Standardized Property Measuring Guidelines

[Zoe]

I see it as money making opportunity too. I like measuring and inspecting homes. The analytical side wears me out sometimes. One is easy. One is hard.

 

[djd09]

yes, the same gse's that accepted hundreds of thousands of no doc loans is now dictating measurements to the centimeter. ironic, eh?

 

[residentialguy]

I don't see misleading report. It is simple measurement standard.

Maybe you missed the part where you have situations where comps aren't measured to anzi standards.

Most comps are rounded to the nearest 1/2 ft, if not to the nearest ft.

 

[CGinMN]

Here's my stance on this, and basically all client requirements for that matter, then I'll shut up...

You want me to report on factors not considered by market participants? You want a picture of the interior of the shed, or a head and shoulders attic inspection, or to measure to the inch? Fine. I can handle that within the reporting side.

Stay out of my development process though, and stay off the grid. That's my domain. Adjustments within the grid are to be made based on the reactions of market participants, not user expectations. This was a fatal error of the 1004MC, trying to do a one size fits all approach to market conditions analysis.

 

[residentialguy]

Why are they doing this when appraisers were going by Ansi standards anyway? Ansi has always allowed deviation fron Ansi with explanation. That hasn't changed. So why are they sharpening this blade?

Comps and Co data aren't measured to the 1/10th of a foot and the market couldn't care less about a 2/10th variance.

This stinks of creating a fall guy for the next inevitable bubble burst. They're trying to make something that is not precise, precise. That in itself is misleading. It won't make a difference on valuation, so the only justifiable reason for doing that is to pin the appraiser on something. It can't be the poor lending decisions made by FNMA, it must be the appraiser... "Oh look, the appraiser didn't follow ANSI... Get a Rope!"

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[shrubberyvaluation]

Just because we use ANZI as the standard, does not relieve us of ALSO reporting and adjusting for how the market participants view the property, and if there is extra sq footage that is not usable living area but the market is paying for it, then we adjust for it and explain why

I understand that. But if you have 2 colonials that look the same by the naked eye but one's second story is an inch below ANSI standard to call it GLA then you would have say one with 1,000 Sq.Ft. GLA and the other with 2,000 Sq.Ft. GLA but the market treats them the same. So it can only serve to confuse the reader when you do not adjust and explain.

 

[ramrcdk]

I understand that. But if you have 2 colonials that look the same by the naked eye but one's second story is an inch below ANSI standard to call it GLA then you would have say one with 1,000 Sq.Ft. GLA and the other with 2,000 Sq.Ft. GLA but the market treats them the same. So it can only serve to confuse the reader when you do not adjust and explain.

Agree with the same minus line adjustment applied on the Added-separate line as a positive adjustment (offset): which then will likely exceed OTHER (10,15,25%) guidelines which THEN will also need to be explained.
Another example, where the exact same plan/options were reported with differing GLA (perhaps a builder permitted proposed construction never on-site measured, with the difference in GLA reported on MLS (with floorplan attachment indicating the floorplan of the property was "live" measured).
For my documentations: zero evidence in "market value reactions" to the accepted difference in GLA. Blaa blaa

 

[Terrel L. Shields]

In short, FNMA takes a simple task and makes it more complex without any real reason OR they wrongly anticipate that the problem with mis-measured houses is a lack of systematic measurement. I would argue the problem isn't bad measurement so much as not measuring at all or simply botching it.

Last fall, I measured a manufactured home and it was 16' longer than the assessor's measurements. I asked the owner if they had added on. Indeed they had added to the end for a master bed, and put new siding on the whole unit plus new roofing and skirting. I measured to the foot. did it matter? Hardly. Would it have improved the accuracy had I measured to the inch? Nope. We're talking 448 SF. If off by 0.2 ft all the way around the perimeter, we'd be talking maybe 42 SF, not a real significant amount. Now....hopefully my comps had not added 16' to their length.

 

[Carnivore]

100,000 Appraisers X $25 dollars = $2,500,000 Dollars At the Labs they are jumping up and down whoo hooing what a windfall

Let's change it next year and every year after that ... Like winning the Lottery

 

[Non Sequitur]

100,000 Appraisers X $25 dollars = $2,500,000 Dollars At the Labs they are jumping up and down whoo hooing

Let's change it next year and every year after that ... Like winning the Lottery

I remember when it was a free download.