David Binz
Freshman Member
- Joined
- Feb 6, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
The property is a raised ranch style 2-flat. One unit above and one below. It does comply with current zoning. 2 gas/2 electric meters. The lower unit is approx. half above/half below. Full size windows, two ingress/egress as well.
I have seen these done a few different ways when conventional, but never had one that was attempting to go FHA. If I am reading the reg's correctly, I can only count above grade GLA. All of my comps/rental comps are similar in style. GLA for subject per assessor is 1300 sq. ft., which is above grade. The problem is some of the comparables are coming back as 2600 sq. ft. which means the assessor is including the basement on some but not all of the similar style structures in the area. I imagine if I disclose what/how I am doing things it should be fine but just wondering if anyone has had a similar experience and how they dealt with it?
I have seen these done a few different ways when conventional, but never had one that was attempting to go FHA. If I am reading the reg's correctly, I can only count above grade GLA. All of my comps/rental comps are similar in style. GLA for subject per assessor is 1300 sq. ft., which is above grade. The problem is some of the comparables are coming back as 2600 sq. ft. which means the assessor is including the basement on some but not all of the similar style structures in the area. I imagine if I disclose what/how I am doing things it should be fine but just wondering if anyone has had a similar experience and how they dealt with it?