ANSI GLA on a 1004 form

[ebennett]

I know this is the new issue everyone is trying to figure out together, but I have a question that needs clarifying.

I am doing a 1004 conv purchase assignment, and the Subject property is a 2 story colonial house built in the 1920s. The entire house, 1st and 2nd floor, have ceiling heights below 7' (6'10' to be exact).

ANSI to my understanding only mentions finished attic spaces needing to have 50% above 7' ceiling heights, but does not mention other levels of a dwelling.

The Subject has sold 4 times in the past 20ish years so the market responds normally to the property despite the lower ceilings.

My question is: how do I address this on the 1004 form? Do I sketch it and list the GLA as the 1400sqft it's marketed as (and that exists under the 7ft ceilings)? Or do I list the GLA as 0, make a massive adjustment for comps, then on a separate line adjust everything back up for non-ANSI sqft?

I appreciate any help

 

[shrubberyvaluation]

No way would I put 0 GLA. It may be closer to 7 ft without floor coverings? I doubt you would get in trouble for just doing the appraisal and not mentioning it. Otherwise just explain what you are doing. FNMA is not clear on this. I honestly would just report it as GLA and be done with it. FNMA doesn't like 0 GLA reported and you could also claim the exception rule, but I think it just serves to confuse personally.

Finished areas must have a ceiling height of at least 7’. In a room with a sloping ceiling, at least 50% of the finished square footage of the room must have a ceiling height of at least 7’ and no portion of the finished area that has a ceiling height of less than 5’ can be included in the GLA.
• If a house has a finished area that does not have a ceiling height of 7’ for 50% of the finished area, e.g., some cape cods, in conformance with the ANSI Standard, the appraiser may put this area on a separate line in the Sales Comparison Grid with the appropriate market adjustment. The report will be ANSI-compliant and also acknowledge the contributing value of the non-GLA square footage.

 

[glenn walker]

I know this is the new issue everyone is trying to figure out together, but I have a question that needs clarifying.

I am doing a 1004 conv purchase assignment, and the Subject property is a 2 story colonial house built in the 1920s. The entire house, 1st and 2nd floor, have ceiling heights below 7' (6'10' to be exact).

ANSI to my understanding only mentions finished attic spaces needing to have 50% above 7' ceiling heights, but does not mention other levels of a dwelling.

The Subject has sold 4 times in the past 20ish years so the market responds normally to the property despite the lower ceilings.

My question is: how do I address this on the 1004 form? Do I sketch it and list the GLA as the 1400sqft it's marketed as (and that exists under the 7ft ceilings)? Or do I list the GLA as 0, make a massive adjustment for comps, then on a separate line adjust everything back up for non-ANSI sqft?

I appreciate any help

No thats insane you cant have a zero GLA House and what adjustment on the comps you said the home has sold 4-times in 20 years where its previous sales prices similar to others in the market at that time ? Dont make this into a nightmare LOL

 

[Overimprovement]

There is an exception code you can use (typically used with berm type homes or those with 0 'official' GLA. Look into that. Just explain, explain, explain.

 

[glenn walker]

I know this is the new issue everyone is trying to figure out together, but I have a question that needs clarifying.

I am doing a 1004 conv purchase assignment, and the Subject property is a 2 story colonial house built in the 1920s. The entire house, 1st and 2nd floor, have ceiling heights below 7' (6'10' to be exact).

ANSI to my understanding only mentions finished attic spaces needing to have 50% above 7' ceiling heights, but does not mention other levels of a dwelling.

The Subject has sold 4 times in the past 20ish years so the market responds normally to the property despite the lower ceilings.

My question is: how do I address this on the 1004 form? Do I sketch it and list the GLA as the 1400sqft it's marketed as (and that exists under the 7ft ceilings)? Or do I list the GLA as 0, make a massive adjustment for comps, then on a separate line adjust everything back up for non-ANSI sqft?

I appreciate any help

Deleted This Reply as another member who I respect his opinions and judgement believes I need to re-read ANZI on Ceiling heights and GLA -which I am going to do later .

 

[Elliott]

Non-Seq has already figured it out:
I agree.




And there is this (and he's an expert):

 

[Dublin ohio]

I know this is the new issue everyone is trying to figure out together, but I have a question that needs clarifying.

I am doing a 1004 conv purchase assignment, and the Subject property is a 2 story colonial house built in the 1920s. The entire house, 1st and 2nd floor, have ceiling heights below 7' (6'10' to be exact).

ANSI to my understanding only mentions finished attic spaces needing to have 50% above 7' ceiling heights, but does not mention other levels of a dwelling.

The Subject has sold 4 times in the past 20ish years so the market responds normally to the property despite the lower ceilings.

My question is: how do I address this on the 1004 form? Do I sketch it and list the GLA as the 1400sqft it's marketed as (and that exists under the 7ft ceilings)? Or do I list the GLA as 0, make a massive adjustment for comps, then on a separate line adjust everything back up for non-ANSI sqft?

I appreciate any help

After 29 years of appraising and apprising hundreds of older houses. I have yet to see a home with 6'10 ceilings. Not that they may exist. But have yet to see one. (except a few cape cods). Now I have seen older houses with dropped ceilings. But not less than 7'. Now the question is. Is it a one off. Or are their other homes with the same ceiling height.

 

[Terrel L. Shields]

Now I have seen older houses with dropped ceilings

I wonder what the ceiling is - if acoustic tiles - you can bet it is basically taller. Do whatever you are brave enough to defend but I would not hesitate to use zero for GLA and then 'splain 'splain splain and then adjust SF on a line below.

 

[OSU Beavers]

I wonder what the ceiling is - if acoustic tiles - you can bet it is basically taller. Do whatever you are brave enough to defend but I would not hesitate to use zero for GLA and then 'splain 'splain splain and then adjust SF on a line below.

I thought a 0 GLA was an automatic GXX001 ?

 

[Terrel L. Shields]

I thought a 0 GLA was an automatic GXX001 ?

Even so, who will understand that outside FNMA...Borrowers will bellyache like mad.