Need Help with ANSI/Below grade, hold the snark please!

[Shawangunk RE]

lol, I changed it to functional utility - it turns out the AI spell check stinks and, like so much of AI, it can be correct as far as a task (spelling), yet it picks the wrong word and throws everything out of whack.

The last sale of the property was in 1957 FFS. I highly doubt the subject is still worth $22,000.

 

[Shawangunk RE]

Would the ANSI exception code be permissible in this situation?

Nope, no according to FNMA's explanation for use of that code. I wish i could just put it on a slab, my troubles would be over lol.

 

[Dublin ohio]

Would the ANSI exception code be permissible in this situation?

Probably not since it does have above grade finished area.

 

[Shawangunk RE]

I dont have the ability to do that here in NY. I would have to go to the assessor, who is open tuesdays and thursdays from 10-1 and pull all the records on the street. Most of the homes on this street were built in the 50's, 60's and 70's and are your typical ranch style.

 

[Dublin ohio]

Doing an appraisal for a conventional purchase. SF home, 672 SF built in 1900. The only kitchen and bath are below grade in the basement. No, I do not have any comps going back 2 years with this situation. Due to FNMA/ANSI I cannot include those rooms in room count or GLA. Soooo, my grid shows 4/2/0 for the subject room count.
The kitchen and bath are 350 sf total of the 672 sf basement. I dont want to make adjustments for the comps baths on the room count line and also a functional utility adjustment for the issue with the kitchen and bath in the basement as this would be "double dipping". I am basing my functional adjustment on ???? Since I have no matched pairs to formulate an adjustment. Am I over thinking this??

I have a neighborhood that has similar. But it is more a a split level type of configuration. You step down to the kitchen and dining area which are partially below grade. Is yours actually a full level down?

 

[TerryRohrer]

It is not double dipping if you correctly account for the baths on each level. Nor is it double dipping if you find a discount for a basement kitchen. Those are separate issues.

 

[Shawangunk RE]

I have a neighborhood that has similar. But it is more a a split level type of configuration. You step down to the kitchen and dining area which are partially below grade. Is yours actually a full level down?

Yes, completely below grade on 3 sides, with an exterior walk out metal door to the other side.

 

[Shawangunk RE]

It is not double dipping if you correctly account for the baths on each level. Nor is it double dipping if you find a discount for a basement kitchen. Those are separate issues.

The subject has one bath, comp 1 has 1.5 baths and comps 2 and 3 have one bath. Since my room count in the grid for my subject is 4/1/0, comp 1 is 4/2/1.1, comp 2 is 4/2/1 and comp 3 is 4/2/1, I am only making an adjustment on that line for comp #1's half bath.

 

[J Grant]

The above grade SF is 627 sf, its on a full basement, the finished area of this basement (kitchen,bath) totals 350 Sf, the rest is unfinished area. No its not near anything nice, the reason it had several offers over list is because its the only livable house in the area priced under $200,000.

Thanks for clarifying the Sf.

The fact that it had several offers means that the functional utility is not bothering these buyers, and it is already baked into the lower price. That supports not making a negative adjustment for it..

 

[Zoe]

Just handle that on basement line and explain in narrative. I doubt very seriously there is any functional obsolescence.