Episode 104 - Measuring Using the ANSI Standard

Fannie Mae and Freddie Mac dropped the bomb by stating that all mortgages they buy with an appraisal date that has an effective date of April 1, 2022 or after, must be ANSI compliant.

In this episode, Brian talks about things for agents to take note. Avoid liability and other issues by watching for elements in a home that may change the amount of square footage in a property.

 

SHOW NOTES

• 01:35 – Overview of how to measure property.
• 03:25 – Agents, you have legal liability.
• 04:40 – Square footage is measuring from the exterior of the property.
• 06:10 – Split up the levels of the home. Main, upper, and lower, and below grade.
• 08:30 – How staircases are included in the square footage.
• 10:04 – Below grade square footage issues.
• 11:35 – Sunrooms and finished garages standards.
• 12:00 – None of this has nothing to do with value. The standard does not deal with the valuation of the space. It deals with the process to measure the space.
• 13:45 – Even though this does not affect agents directly, agents need to get ahead of this issue.
• 14:30 – ANSI class coming soon in the Spring 2022.

 

SHOW LINKS

• ANSI - https://www.ansi.org/
• Measurement Class - https://www.indianarealestateinstitute.com/courses

 

BETWEEN THE LINES LINKS

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