GLA discrepancy: Builder's MLS vs Realist vs My Measurements . . .

[ZZGAMAZZ]

The assignment is the re-fi of a 3-year-old, 2-story SFR in a builder's PUD.

The borrower mentioned how "small" the SFR seems; and I felt the same way, relative to the builder's original MLS listing of 2,127 sf and Realist public records of 1,826 sf.

My measurements reveal approximately 1,720 sf.

ALL OF THAT I CAN DEAL WITH EVENTUALLY (Probably requiring a 2nd site visit to confirm); and I found various comp discrepancies between the builder's MLS and public records, but none as large as the subject, with all potential comps from within the same PUD in an area where nothing much exists outside of the PUD.

Can I determine the ratio of MLS to my measurements of the subject, and apply that factor to the comps, by applying an EA?

I just don't know how to proceed, although I have notified the lender of the possible discrepancy.

Peer advice?

 

[TMG]

builder's original MLS listing of 2,127 sf

They probably included the garage...on purpose.

 

[ZZGAMAZZ]

They probably included the garage...on purpose.

But if so, can I make that EA concerning the comparables?

 

[TMG]

But if so, can I make that EA concerning the comparables?

IMO - you have no way of knowing for sure if the comps are affected. Unless you knock on their doors and measure them.

Did the builder offer different versions of the homes? For instance I have seen: Choice of a 3 bedroom with 3 car garage, a 4 bedroom with a 2 car garage. They just build out one portion of the garage into a bedroom. Same footprint, different GLA.

 

[Joe Flacco]

It sounds like your realist data is more in the ballpark for this pud. So I would report the subject as measured and report the comps as indicated on realist. state there is a discrepancy in living area for the subject and comps between builder/MLS and realist.

In puds it is best to include the exact same models as the subject. And if the exact same model no need for adjustment even if the living area size is different since you know it is the exact same house.

 

[Lee Lansford]

But if so, can I make that EA concerning the comparables?

You cannot express an EA--other than the check-box type on (for example) the bottom of page 2 the 1004/URAR. Such EAs are expressly prohibited in the Fannie/Freddie report forms.

 

[ZZGAMAZZ]

It sounds like your realist data is more in the ballpark for this pud. So I would report the subject as measured and report the comps as indicated on realist. state there is a discrepancy in living area for the subject and comps between builder/MLS and realist.

In puds it is best to include the exact same models as the subject. And if the exact same model no need for adjustment even if the living area size is different since you know it is the exact same house.

I'm trying that of course, but all of the comps won't be builder model-matches, and the GLA adjustments for (larger) comps is iffy.

 

[Mike Kennedy]

did "public records" above mean Assessment or Building Dep records?

 

[ZZGAMAZZ]

IMO - you have no way of knowing for sure if the comps are affected. Unless you knock on their doors and measure them.

Did the builder offer different versions of the homes? For instance I have seen: Choice of a 3 bedroom with 3 car garage, a 4 bedroom with a 2 car garage. They just build out one portion of the garage into a bedroom. Same footprint, different GLA.

Subject is 2018 year-built so builder info is sketchy, although I just emailed the 2018 builder rep who was the listing agent for the subject to ask whether he wishes to comment on the discrepancy (although I don't anticipate a response).

 

[ZZGAMAZZ]

did "public records" above mean Assessment or Building Dep records?

As reported by Realist as "Tax."