Below Grade Finished Doesn't meet ANSI

[NCMtns]

How is everyone addressing finished below grade (Heated and same condition/quality as GLA) but only measures 6.8ft in height in a UAD form?

Just list it as basement area with 0sf finished or address it in one of the blank fields at the bottom of the form?

 

[shrubberyvaluation]

How is everyone addressing finished below grade (Heated and same condition/quality as GLA) but only measures 6.8ft in height in a UAD form?

Just list it as basement area with 0sf finished or address it in one of the blank fields at the bottom of the form?

I would vary from ANSI and explain. How can you know if the comps are or are not the same. And what do you do if a comp has a 6.8' high unfinished basement. Does that get put in the basement line.

 

[OSU Beavers]

GXX001

 

[NCMtns]

I had to look up GXX001 - https://singlefamily.fanniemae.com/media/30266/display FAQ 7 specifically states you cannot use GXX001 to voluntarily opt-out of compliance.


I'm trying to figure out the best way to be compliant.

 

[djd09]

there is no definition of basement per "ansi". another obvious problem with "ansi" is the forms do not fit the method. oh never mind. just rise to the distance

 

[NC Appraising]

Happens here all of the time.

Thankfully it is on the below grade area of the form. I would just report it as unfinished area, but make adjustments as you normally would and explain.

This takes the liability off your back since you are now required to utilize ANSI.

 

[Terrel L. Shields]

finished below grade

is basement.... finished or unfinished

 

[shrubberyvaluation]

Happens here all of the time.

Thankfully it is on the below grade area of the form. I would just report it as unfinished area, but make adjustments as you normally would and explain.

This takes the liability off your back since you are now required to utilize ANSI.

Can't say I will do this, I would prefer to vary from ANSI and not confuse the readers, especially if the basement was not valued differently due to the height or the comps had similar height basements.

 

[shrubberyvaluation]

is basement.... finished or unfinished

At least 50% of a finished floor must be over 7' or you don't include any of it according to ANSI.

 

[djd09]

exception code. "The market partipants consider the finished below grade area as GLA. To be consistent with local market opinions, ansi standards could not be met with compliance"

disobey