Standardized Property Measuring Guidelines

[sputnam]

If you are talking a form appraisal, the certification may say that you have personally inspected the subject property. Neither USPAP nor the certification lay out what your inspection must include. If you use an alternate certification, it may not even require any inspection at all. IF you report the GLA of the subject property, you must (as for all the data you include in the report) use data that you deem to be reliable. If you measure and calculate yourself, that's pretty reliable. If someone else tells you... maybe not... that's something you, as the appraiser had to decide. You will be responsible for the contents of the report either way.

 

[J Grant]

Are some people confusing the floorplan requirement with interior walls for a no inspection 1004 D, with the appraiser measures for inspection according to ANSI?

 

[glenn walker]

Are some people confusing the floorplan requirement with interior walls for a no inspection 1004 D, with the appraiser measures for inspection according to ANSI?

Yes I believe they are : )

 

[J Grant]

Why do appraisers need a 3 hour course in how to measure for ANSI? Other than measuring to the inch or 1/10th, it rounds off total to teh foot, then a one page missive from Fannie outlines what areas are included or excluded wrt basements, below grade, enclosed porches etc...so what is there to know that takes 3 hours?

 

[Carnivore]

If you are talking a form appraisal, the certification may say that you have personally inspected the subject property. Neither USPAP nor the certification lay out what your inspection must include. If you use an alternate certification, it may not even require any inspection at all. IF you report the GLA of the subject property, you must (as for all the data you include in the report) use data that you deem to be reliable. If you measure and calculate yourself, that's pretty reliable. If someone else tells you... maybe not... that's something you, as the appraiser had to decide. You will be responsible for the contents of the report either way.

Yes, I understand what your saying about USPAP in general for all types of assignments.

This thread is about FNMA, ANSI, and the Reporting Format

Here is what I am referring to:

FNMA 1004
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size.

My last five reports have all been FHA. Four of them have been in Rural Areas(as determined by using USDA Eligible. Website Address search)

I thought about this some more and realized that another Client Type i.e Hard Money Lenders One Hard Money Lender that I have a very good relationship with does not care what format I use. This lender scaped an AMC because the AMC had told him wrongly that we appraisers HAD to use the FNMA formats. In my conversation with him I made it very clear to him that this was nonsense. After talking with him about the charlotte region, he ended the conversation by instructing me to use the format I thought would best suit his needs and the individual assignment. That was easy and he is very pleased.

This upcoming change by FNMA does not apply to them including VA Loans.
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OOOPS Unless the Lender includes that ANSI Requirement as part of the FHA/USDA Assignment. Which happened to me on my last FHA assignment. The LOE was changed by adding that requirement, What I think may have happened is the AMC added that in possibly. I will call them this week to get it clarified. Either way doesn't matter because I have been using ANSI all along anyway.

 

[J Grant]

Yes, I understand what your saying about USPAP in general for all types of assignments.

This thread is about FNMA, ANSI, and the Reporting Format

Here is what I am referring to:

FNMA 1004
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size.

I hope they retain that because ANSI or no ANSI, it applies.

 

[glenn walker]

I am ANSI certified and I printed my own designation : )

 

[Carnivore]

More about ANSI - Realtors are a different Breed. They are give quite a Bit of Academic Freedom when it comes to reporting GLA above and below grade. For them it is about how the buyers view a property specific to a neighborhood/market

The Sale in the pix are all Tr-levels. the Lower level is considered by ansi and FNMA to be below grade. Thus we as appraisers will segregate that lower level and enter it on the basement line.

The List below of sale are all from the same Hood. All the Realtors are listing the total finished area of all three levels combined and calling them ABOVE GRADE, even though they have segregated the SF for each level. Main; Upper; Lower None of these are are listed as having basement aka below grade.

Now this will not have an effect on how WE report the breakdown in a 1004/1073. Where this is going to get interesting is how it is reported in Realist AKA Corelogic. Yes they own Realist. I can't wait to hear about the Realtors telling Corelogic 'KMA.' You know Corelogic will try and Bully them,

What does this mean to us. Well, Simple, WE MUST REPORT in a PROMINENT PLACE that we used ANSI 765 2021 to determine the GLA etc I suggest a Page one just before Page one of the URAR/1073. Thats what I am going to do. In this day an age of Bias accusations it is going to be necessary. You can not bury that statement somewhere in the back of the report.

 

[Carnivore]

This was an example I found from the MLS listing. Now it would not be hard to modify that sketch to ANSI

 

[sputnam]

The NC Real Estate Commission has 'rules' about how Realtors are supposed to measure and report square footage however, there has never been much in the way of enforcement.