Standardized Property Measuring Guidelines

[Fernando]

Now that there's a standard to follow, I can't do the Fernando way.
It's interesting that Fannie allows me to "change" the square footage of comps which I believe is not accurate. Hmm

I do have question on stairways. Fannie says "Staircases are included in the GLA of the floor from which they descend."
I usually include the staircase and then subtract the other floor stairway (if no closet space under those stairs) not to double count.
Can I still so that?

 

[Zoe]

This is good. Our tax assessors are so far off on GLA sometimes that it is not even funny. This will slowly make things better. I disclose I use ANSI in my measurements.

Real estate agents don't even want to measure. They will hire appraisers to measure sometimes.

Have to realize the tax assessor locally never goes inside the house in most cases.

 

[Fernando]

This is good. Our tax assessors are so far off on GLA sometimes that it is not even funny. This will slowly make things better. I disclose I use ANSI in my measurements.

Real estate agents don't even want to measure. They will hire appraisers to measure sometimes.

So now that the tax assessors for comps are off, appraisers need to change the GLA for the comps to best compare to subject. More work and good luck.

 

[Mejappz]

My tax assessors are not way off. And it is one reason the continued widgetization of Real Estate will continue to fail. On the bright, these four months will give me more time to expand my non-lender and litigation work.

 

[Sadie]

Haha! Can't even get appraisers to agree on how to measure a staircase... this should be a hoot to watch unfold.

Follow the money.

I agree, but what's to follow? how is this going to change anything. Ugh, irritating.

 

[Zoe]

It is an easy course. It will piece of cake if you have never had it. Next will be you will have to disclose in the report that you used ANSI. It covers your behind. (aka CYA)

 

[NJAPRAZE]

This will be a mess... UNDWR- "please explain why your measured GLA is different than assessor" --- > assessor record is incorrect, assessor record includes fin bsmt for maximum taxation purposes and is high/overstated vs actual, assessment GLA includes open space areas on the 2nd fl (i.e. 2-story foyer/family room) or other non-living areas, assessor record is based on the orig builder plan and the builder subsequently cut corners on a wall here and there when completing, rounding impacts when measuring, enclosed porch was converted into GLA and no permit was obtained, assessor sketch is 1-dimensional/limited and doesn't accurately show the GLA for bi-level and split level units, etc.

Am i missing anything? Pandora's box.... telling ya'll!!

 

[Charles West]

Now that there's a standard to follow, I can't do the Fernando way.
It's interesting that Fannie allows me to "change" the square footage of comps which I believe is not accurate. Hmm

I do have question on stairways. Fannie says "Staircases are included in the GLA of the floor from which they descend."
I usually include the staircase and then subtract the other floor stairway (if no closet space under those stairs) not to double count.
Can I still so that?

You subtract the area i.e. dimensions, that the staircase takes from the second floor area. In other words if you can't walk on it dont include it in the living area.

 

[Mejappz]

So now that the tax assessors for comps are off, appraisers need to change the GLA for the comps to best compare to subject. More work and good luck.

This will be a mess... UNDWR- "please explain why your measured GLA is different than assessor" --- > assessor record is incorrect, assessor record includes fin bsmt for maximum taxation purposes and is high/overstated vs actual, assessment GLA includes open space areas on the 2nd fl (i.e. 2-story foyer/family room) or other non-living areas, assessor record is based on the orig builder plan and the builder subsequently cut corners on a wall here and there when completing, rounding impacts when measuring, enclosed porch was converted into GLA and no permit was obtained, assessor sketch is 1-dimensional/limited and doesn't accurately show the GLA for bi-level and split level units, etc.

Am i missing anything? Pandora's box.... telling ya'll!!

This will be a mess of epic proportions. Think 1004MC disaster.

 

[Mejappz]

And what about an increase in fees for this extra work and continued education. Are the GSEs going to pay appraisers for the extra work?