Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
In every market it is a basement. The siding alone should point to that FACT. The idea that it should be called GLA in defiance of Fannie Mae doesn't really change anything. They simply want it segregated whether it contributes the same or not per SF. So we can call it whatever we want, but it is a basement, walk out style.
If the assessor calls it GLA, I would duly note that fact, but otherwise, I would segregate it regardless its contributory value. Our lake homes frequently value as GLA because space is at a premium, but out in the country, here it is a basement and contributes as little as $10 a SF. And a wet one that is moldy may actually contribute zero. The basement on the last one I did smelled musty but was finished like the remainder of the house and you could walk out on a steep deck porch with a beautiful view of a lake...but it is still a basement to the assessor and was to me.
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