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RubberStamp

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Reply with quote  #1 
You know, the ones built on a slope.  The lower level is 3/4 above grade but the front shows like a ranch.  Where there is typically only 1 or 2 bedrooms on the upper level and then additional bedrooms below.  Where buyers consider the whole area GLA rather than the FNMA forced separation of above and below grade.

When you have one of these in a neighborhood with few to no sales of similar..  Is anyone getting away with just considering it all GLA (with proper comment) when the market is treating it as such?  It is obviously not priced as a 1 bedroom, 1200 sqft home.  It is being gushed over as a 2400 4 bedroom home with a beautiful glass  back wall for both upper and lower levels.

Just curious:  Haven't had a situation like this since the times when we actually were trusted with our interpretation.  Any area below grade or not: A finished basement is one thing but a home designed where the lower level is as attractive and functional or more than the upper level with more daylight than most above grade homes is its own animal.
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MEP

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Reply with quote  #2 
I always called them GLA and commented that the home is in a mountain or recreational area. That did work but today, I am not sure what would fly...FNMA will compare your appraisals to see how you match up...I have been conditioned on a couple of 3 story town homes were the lower level was a 2-room suite or guest area. We have too many chiefs....
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Bobby

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Reply with quote  #3 
Depends on the finish. Consistency and functionality are always the key.
Sounds like a raised ranch, but a photo would help.

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RubberStamp

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Reply with quote  #4 
Some could call it a raised ranch.  In today's environment I don't know if I'm willing to absorb the scrutiny and days of extra commentary ..   and that is sad.  But anything atypical leaves us blowing in the wind of endless questioning and it is not only not fun while costing us valuable time, but dangerous to your license ..   as we know the board is crooked and desperate for money.

The issue is one bed and bath on the upper level.  Yet all similar listings will call it a 3 bedroom 2 bath.  So you are forced to hand weed 100's of listings and then pick apart poor tax records to try and find one that is set up similar.  Which, sadly, I did.  And I could not definitely say that any had just the 1 bedroom on the main level which means I will have to leave myself vulnerable with explanation.

Return to sender yet I could appraise this in my sleep if allowed to draw proper conclusions.  


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treskirkland

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Reply with quote  #5 
I think the main thing is that you are consistent in how you report the comps and the subject.  If you call in GLA in the subject, then call it GLA in the comps.  
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RubberStamp

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Reply with quote  #6 
Quote:
Originally Posted by treskirkland
I think the main thing is that you are consistent in how you report the comps and the subject.  If you call in GLA in the subject, then call it GLA in the comps.  


Except when they cross reference the comps against the CU and then your data red flags against everything..  You can be 100% correct but they will not be able to see your rationale through their CU blinders. 
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BillDing

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Reply with quote  #7 
If the upper level has the dining, kitchen and living room, along with the bed & bath, then it's just a ranch (or split foyer, split level) with a finished basement.  The lower level functions like any other basement and you should use ranches as comps, regardless of the grade line. The upper level is the GLA.  The market calls it GLA???  The market doesn't know what GLA means, and most REaltors don't either.  They often think in terms of GBA.   Function trumps ANSI every day.  The one thing that it's not is a 2 story. It functions nothing like a 2 story, unless it walks in on the lower level which has dining, kitchen and living room located on it, like a 2 story.  Then, and only then would I count both levels as GLA.  The house doesn't lose value because you don't include the lower level as GLA because you're using comps that are done in the same manner
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