First, appraisers will be required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections with effective dates of April 1, 2022 or later for loans sold to Fannie Mae.

For more information, watch this video and check out this fact sheet.

Second, we’ve updated our requirements on comparable sales for properties in newly built or recently converted condominium projects, subdivisions, or PUDs that have two to twenty units. If there are no settled or pending sales available, the appraiser is now permitted to provide three comparable sales from outside the subject’s project or subdivision, provided the comparable sales are also from a similar type project, subdivision, or PUD. See the Additional Requirements for New (or Recently Converted) Condos, Subdivisions, or PUDs in Selling Guide B4-1.3-08, Comparable Sales for all the details.

If you have questions or comments on either of these updates to the Selling Guide or other appraisal related topics, please let us know using the contact us link on the Appraisers Page.