Home Buying in 90066>Question Details

bartonlegge, Home Buyer in San Diego, CA

We found a 1927 home in San Diego being sold as 2 bed 2 bath 1,028 sq.ft. The tax records show 1 bed 1 bath 976 sq. ft.

Asked by bartonlegge, San Diego, CA Fri Feb 7, 2014

It appraised $14,000 under our offer, although the appraiser could.t find any faults with the renovations. Should we proceed?

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Answers

4
You are not looking for renovation"faults' that are cleared by an appraiser ( not a professional in the field or a city inspector). You are looking for permits for the construction, filed with the city.
0 votes Thank Flag Link Fri May 29, 2015
This actually happens very often and there are many ways to either A) get the appraisal to come up in value or B) get the seller to come down in price. Appraisers do not all appraise homes the same way. Some of them do not verify permits or even take measurements. Whether or not you should proceed will be a personal decision. I have had clients pay the difference in the price because they really love the home (if you are being financed the lender will only pay according to the value of their appraisal). But talk to your agent about exhausting all of the other options before you even think about moving forward. If I can help you with any other questions, please feel free to contact me. All the best.
0 votes Thank Flag Link Thu Feb 13, 2014
Hi Barton,
If the tax records are 1 bedroom, 1 bathroom and 976 sq. ft.. Obviously, the is a different is MLS is showing 2 bedrooms, 2 bathroom and 1,028 sq. ft. There are renovations but are there legal permits for addition? Request the legal permits for add-ons. Appraiser may not have found faults but are they legal? By the way appraisers are not contractors.

Gail Mercedes
310.853.9933
0 votes Thank Flag Link Tue Feb 11, 2014
What does the appraisal say the home size is? If it says what they listed it at that means that he found the permits making what ever additions they did legal.

Alex Greer
Loan Officer
NMLS #1056079

http://www.TheMortgageOutlet.com
408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Fri Feb 7, 2014
If the appraiser says it is 976 then it is 976. If you want to get the addition space recognized you will have to get it assessed by the county. Email me if you have any further questions or need help with something else
Flag Sun Feb 9, 2014
The listing says 1,028 sq. ft. which is accurate 2 bed 2 bath. The Tax records say
1 bed 1 bath 976 sq.ft. The appraisal states the improvements seem to be to code, with the house being built in 1927 the record keeping is not always updated. The appraisal value is $371K based on the 976 sq. ft. We had already offered $385 that has been accepted but is below the asking price
Flag Fri Feb 7, 2014
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