FHA, Kitchen and shower in basement

[Tom D]

FHA is a problem. it depends on your lender's level of tolerance. with FHA you need to explain, explain, explain what the area is, what you did to find it, and there ain't anything better. your job is to determine a value and any issues of marketability. maybe in your rural area there are no issues of marketability. the lender can accept it for a FHA loan, or not. that is not your problem. i would put my best recent sales on 1,2,3 then go back in time, further in distance, as support comps 4,5,6 or even more. and FHA wants real comp photos. you need to do a narrative report using a form. i don't know how yous do these rural properties. i'm big city, drive 10 minutes, lots of comps, mostly small row homes. makes me feel appraisal privileged compared to rural appraisers.

 

[Digger88]

If the appraiser is unable to adhere to the ANSI standard, the appraiser will provide the code “GXX001-” in the Additional Features field on the appraisal form

where did this "code GXX001" come from and why have i never heard this before. and i just finished CE and had an entire module on ansi and never heard of this.

 

[sputnam]

where did this "code GXX001" come from and why have i never heard this before. and i just finished CE and had an entire module on ansi and never heard of this.

You need to ask the CE instructor why it wasn't mentioned. The code isn't part of ANSI. It's a Fannie Mae code to be used when ANSI can't be used to measure the dwelling.

 

[BRCJR]

where did this "code GXX001" come from and why have i never heard this before. and i just finished CE and had an entire module on ansi and never heard of this.

link ( https://singlefamily.fanniemae.com/media/30266/display ) in post 15

Is there an exception process? If the appraiser is unable to adhere to the ANSI standard, the appraiser will provide the code “GXX001-” in the Additional Features field on the appraisal form and must explain why compliance was not possible. For example, berm homes with their entire square footage below grade would be eligible for an exception. The appraiser must provide justification for an exception and lenders are responsible for confirming the appraiser provided an adequate explanation. Fannie Mae will monitor for inappropriate use of exceptions (i.e., using methods other than the ANSI standard for homes that have typical above-grade square footage).

 

[jay trotta]

I have not ran the numbers for the cost approach yet. I believe it will be similar to a standard ranch style with basement, I do not see a savings in lumber, and I believe with this style, roofing is much higher.

Have you looked at contemporary style similarities? IMO that may give you a better look at market similarities, most I'm familiar with (in my area) would compete along those lines. A-Frames require a lot of market research, and a 3-year timeline may produce more favorable data.