Home Buying in San Antonio>Question Details

Mandy, Home Buyer in Portland, OR

Hey, we are in the process of buying a house listed (via realtor and on county tax appraisal) as 3100 sq ft.

Asked by Mandy, Portland, OR Mon Apr 6, 2009

The appraisal from the bank came back today at 2340 sq ft (on second check, it is right and the 3100 was way wrong). We are still two weeks out of closing, so what are our options?

Help the community by answering this question:

Answers

6
We are selling our home in Schertz, TX it we paid to have it appraised and it came in at $250,000.00 If you go to Zillow.com and type in our address you can see many pictures. We have all the upgrades, replace our a/c unit, cutom pool, greenbelt. We are motivated sellers. If your still looking check us out at 2587 Cove Trail, Schertz, TX 78154. We are also on Realtor.com. We are listed with an agent. If you go with our agent, and loan officer we can even cover your title policy, and appraisal.
Web Reference: http://www.zillow.com
0 votes Thank Flag Link Sat May 2, 2009
Mandy,

You are very fortunate to find this out BEFORE closing and not after. Obviously, your Realtor needs to get w/ the listing agent and agree to have the house re-measured for an accurate sq. ft. I'm surprised this is happening.. did the seller's add on or convert living space at one time?

Anyway, be aware that you may have to pay for the services for someone to come out and remeasure, but if you do find that YOU are in deed correct, in my opinion, I would not allow my client to pay for a house w/ false sq. ftge. It would be renegotiate time unless you are already stealing the home or you just can bear to go looking for any more.

There is a guy here in San Antonio that actually is certified to measure living sq. ft and he maps out floorplans.. you should consult w/ your Realtor to have him go out.

God Bless,

Josh
Web Reference: http://www.eXposedHomes.com
0 votes Thank Flag Link Tue Apr 7, 2009
Mandy,

What a bummer...better finding out now than buying a pig in a poke as they say.

Anyway, first question is, what are the FairMarket Values (FMV) in the neighborhood? My thoughts are it will not be what was origianlly presented, as one major factor is the square footage. This would affect your offering price.

Secondly, who made the error...the owner or the agent who listed the property? If it is an honest error, then the asking price would need to change one would think.

If not, then modify the offer within the FMV for the sf and see what happens.

The listing agent should be plenty upset about this as their exposure to risk seems pretty big from your description of the situation.

Hope it works out for you and your family.

Regards,

Dominick Dina
Broker/owner
Christian Realty San Antonio
0 votes Thank Flag Link Mon Apr 6, 2009
I would suggest making sure you are purchasing the home at a price per square foot comparable to home prices in the area. If the home you are purchasing did not appraise for the amount you offered to pay for the property, you can either renegotiate the sales price or pay the difference your lender is not willing to finance. I would not suggest the later, because you may be paying above market value for the property. However, this is only an opinion.
0 votes Thank Flag Link Mon Apr 6, 2009
Mandy,

Your best bet is to contact your Realtor and voice your concerns with them. You may want to speak to a qualified appraiser about it as well.

Hope that helps.

Matt
0 votes Thank Flag Link Mon Apr 6, 2009
Mandy, the sale price for a house is based on living per square footage. Something is certainly wrong with these differences. Somebody should pay for an independent appraiser to come in and re-appraised the house again. If the seller is correct, then everything is okay. If the bank's appraiser and the independent appraiser are correct, then a sale price reduction maybe in order. Somebody is wrong and I know you don't want to pay for what you are not getting. Good Luck...
Web Reference: http://www.billpricesa.com
0 votes Thank Flag Link Mon Apr 6, 2009
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