GBA on the 1025 form

[Erik Ohline]

I need some clarification on what the GBA is on the multi-family 1025 form. I have considered this the same as GLA. Just got a call from an AMC that stated that the GBA includes the entire building area which includes the square footage of the basement. They require that this line, GBA, includes all building area of the property, not just the above ground living area.

 

[huntercharlie]

Per Fannie - Note the area in Bold gives you some flexibility;

Gross Building Area​

Gross building area:
• is the total finished area including any interior common areas, such as stairways and hallways​

of the improvements based on exterior measurements;

• is the most common comparison for two- to four-unit properties;
• must be consistently developed for the subject property and all comparables used in the
appraisal;
• must include all finished above-grade and below-grade living areas, counting all interior
common areas such as stairways, hallways, storage rooms, etc.;
• cannot count exterior common areas such as open stairways.
Fannie Mae will accept the use of other comparisons for two- to four-unit properties (such as the total above-grade and below-grade areas) provided the appraiser:
• explains the reasons he or she did not use a gross building area comparison, and​

• clearly describes the comparisons that were made.

 

[Michigan CG]

GLA is gross living area and GBA is gross building area. Sometimes they may actually be the same but they have two different definitions.

GBA is used commonly for commercial appraisals.

 

[Erik Ohline]

Thanks for your help. The definition helps.