Racquel, Home Buyer in Washington, DC

First time home buyer, just got appraisal and found incorrect info re: sq ft on house I made offer on. Would?

Asked by Racquel, Washington, DC Wed Jul 2, 2008

think this crucial info. since this is all about price per sq foot. How does this work?

Help the community by answering this question:

Answers

5
Raquel,

I would first call the appraiser. You need to know if he/she actually measured the square footage or went by the tax record. If either you or the appraiser got info from the tax record--verify it. Tax records are notoriously off. You then should go into the home and measure it yourself (or have your agent do this). If there is a big discrepency, you may have a valid arguement for negotiations. However, keep in mind, that the seller may have had no knowledge that his/her agent made this mistake and so you may have to pursue compensation from the listing agent. This may be getting into a legal situation, so it might not hurt to talk to an attorney for some advice. Good luck!
1 vote Thank Flag Link Wed Jul 2, 2008
We purchased a home then discovered such a discrepancy when the furnishing from our old home wouldnt fit in our new home, though they should have based on size. There was a significant difference. We had paid for an appraisal, ordered by our reaLTOR WITHOUT OUR KNOWLEDGE-ours was a cash purchase so not nec. for mortgage-and that appraisal should have been a double check of accuracy but ended up being taken from the sellers info so was inaccurate. When we went back to realtor after closing and commented about it, she said the measurement in our new state reflec ts heated space not living space, so our two story foyer counts as upstairs and downstairs footage though you can't use the upstairs to live in. The diff. is probably around 600 sq ft. We were def taken advantage of. Just be a hawk on the front end. We couldnt bring ourselves to sue anyone though we def had a case. Who wants to sue new friends in a new town?
0 votes Thank Flag Link Sat Apr 30, 2011
Contact the mortgage company and/or the appraiser and challenge the square footage - did you actually measure it, or just go by the tax records?

Have a great day...

Bill Wootan
Web Reference: http://www.billwootan.com
0 votes Thank Flag Link Wed Jul 2, 2008
Dear Racquel,
Cost per SF is one of many factors used to evaluate the true value of property. Bill is correct in that there is a catch all phase which protects parties and for good reason. Calculating SF is a more complex science than people give credit to and most SF calculations are "technically" incorrect. For example, stairs cases, landing and vestibules are not technically "living space" and should not be counted in the overall SF. However most people include it. I would first ask yourself how much you love your potential home. Then I would calculate the difference between the reported SF and the actual SF to the best of your ability. If the total SF is off by less than 50-60 SF, I would not lose sleep over it. I would ask for a credit and this can be very easily calculated. If the difference is significant, say over 400 SF, this is a major issue and really will require some thought.
I hope this helps you. If you would like to discuss, I would be more than glad to talk with you.
Marian Schaffer
The Schaffer Realty Group
877-886-8388
http://www.marianschafferrealty.com
terry@marianschaffer.com
0 votes Thank Flag Link Wed Jul 2, 2008
Racquel,

Are you working with a real estate professional? Is so, bring the mistake to their attention. It depends on the circumstances but they may be able to negotiate a price decrease for you. Depending upon where you are in the buying process.

As a point of information, there is generally a disclosure on the MLS information that says something to the effect 'Information deemed reliable but not guaranteed. Parties are advised to verify"

Good luck,
the "Eckler Team"
0 votes Thank Flag Link Wed Jul 2, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer