One of the questions we are most often asked is why a basement or level partially below grade was not counted in the GLA and overall room count.
Let’s start with defining the 2 areas:
Above-grade and Below-grade are defined as distinct areas and the appraiser will report and value them separately on the sales comparison grid. Only finished above-grade areas should be used in calculating and reporting above-grade room count and GLA. Fannie Mae considers a level to be below-grade if any portion of it is below-grade, regardless of the quality of its finish or the window area of any room. Therefore, a walk-out basement with finished rooms would not be included in the above-grade room count. This would be given value as a finished basement.