FHA Appraisal - What Is A Basement On A Split Level

[Meandering]

Which still has nothing to do with a basement being a type of FOUNDATION, not always an indication of something that is below grade.

With UAD you all are chasing your backside.

If it's 2400 sf above, only the beds, baths and total rooms are annotated.
If it's 1200 sf below, the beds, baths rec rooms, family rooms and other rooms are annotated,
hence, more detail and better reporting for the lower level.

If your market is paying $200 sf for GLA, regardless to grade placement, why does everyone wrestle with $200 per SF on the above line and $200 sf on the below grade lines? It's all the same number, having the same impact as an adjustment. The only difference would be if you are making percentage adjustments in a hierarchical fashion. Which, you are not for a UAD report for lending.

Might it have an impact on adjustments if it was 1200 sf above and 2400 sf below? NO, it just requires more narration from the appraiser.

Will it smoke the all knowing computer??

You bet!, but you're gonna smoke it either way. Report all on one line, and somebody else reported on split lines. All those "comps" that were purchased with financing are in HAL, in the manner the OA appraised them, either split above and below grade lines, or all on one line. You have no way to know, so the best way to not generate more smoke out of HAL over every single comp and the subject is just split the SF in the above and below grade.

BECAUSE THE ADJUSTMENT IS THE SAME NO MATTER WHICH LINE YOU PUT IT ON.

But narrate, narrate, narrate.

.

 

[MarylandDave]

If the finished level in question, was considered independent from the rest of the house, it will be above grade. So when analyzing if the finish level is question is above or below grade do you look at the floor as a stand alone floor or in relationship to the whole house.

 

[hastalavista]

If the finished level in question, was considered independent from the rest of the house, it will be above grade. So when analyzing if the finish level is question is above or below grade do you look at the floor as a stand alone floor or in relationship to the whole house.

You've answered your own question, no?
If the level is independently analyzed, it is above grade. How does another level over that change the above-grade/below-grade analysis?
Answer: It doesn't.

Taking that logic to its absurdity (not your logic, but perhaps the logic used in the report), a 50-floor condo building would have one above-grade level; the penthouse. Everything else would be below grade.

 

[Meandering]

the problem is a social one.

People want to believe that all below grade spaces are basements,
and all basements are second class citizens.

The desire to ignore grade to give something a different "name" does not change the market's reaction to the thing. That's what we do,
assess market reaction to the thing,
where ever it is in relation to grade.
Labels are misunderstood stereotypes.

.
D,
Wish I could give you two likes for that. I've had to pull back from commenting on posts such as that one. Blood pressure is already too high.

Thank you D.