When you marry GLA with a Daylight Bsmt?

[sputnam]

There is nothing 'tricky' about it. Choose your preferred standard for GLA. Read it. Follow it's 'rules'. State which standard you used somewhere in the report.

I use ANSI Z765...and under that standard...it's a basement.

 

[Mike Kennedy]

ANSI standard adherence is entirely voluntary. It is wise to confirm with each governing municipality whether their Building Ordinance cites ANSI or not. If not - what standards are applicable in a particular Municipality varies.

 

[VolcanoLvr]

I don't have time to read all the previous posts, but ...

This home was not designed just to confound & confuse appraisers. It was designed that way because that's what the first owner wanted, and the architect complied. Plus it fits the site appropriately.

This is one of those homes where you'll just have to use multi-floor comps and do the best you can with adjustments and explanation.

MK posted the mama fannie guidelines from the Selling Guide, but did not highlight this part of the 'instructions' (which I use in my market):

"Appraisers may deviate from this approach if the style of the subject property or any of the comparables does not lend itself to such comparisons. However, in such instances, the appraiser must explain the reason for the deviation and clearly describe the comparisons that were made."

Appraisers who believe that 'only' "basement" style homes (classic mama fannie definition) can be used as comps are incorrect. Homes are bought and sold (and listed) for the total living space within them. So it's perfectly fine to use multi-level homes as comps if the subject (like this one) is multi-level. Stairs between one or more levels of living space is the primary consideration in situations like this one, not whether or not the walls attach to dirt.

 

[OSU Beavers]

Yes, after the Supreme Court's ruling, but only in those states that allow such unions.

 

[Mike Kennedy]

MK posted the mama fannie guidelines from the Selling Guide, but did not highlight this part of the 'instructions' (which I use in my market):

"Appraisers may deviate from this approach if the style of the subject property or any of the comparables does not lend itself to such comparisons. However, in such instances, the appraiser must explain the reason for the deviation and clearly describe the comparisons that were made."

Sure did comment on the "deviation" permission: see comment 5 below

"Below-Grade Areas
Rooms that are not included in the above-grade room count may add substantially to the value of a property—particularly when the quality of the finish is high.
The appraiser must report the basement or other partially below-grade areas separately and make appropriate adjustments for them on the “basement and finished areas below-grade” line in the “sales comparison analysis” grid.

Appropriate Above-Grade and Below-Grade Comparisons
To ensure consistency in the sales comparison analysis, appraisers must compare above-grade areas to above-grade areas and below-grade areas to below-grade areas. Appraisers may deviate from this approach if the style of the subject property or any of the comparables does not lend itself to such comparisons. However, in such instances, the appraiser must explain the reason for the deviation and clearly describe the comparisons that were made."

"Reader summary:

Q. When Fannie applies, can I combine clearly below grade (either fully or partially) finished basement area and distinctly above grade finished area in the Gross Living Area above grade estimate?

A. Per Fannie above:
No
No
No
No
Oh what the hell g'head (when ya need to double the GLA to hit the $Bullseye), it's alright, really - we were just kidding with the first 4 No answers. Scout's Honor, We Swear.":Eyecrazy:

 

[Mike Kennedy]

source: FHA Appraisal Requirements

Appendix D 4150.2

Room Count and Gross Living Area Field ​

Protocol ​

[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman][/FONT][/FONT]

[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]Finished area [/FONT][/FONT]above [FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]grade contains [/FONT][/FONT]​

• [FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]To complete this section, enter the total [/FONT][/FONT][FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]number [/FONT][/FONT][FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]of above grade rooms, the total number of bedrooms above grade, and the total number of bathrooms above grade. Do not include foyers, basement finished rooms or unfinished attic space. [/FONT][/FONT]​

[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman] • Calculate square footage by using exterior dimensions.
• Enter the total square footage of the gross living area above grade.
[/FONT][/FONT]