Standardized Property Measuring Guidelines

[residentialguy]

Thanks for all the input, just trying to figure out how to fit this into my workflow. So, what about room count -- Do you guys place the below grade/lower level rooms in the finished basement section of the grid? Sometimes it's difficult to find comps, especially if the subject is only going to end up having 1 bath or 2 bedrooms above grade...

You should have plenty of Comps as long as you separate GLA with the Comps as you did the subject.

 

[Trenton]

What does finding comps have to do with how you report? Do the comps change based on how you report it? What power you have to change what a typical buyer considers as an alternative based on how you report something. If your subject has 1 bedroom above grade and 3 bedrooms below grade and a typical buyer will consider that as an alternative to 4 bedrooms above grade...just explain.

HUD/FHA themselves say that making exceptions based on the local norms of the market is expected, so I'm not sure why FNMA would be different... This is why I'm asking these things, because I've been basing the way I do splits on HUD guidance, and the new announcements are a bit vague in certain respects.

 

[shrubberyvaluation]

HUD/FHA themselves say that making exceptions based on the local norms of the market is expected, so I'm not sure why FNMA would be different... This is why I'm asking these things, because I've been basing the way I do splits on HUD guidance, and the new announcements are a bit vague in certain respects.

Do you have a link to this guidance? If I vary from fannie mae guidelines it is not going to be because I needed more 1-2 bedroom comps or there were not enough so I threw the below grade into GLA.

 

[residentialguy]

HUD/FHA themselves say that making exceptions based on the local norms of the market is expected, so I'm not sure why FNMA would be different... This is why I'm asking these things, because I've been basing the way I do splits on HUD guidance, and the new announcements are a bit vague in certain respects.

You run into real problems with comparables. It's not a 2 or 3 story house. Calling it a basement has nothing to do with value... it has to do with comparing apples to apples with GLA. You can conceivably have the same $/sf value of the bsement as you do the upper level.

 

[djd09]

A change in how homes are appraised for loans threatens some Lehigh Valley property values​

Appraisal changes are on the books next month for the measuring, calculating and reporting of what is and not considered finished, above ground space of a residential property.

Real estate experts expect these modifications will somewhat lower property values on particular Lehigh Valley homes.

A change in how homes are appraised for loans threatens some Lehigh Valley property values

Older style homes, Cape Cods, spilt levels, and properties with finished attics likely will be impacted, agents and appraisers said.

www.lehighvalleylive.com

mikey you eat it

 

[residentialguy]

A change in how homes are appraised for loans threatens some Lehigh Valley property values​

Appraisal changes are on the books next month for the measuring, calculating and reporting of what is and not considered finished, above ground space of a residential property.

Real estate experts expect these modifications will somewhat lower property values on particular Lehigh Valley homes.

A change in how homes are appraised for loans threatens some Lehigh Valley property values

Older style homes, Cape Cods, spilt levels, and properties with finished attics likely will be impacted, agents and appraisers said.

www.lehighvalleylive.com

mikey you eat it

Lol... and how does it lower values?

 

[djd09]

apples to apples either way

 

[sputnam]

Stop trying to find reasons ANSI is bad because you don't want to change. ANSI is here in a few days. If you want to do Fannie/Freddie work you will have to state that your measurements and calculations were made in accordance with the ANSI standard.... or lie about it. It's a done deal.

As for how to handle, split levels and such. I may not have explained it well however, I have been doing it that way for decades. It is acceptable to the Lenders and from the standpoint of USPAP. The form does not control the appraisal. Other than a reviewer or underwriter wondering about why numbers don't match (something that you should have explained in the report), there is no requirement that the Living Area reported on page 1 of 6 be the same as is reported in the Sales Comparison Grid. Most of page 1 is about describing the subject property. Page 2 is about your analysis. As of April 1, your description will need to comply with ANSI standards. Your sales comparison analysis should reflect the market.

 

[djd09]

it is starting to remind me of masks. silly karens and darrens think they know better. but really why do you care how i measure?

 

[sputnam]

it is starting to remind me of masks. silly karens and darrens think they know better. but really why do you care how i measure?

I don't care how you measure. Fannie and Freddie do.