Sketch or Floor Plan?
Appraisers, I was given some ‘inside info’ about DESKTOP assignment reports being submitted to the GSE’s – incorrectly.
The FLOOR PLAN exhibit in these DESKTOP reports, in some cases, is not being done correctly.
Let’s examine what is actually required as a diagram showing the dwelling:
First, when the appraiser certified that they, or their trainee, have/has made an on-site personal visit to the property and has measured the dwelling, only a SKETCH is required – unless interior design problems are noted, in which case the SKETCH must be upgraded to a FLOOR PLAN. This is per both GSE’s Selling/Seller Guides. This is a requirement for ‘traditional’ Interior/Exterior appraisals fully done by the appraiser.
Second, the SKETCH must include exterior wall dimensions, and there must be calculations included which show the GLA and other space calculations. The ‘sketching’ program included with report software (or available separately) does both of these functions easily and correctly, per the appraiser’s input. Neither ‘Guide’ says that room location labels must be included, but most appraisers do that. Some appraisers include doors, fireplace and/or stove images, etc., within the SKETCH to show functionality, but those items are not required per the GSE’s.
Shifting now to the new DESKTOP (and HYBRID) reports, the diagram exhibit requirement is a FLOOR PLAN. That’s because the appraiser is not the ‘inspector’ and the GSE’s want to be sure there are no functional issues with the dwelling.
The FLOOR PLAN has all the elements of a SKETCH (noted above), with the addition of interior wall placements. Note that this FLOOR PLAN diagram MUST include exterior wall dimensions and the space calculations.
Apparently what’s been happening is appraisers are accepting DESKTOP assignments and are using any floor plan diagram they can find which may not have all the appropriate dimensions or calculations on or with it. The GSE’s will not accept DESKTOP (or HYBRID) appraisals unless the FLOOR PLAN diagram exhibit is done correctly.
You can, if needed, include additional exhibit pages showing the dimensions and calculations. But appraisers doing DESKTOP (or HYBRID) reports CANNOT use as an exhibit only a basic FLOOR PLAN without dimensions and calculations. Floor Plans showing only INTERIOR room sizes are not acceptable!
Instructions from the GSE’s say that the “appraiser must have sufficient information to develop a credible report.”
If you cannot get necessary exterior wall dimensions and space calculations for the FLOOR PLAN, then you must decline the DESKTOP (or HYBRID) assignment and have it converted to a full ‘traditional’ report.
Another note: the FLOOR PLAN submitted with a DESKTOP (or HYBRID) report does not have to be done per Fannie Mae’s ANSI Z765-2021 Measuring Standard on or after April 1, 2022.