a QC reviewer would understand as to why you used the exemption.

That's to comply with ANSI! And FNMA demands you follow ANSI...so you do it by the book, waste about 10 minutes to Gawd only knows how long if stipped - only to achieve absolutely nothing in regard to "accuracy"... precision yes, accuracy no. And split levels and ½ stories will be forever problematic, time consuming and you can bet your bippy that no hybrid inspector will measure to ANSI so WTF? Another Fannie Mae nothing burger. " A tale told by an idiot, full of sound and fury, and signifying nothing."

 

[Dublin ohio]

That's to comply with ANSI! And FNMA demands you follow ANSI...so you do it by the book, waste about 10 minutes to Gawd only knows how long if stipped - only to achieve absolutely nothing in regard to "accuracy"... precision yes, accuracy no. And split levels and ½ stories will be forever problematic, time consuming and you can bet your bippy that no hybrid inspector will measure to ANSI so WTF? Another Fannie Mae nothing burger. " A tale told by an idiot, full of sound and fury, and signifying nothing."

My way complies with ANSI without using the exemption. Tomato, Tomahto

 

[Terrel L. Shields]

My way complies with ANSI without using the exemption.

My way is to not do FNMA work.

 

[shrubberyvaluation]

Lots of split and bi-levels in my areas. Just going to call the finished below grade area finished basement. Won't make a difference as long as I am comparing apples to apples. Won't change adjustments. Around here. the market treats the partial below grade area in a split or bi-level the same as above grade. Why go through the trouble using the exemption and then having to provide a wordy explanation that a QC reviewer would understand as to why you used the exemption.

It can get messy, especially if buyers don't see much of a difference. I have one I'm doing now, community is majority split levels including the subject. The one level varies from being completely above grade to mostly above grade depending on the house. So you have some that are 1,000 Sq.Ft. GLA with 500 Sq.ft. that is mostly above grade but to the same quality and some are 1,500 Sq.Ft. GLA. Makes some large adjustments to basicaly cancel each other out.

 

[Alsie35]

My way is to not do FNMA work.

My way is to scrutinize the homes using all available public data and DECLINING all orders on homes that looks like they might be "squirrelly" in the slightest. That should take care of 90% of them (one will slip through every so often, and then ... well, you've gotta do the extra work .... )

 

[RCA]

My way is to scrutinize the homes using all available public data and DECLINING all orders on homes that looks like they might be "squirrelly" in the slightest. That should take care of 90% of them (one will slip through every so often, and then ... well, you've gotta do the extra work .... )

You are not the only one. What are the tricks:

1. Of course look at the MLS history.

2. Look at other property data. Were you given the right address? I have been getting a number of bogus addresses for bids --- most likely because there is something they are hiding.

3. Use Google Earth Pro to look at the photographic history of the house. Hover your cursor over the top left and a timeline should appears. Typically it goes back to 1985. But before 2002 or so, the photos are kind of blurry. But you may still make out important features. This is nice if you have additions that were made without a permit to answer the question: When was this addition done? More importantly though what you can see with a recent sale is whether the house was complete shambles for decades before a recent major update for the sale. If the update was done without permits and inspection, and let's say the roof was most likely leaking for decades, you are going to have to question what's behind the walls. And, yes, there could be all kinds of associated problems.

And don't forget that whatever useful information you get - don't dream of giving it back to the AMC or lender on a bid. They may just be using you to get the information for their own use. Don't be a sucker.

 

[sputnam]

The best way to deal with split levels in a market where the real estate agents combine all the finished area is not to change the way the dwelling is measured and reported. The best way is to measure and report the physical nature of the subject, per standards, on the 1st page of the appraisal form. Then, in the grid, you override your software's automatic transfers and report it the way it's reported by your MLS (or whichever data source you are using). You then add a comment explaining that's what you did and that you did it becuase it's common practice in the area for split levels (split foyers too) to be marketed that way. Your report then accurately describes the subject AND compares apples to apples in the grid.

If you don't like that, then you can do whatever you have to do to break out the basement from the total square footage of the comparables.

 

[Brian W Street]

Then, in the grid, you override your software's automatic transfers and report it the way it's reported by your MLS

So on page 1 you correctly report the subject Tri-Level as having a basement but in the sale grid, you lock out page 1 and report the subject as a slab with twice as much GLA as page 1. Am I reading this correctly, not judging just trying to see what others are doing? This is acceptable but yet everyone doesn't like changing the MLS records to reflect the correct basement to GLA figures. I change the comparables, this is time-consuming but easy to do, then I explain what I did and why I did it. So what would you do in this case, in my area it is a mix of 75% realtors that get it wrong but some get it right, what then? I use the tax records just like the realtors do and correct the assessors' mistakes, they are really the ones to blame at least in my neighborhood.