Ansi measuring of attic space

[OSU Beavers]

This is one area where I would not mind having an iPhone LIDAR do the measurements for me. No arguments with underwriters or armchair reviewers.

 

[Fernando]

last i read, fannie permitted unpermitted finished space as GLA. yikes, i'm reading fake fannie news letters.

Early in my appraisal career, I sometimes included unpermitted finished area in GLA.
Then lenders said No. Then I stopped. If not permitted, it can be removed by city edict.
Now Fannie saying it's permittable to include GLA? Glad they are not real appraisers.

 

[Tawfik Ahdab]

So, Fernando, the source that Dublin asked you twice to provide is…”Lenders”?

 

[Zoe]

You need ANSI class.

You should get credit somehow. Forget the credit. Take the class.

 

[Fernando]

So, Fernando, the source that Dublin asked you twice to provide is…”Lenders”?

Yes, Lenders. I thought it was obvious even for Dubllin.

 

[Tom D]

fernando, i am fascinated by your unpermitted thoughts. so you mention it on the appraisal. do you mention it on the market grid, and under what line, and how much would you adjust for it, or not at all. if the house had 1 bath room that was rehabd new without permits, would you say it has no bathroom.
are you calling it some kind of obsolescence or func utility issue.

 

[Tom4value]

the house I'm doing is a traditional home built in the 1970s. it has stairs from the living room up to the attic. 2/3 of the attic is finished with high ceilings and a full bathroom, the other 1/3 of the attic is unfinished and used as a storage area and there is a drywall dividing wall and a doorway separating the two attic spaces. the ceiling in the attic is sloping from about 8' down to 4-5' all along both sides of the attic.

My question is do ANSI measuring standards apply to attics?

Assuming this is for FHA due to the forum it is in. As of now, FHA does not require ANSI but it is allowed. Anyway, you measure the width and length of the finished floor space, utilizing the method of the slope of the ceiling at the five foot mark. Also, make sure the ceiling is at least seven feet or none of the area is included into the GLA.

 

[Fernando]

fernando, i am fascinated by your unpermitted thoughts. so you mention it on the appraisal. do you mention it on the market grid, and under what line, and how much would you adjust for it, or not at all. if the house had 1 bath room that was rehabd new without permits, would you say it has no bathroom.
are you calling it some kind of obsolescence or func utility issue.

Appraiser makes the judgement call in how the market perceive the unpermitted area.
The unpermitted area is put in separate grid and adjusted. I have done this for decades and each area is different.
Sometimes I give more value but lender has own policies how to deal with it. In that case, lender over rules but in reconciliation, I get final say.

 

[Tawfik Ahdab]

Who is developing the opinion of value, you or the lender? Who is in charge of the appraisal, you or the lender?

You make me want to bury my face in my hands.

 

[Fernando]

Who is developing the opinion of value, you or the lender? Who is in charge of the appraisal, you or the lender?

You make me want to bury my face in my hands.

Why didn't you criticize FANNIE when forcinig us to use ANSI. I want to develop without ANSI. Fannie is in charge of our loan appraisals. Stop living in your dream world.