Standardized Property Measuring Guidelines

[Zoe]

Maybe you want called on carpet. Roll the dice.

 

[djd09]

I'd agree with this, but I'm not the one making the rules...

ansi does not define basement

 

[Terrel L. Shields]

I'll be honest. If a light bulb don't go off upstairs on the amount of data that GSE's can compare?


You need to seek other employment.

Maybe you want called on carpet. Roll the dice.

You need to take your meds instead of babbling...

 

[Dublin ohio]

This is what I've been doing, I'm just concerned by FNMA's new wording on the ANSI standards, as they are not clear if they are OK with this method.

You can use the exception and explain. I prefer not to because I am considering who is going to be the first person to look at the report. Typically an AMC QC reviewer. Who very seldom read all of the commentary. It makes my hair hurt trying to develop the "wording" that would make it easier for them to understand "GXX001 See additional comments"

 

[Dublin ohio]

If a light bulb don't go off upstairs

You might want to check yours. I think it might be burned out.

 

[shrubberyvaluation]

You can use the exception and explain. I prefer not to because I am considering who is going to be the first person to look at the report. Typically an AMC QC reviewer. Who very seldom read all of the commentary. It makes my hair hurt trying to develop the "wording" that would make it easier for them to understand "GXX001 See additional comments"

OTOH is it harder to explain on those 4 level splits when the lowest level is lower quality and the partially below grade level is similar quality to the rest of the house how you are adjusting for basement square footage. Probably not an issue most of the time unless you don't have good comps that are similar splits.

 

[residentialguy]

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.

Best to break out the basement of the comps to reflect true GLA across the board.
99.9% of the time the foundation size plus any overhangs will be the approximate GLA

 

[Trenton]

Thanks for all the input, just trying to figure out how to fit this into my workflow. So, what about room count -- Do you guys place the below grade/lower level rooms in the finished basement section of the grid? Sometimes it's difficult to find comps, especially if the subject is only going to end up having 1 bath or 2 bedrooms above grade...

 

[residentialguy]

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?

No. The market has nothing to do with it. Your measurements are for comparing apples to apples. It has nothing to do with value.

 

[shrubberyvaluation]

Thanks for all the input, just trying to figure out how to fit this into my workflow. So, what about room count -- Do you guys place the below grade/lower level rooms in the finished basement section of the grid? Sometimes it's difficult to find comps, especially if the subject is only going to end up having 1 bath or 2 bedrooms above grade...

What does finding comps have to do with how you report? Do the comps change based on how you report it? What power you have to change what a typical buyer considers as an alternative based on how you report something. If your subject has 1 bedroom above grade and 3 bedrooms below grade and a typical buyer will consider that as an alternative to 4 bedrooms above grade...just explain.