Asked by Scott Kao, Cerritos, CA • Sat Jan 11, 2014
I am looking at a house that claims to be 2200 sq. ft. However, according to county record, it's only 1300 sq. ft.
The reason, according to the listing agent, is that the 2nd floor was an expansion with permit. The house is indeed much larger than 1300 sq. ft, but felt less than 2200. I will definitely check the permit to see if it's valid. If not, I will just walk away.
My questions are:
1. If the county record is 1300 sq. ft, will this affect the appraisal result, thus affect the total loan amount determined by the bank? or will the appraisal based on the actual sq. ft. determined by appraiser?
2. Will I have a problem resell this house in the future if I choose to?
3. What were the possible reasons the previous owner didn't want to report the expansion to county office? Should I be concerned?
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