Fannie Mae: NO more Finished Basement included in GLA Starting February 2022

[Fernando]

No, they don't, not if they're built correctly.

I swear that if stupidity was painful you'd be munching Oxy like after dinner mints.

So judgmental which is your downfall as an appraiser doing cookie cutters.
You haven't seen enough below grade level homes.
I had one home built over 100 years in high end neighborhood and has water leakage problem due to below grade.
Just matter a time when such foundations can't hold the wet soil and eventually degrade and leak.

 

[Tiffany Gibbons]

Can you elaborate? How would Fannie's adoption of the ANSI standard (Freddie has not adopted) when an appraiser performs a traditional appraisal relate to a chance to "cut out" appraisers??

I was thinking more along the "Desktop" lines, where they want their "stable of licensed brokers" doing the inspection, not a traditional appraisal. I'm sure it all involves eventually getting enough data to match up to just do "waivers" and use AVM's for everything. My mentor trained me to use ANSI way back when so no big deal for me, but agents most always include everything as GLA, same way most of them use price per square foot and bedroom count. Sorry for mis-speaking, thought both F and F were going ANSI. I'm sure they don't want to cut appraisers out entirely, who would they blame if something goes belly up?

 

[djd09]

So judgmental which is your downfall as an appraiser doing cookie cutters.
You haven't seen enough below grade level homes.
I had one home built over 100 years in high end neighborhood and has water leakage problem due to below grade.
Just matter a time when such foundations can't hold the wet soil and eventually degrade and leak.

what, leaky basement, cost to cure, no big deal.

 

[Fernando]

what, leaky basement, cost to cure, no big deal.

Do you want a home with a costly basement which has to be monitored? Some don't.
Fortunately, these are wealthy homeowners and they can afford the engineering evaluations and ways to correct or alleviate the water intrusion.