Does ANSI apply?

[NJ Valuator]

Just measure inside walls on each level. The condo owns the exterior walls and adjoining walls.

All levels are GBA if none are below grade. Not a big deal if a level is below grade. Just measure inside walls.

huh? nothing is below grade.

 

[Dublin ohio]

I thought ANZI doesn't apply to condo units.

 

[Fernando]

I don't get it.

 

[Terrel L. Shields]

Fannie Mae requires appraisers to use the American National Standards Institute (ANSI) Z765 standard to measure the following types of properties when valuing them for loans that Fannie Mae will purchase:
Single-family homes: Detached or attached, including manufactured housing
Townhouse-style condominium units: Also known as attached single-family houses, these units have their own roof and foundation, dividing walls, and don't share utilities with other houses
Detached condominium units: Also known as "site condos"

The ANSI standard does not apply to apartment-style units in condo or co-op projects, or to two- to four-unit properties. For apartment-style units, appraisers should use interior perimeter measurements to calculate the gross living area (GLA).

And, @Fernando - it is ANSI Not ANZI...you are confusing it with NAZI...an easy mistake to make when dealing with FNMA.

 

[Dublin ohio]

Detached condominium units: Also known as "site condos"

Not all detached condos are site condos

 

[Fernando]

Fannie Mae requires appraisers to use the American National Standards Institute (ANSI) Z765 standard to measure the following types of properties when valuing them for loans that Fannie Mae will purchase:
Single-family homes: Detached or attached, including manufactured housing
Townhouse-style condominium units: Also known as attached single-family houses, these units have their own roof and foundation, dividing walls, and don't share utilities with other houses
Detached condominium units: Also known as "site condos"

The ANSI standard does not apply to apartment-style units in condo or co-op projects, or to two- to four-unit properties. For apartment-style units, appraisers should use interior perimeter measurements to calculate the gross living area (GLA).

And, @Fernando - it is ANSI Not ANZI...you are confusing it with NAZI...an easy mistake to make when dealing with FNMA.

Thanks for the refresher on ANZI. Many appraisers tend to forget the arbitrary rules dictated by FNMA which makes no sense.

 

[Terrel L. Shields]

Not all detached condos are site condos

Tell it to FNMA...

 

[Fernando]

Tell it to FNMA...

There's a large condo complex around here which has attached condos and townhome style detached condos. Confuse?
Real appraisers would only use detached condos as comps as best available to circumvent the ANZI dilemma.

 

[Dublin ohio]

Tell it to FNMA...

Well I would. Except I can't find your post in the selling guide. Link?

 

[Terrel L. Shields]

Selling Guide

selling-guide.fanniemae.com