Landsafe Condo GLA requirement?

[Couch Potato]

What Fannie Mae means "By Plat" is a unit sketch from condo docs with interior wall measurements and GLA total.

Lee, there is no question Fannie says using a plat is acceptable. However, most residential appraisers measure and most clients expect them to measure. Did you get anything in writing regarding your scope of work?

 

[TJSum]

I usually measure the unit just to confirm what is on the condo docs or public records. However, there are condo units that are next to impossible to measure, is it one of those?

 

[Ms. Janet]

You're kidding me...mortgage girl??

 

[Bama Bayou]

I usually measure the unit just to confirm what is on the condo docs or public records. However, there are condo units that are next to impossible to measure, is it one of those?

Would you recomend that he say "this one is too hard to measure, so I didn't"?

 

[Couch Potato]

Where does Fannie say that?

He gave the reference in his post. (XI, 204.1) Have you not read the selling guide?

 

[Reelestate]

Fannie says "Plat" because the required addendum describing the project starts with the site plat and then the building elevations, number of units, individual unit sketches and percentage ownership of common areas etc.

 

[Mr Rex]

Next time measure the damn thing. This time go measure and make a mental note, next time measure the damn thing.

 

[TJSum]

Would you recomend that he say "this one is too hard to measure, so I didn't"?

No, the floor plan sketch and interior pictures would reveal that, it would be self evident. In the Washington, DC condo market there are many 100+ year old buidlings where the units look like a jigsaw puzzle, not a straight line to be had, yes those are next to impossible. On top of the jigsaw puzzle shape is all the personal property within the unit to make the job harder, on those, it is common practice to default to the condo docs and/or public records, it is SOP for all appraisers in the market under circumstances like that.

 

[Reelestate]

Lee, there is no question Fannie says using a plat is acceptable. However, most residential appraisers measure and most clients expect them to measure. Did you get anything in writing regarding your scope of work?

Yes I did get something in writing, it was an order for a Fannie Mae 1073 and the scope of worked as outlined in that form and completed per Fannie Mae XI, 204.01: Appraisals Based on Interior and Exterior Property Inspections (11/01/05). The review appraiser is asking me to measure a condo which is asking me to do something that was not outlined in the original SOW. Whether you agree or disagree with me on measuring condos, the reviewer is wrong to change the SOW to his personal standards. He is not the client.

 

[Couch Potato]

Yeah, right. It says "completed per Fannie Mae XI, 204.01"

You do know Landsafe has a standing floor plan requirement that, "Condominium and Co-Op appraisals should indicate interior perimeter dimensions." You are also required to show a GLA calculation for Landsafe appraisals according to the checklist on their web site.