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inna ivchenko, Real Estate Pro in Calabasas, CA

Good or bad???: mistakes in the size/description

Asked by inna ivchenko, Calabasas, CA Tue Apr 2, 2013

This is my Escrow situation: by public/city records this condo has 1br;
by mls~ 2 br;
in reality ~ it is 2 br loft!
We are in escrow, appraiser inspection is ordered. What comps will he take? Anyone had anything like this?! Please share! Thanks!

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California Cashback Realty’s answer
The appraiser will take into consideration the functional utility of the space and any extra amenities contrary to the public records. However, the property will be classified as what has been stated on the public records, which is usually suppose to be re-examined every year by the assessor's office to determine the tax rate. In actuality though, the re-examination only takes place when the ownership gets transferred. It is only then that the mistakes are usually corrected.
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Arash Pazooki
0 votes Thank Flag Link Thu May 9, 2013
I know, that usually they rely on the public records. Yet, it is a condo, there are no modifications were done to the layout of it. There are at least 3 buildings in Sherman Oaks area that has such penthouses. I guess the same builder....Worst part, it is REO.
0 votes Thank Flag Link Tue Apr 2, 2013
Appraisal Will go by accessor information unless you have proof that accessor information is outdated.
0 votes Thank Flag Link Tue Apr 2, 2013
Hi Inna,
He usually takes the public( assessor) records so hopefully that will work in your favor!
0 votes Thank Flag Link Tue Apr 2, 2013
He will use assessor's information as the basis for his comps.

Tommy Lee
DRE #01723594 SFC (Short Sale & Foreclosure Certified)
Premier Service® Professional
говорю порусски
0 votes Thank Flag Link Tue Apr 2, 2013
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