I have a similar issue that I was hoping someone could lend some professional advice on...I recently had a new home built that was categorized as a "raised colonial" which is "similar" to a raised ranch but with a few distinct exceptions. The home as two full floors or "stories" ALL above grade set on a slab style foundation with a one car garage in one half of the ground level floor. There is no bump out like on a traditional raised ranch, so both floors are directly over one another for a "colonial" appearance from the exterior. The front entry to the home is elevated approximately 4 feet above grade with a small a split stair case immediately inside which leads either up to the second level or down to the ground level. Second level has two bedrooms, one full bath, kitchen and family room. Ground level has garage with side ground level entrance, master bedroom, master bath, laundry room and walk in closet. My recent appraisal listed this design as a "raised ranch" or one story home with 2 bedrooms and one full bath and a partial finished basement with bath, which obviously affected my GLA. There were several other aspects of the appraisal that were incorrect, but those are not my concern here. I have done a considerable amount of research on the definition of a "basement" and everything I have read (Fannie Mae, Freddie Mac, FHA, etc) all state at a basement is any part of the dwelling that is below grade. How is it that my home was tagged as a one-story home with a basement when everything is at or above grade?? Am I missing something in the translation here? All the comparisons that were given were all homes with the traditional raised ranch design with the lower level being sunken halfway below grade. When I question my mortgage broker about this I was told that I was looking at this from a "layman's" point of view and not by the USPAP guidelines like the appraiser did....again...am I missing something here? can anyone shed some light on this for me? please?
