Does ANSI apply to attached condo's. BofA is requesting exterior dimensions..

[Fernando]

Thank goodness I believe there's a grandfather/honeymoon period before all these confused issues are settled.

 

[App3000]

ANSI Z765-2021 Definitions page 4.

Attached Single-Family House:

"A house that has its own roof and foundation, is separated from other houses by dividing walls that extend from roof to foundation, and does not share utility services with adjoining houses; may be known as a townhouse, rowhouse, or duplex, for example."

 

[shrubberyvaluation]

ANSI Z765-2021 Definitions page 4.

Attached Single-Family House:

"A house that has its own roof and foundation, is separated from other houses by dividing walls that extend from roof to foundation, and does not share utility services with adjoining houses; may be known as a townhouse, rowhouse, or duplex, for example."

mmm-hmm irrespective of its ownership type its measured with ANSI per FNMA.

Irrespective of ownership type (Condominium, Co-op, Fee Simple, etc.), the ANSI standard must be followed (if legally permissible – see the Annex to the ANSI standard, page 4, for more information) for houses with detached or attached architectural design including townhouses, rowhouses, and other side-by side houses.

 

[sputnam]

The confusion is in the language. If you are appraising a townhouse style or a detached condominium... then Fannie wants ANSI... and the ANSI standard is okay with that. If you are appraising on an apartment style condominium.... then, measurements and calculations of living area are not covered in the ANSI standards.

 

[App3000]

mmm-hmm irrespective of its ownership type its measured with ANSI per FNMA.

Irrespective of ownership type (Condominium, Co-op, Fee Simple, etc.), the ANSI standard must be followed (if legally permissible – see the Annex to the ANSI standard, page 4, for more information) for houses with detached or attached architectural design including townhouses, rowhouses, and other side-by side houses.

I am not disagreeing about the term condo per FNMA. I should have said "most" condos or "apartment-style condos" would not meet the definition of the attached single-family home per the ANSI handbook because they do not have their own foundation and a roof. Most condo units have another unit either above and/or below their unit.

I agree that a "townhouse-style condo" that meets the definition of an attached single-family home, per the ANSI Handbook, would be measured using exterior dimensions.

 

[App3000]

The confusion is in the language. If you are appraising a townhouse style or a detached condominium... then Fannie wants ANSI... and the ANSI standard is okay with that. If you are appraising on an apartment style condominium.... then, measurements and calculations of living area are not covered in the ANSI standards.

I agree. Well said.

 

[Yuanyin]

So measuring a townhouse style property, whether it's condo ownership or not, you measure to the middle of the demising wall and to the exterior of the exterior walls.

If measuring a unit in say, a high rise, an apartment building etc. I only use interior measurements.

That's the way I understand it.

What's frustrating is that assessors in my area seem to always measure to the exterior and middle of shared walls even for apartments. That throws off GLA adjustments.

"Irrespective of ownership type (Condominium, Co-op, Fee Simple, etc.), the ANSI standard must be followed (if legally permissible – see the Annex to the ANSI standard, page 4, for more information) for houses with detached or attached architectural design including townhouses, rowhouses, and other side-by side houses. The ANSI standard should not be used if the architectural design is an apartment-style or multifamily building. When measuring a condominium or co-op that is part of an apartment-style or multifamily building, Fannie Mae’s policy of using interior perimeter measurements for the subject property should be applied."

 

[NJAPRAZE]

I'll be taking a class next week. Interesting to hear and learn what's this ANSI is all about.

ANSI is only presently approved/required for FNMA conv lending involving SFRs, Condos, & manuf homes; not presently applicable to FHA/HUD, USDA/HUD, etc. who HAVEN'T yet adopted the requirement. ANSI requires exter measurements... except for sides that are attached (can do inter but have to compensate for framing), and for condos -- in which measurements should be INTERIOR as the homeowner only owns the space between the walls. ANSI not needed for 2-4 fam props... Measurements should be to nearest inch. Need to disclose/differentiate above-grade, below-grade & other space (i.e. if min 5 ft height requirement not met -> think CAPES with sloped areas or finished attics). Greatest issue in SCA grid is that not an apples-to-apples comparison necessarily -- as you don't know method of measurement for comps

Summary complete; resume normal programming activity

 

[Airstream]

As I understand ANSI and was told in a seminar…an attached condo that is a twin home style is to be measured to the outside wall, but the wall that is attached is to be measured to the middle, wherever that is. Otherwise condos are to be measured on the interior walls; although I don’t see that ANSI says anything about condominiums where all walls are shared. Maybe I’m wrong.

 

[Fernando]

Yes, you do have to estimate the wall thickness is what I learned in my class, although I am not all that confident on what I was taught LOL.

I heard to add extra 3 inches for that interior wall which I can't see. Would that be 3/10th foot. Without ANSI, it would have been easier to just use half foot.