I agree with Carl. Your original appraisal should be correct. If it doesn't coincide with the appraisal you just received, compare both appraiser's footage sketches to see where the difference is. It may be in the garage, laundry area. ..... Happy funding, Rudi
It appears that the owner and listing agent simply relied on the county records to obtain the square footage. That is normal practice and well within the guidelines of â€œdue diligenceâ€ UNLESS there was a compelling visual reason for the listing agent to suspect that the numbers were not accurate (illegal addition, etc.). It is not common practice for a listing agent to actually measure a property. In reality, most listing agents wouldnâ€™t have a clue how to start, let alone come up with an accurate number.
HOWEVER â€¦ all appraisers ARE supposed to measure the home when they do an appraisal. Iâ€™d go back to the appraiser who did the appraisal when you purchased the home and start asking them some serious questions.
In the past I have come up against this issue several times, so I finally decided to settle it once and for all. The problem is that there was no sure way to do it.
As I made many, many phone calls over a span of about a week. The result was simply this. In the State of Wisconsin every municipality has there own way of determining square footage. Some go by the exterior footprint; some go by room sizes; some actually take off some footage if the upper floors have slanted ceilings (even if there is usable space). I guess it is possible that if the appraiser was not familiar with that municipalities method of calculation then there could be a discrepancy.
Of course one can always file a lawsuit. It will take time and capital, and there is no guarantee you will come out ahead. I can understand that 300 sq foot would affect the value of the property.
What you first must establish is is the actual and real square footage.
You need to verify what was on the property listing for square footage and where that number came from.
You also need to confirm what your obligation as a buyer - to verify the facts - both from the agent and the tax assessor's office. the "Buyer Beware" clause applies in your contract.
You also need to check on the square footage listed on the appraisal and contact the appraiser about it too.
If it was an error on the part of the tax assessor, then you may have recourse against the LISTING Agency, as the list agent does have a fiduciary obligation to check all facts, including the property size.
If you would like to talk with me further about this, please do call me. 310-831-8311 My background is in RIsk Management.
This is complicated. Public record might not be accurate. You may want to check your appraisal and see what the appraiser measured and also ask the past listing agent where they got their numbers from.
The Carrabba Group