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Old 09-24-2019, 12:04 PM
 
Location: Dallas TX
15,154 posts, read 22,079,274 times
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I would look at the tax record as well, see what the square footage is. IMO it depends on where you are purchasing your home if you should care about the square footage.

In NJ, homes aren't sold $X amount of dollars per square foot. In Texas, every home we looked at was priced that way. If you were paying for 7K square feet and it was 6300, you'd be overpaying.
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Old 09-24-2019, 12:08 PM
 
Location: Cary, NC
34,045 posts, read 59,227,852 times
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Quote:
Originally Posted by Thinking-man View Post
that may be.....but the listing SPECIFICALLY says: above grade finished sqft: x below grade finished sqft: y totaling to 7k.

then, in the floor layout pictures, it says first floor, a, second floor b, basement c......totaling to 6300.
Find a supervising broker to work for who can guide you through these little quandries.
Seriously.

Last edited by MikeJaquish; 09-24-2019 at 12:42 PM..
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Old 09-24-2019, 12:21 PM
 
131 posts, read 62,201 times
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Quote:
Originally Posted by Silverfall View Post
Yes appraisers include basements in their reports and give credit to finished basements. They just aren't considered part of the above-ground square footage which is what gets listed as the square footage on an appraisal. Real estate agents generally used finished square footage in their marketing as what we do is different than what appraisers do.
Well when I refinanced my old house the appraiser argued with me and stated he couldn't count/credit the finished basement on report and the full bathroom in basement wasn't included in the report at all. Therefore, I had an extra full bath in basement however it was not counted for in his apprasial report which I found to be ridiculous because the appraised value was valued with 1 less full bathroom, yes he said only above ground baths and bedrooms are included in the report. However, I had a very large completely finished basement and I guarantee that if only that extra full bath was counted for towards the appraised value than it would have been valued higher. It was an upscale home with a full walk out basement with lots of windows and natrual light and french doors leading to my backyard and my finished basement wasn't even noted in the report I had a high end bar, wine room, game room, luxurious full bath, sauna, gym which all was excluded etc. and it wasn't even really under ground it was walk out. I feel like he should have credited my finished basement because that adds so much value to a home while taking into consideration so many people have ugly unfinished ones that flood.
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Old 09-24-2019, 03:09 PM
 
Location: Las Vegas & San Diego
490 posts, read 83,017 times
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Quote:
Originally Posted by possibleyou View Post
Well when I refinanced my old house the appraiser argued with me and stated he couldn't count/credit the finished basement on report and the full bathroom in basement wasn't included in the report at all. Therefore, I had an extra full bath in basement however it was not counted for in his apprasial report which I found to be ridiculous because the appraised value was valued with 1 less full bathroom, yes he said only above ground baths and bedrooms are included in the report. However, I had a very large completely finished basement and I guarantee that if only that extra full bath was counted for towards the appraised value than it would have been valued higher. It was an upscale home with a full walk out basement with lots of windows and natrual light and french doors leading to my backyard and my finished basement wasn't even noted in the report I had a high end bar, wine room, game room, luxurious full bath, sauna, gym which all was excluded etc. and it wasn't even really under ground it was walk out. I feel like he should have credited my finished basement because that adds so much value to a home while taking into consideration so many people have ugly unfinished ones that flood.
Walk out basements are technically above ground and would be counted in most areas of the country. I would talk to the local MLS and Lender to see if the appraiser is correct.

Regulations vary by MLS and local regulations - in CA, an above ground attached finished room that reached through the garage was not counted in the square footage for MLS but was counted in the appraisal. In NV, a separate casita structure is included.
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Old 09-24-2019, 03:21 PM
 
Location: Las Vegas & San Diego
490 posts, read 83,017 times
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Quote:
Originally Posted by Thinking-man View Post
hi everyone,
There's currently a contract we have on a home, and there are two sets of information regarding the square footage listed in MLS and in the pictures/plat. The MLS shows the sq footage at about 7k and there are floor plan images in the listing that show the sq. footage of the home at around 6400 with totals for each of the 3 floors.
Our offer was based on the 7k sq footage of course as that's the one plastered everywhere in all the ads. but from the beginning, i kept thinking how this doesn't feel like 7k....and everyone said i was crazy. now, we noticed that the floor plan images have a count for the sq footage of each floor, effectively showing the total as 700 fewer sq feet.

i know some will look at this and say mehh......not a big deal....it's still "huge"....but I personally think it makes a difference. An appraisal was done recently, but we don't know the outcome yet. i know they "measure" during the appraisal, but i'm not sure they'll do a thorough job doing so to get to the bottom of it, since all they're going by is the 7k noted in the docs, and as long as 'it's close enough', i feel like they'll just mark is as OK.

any advice would be appreciated.
You cant just add each room sqft which is what it sounds like what you are doing - Square foot measurement is normally enclosed space which is exterior wall to exterior wall. Normally about 10% is walls so would account for the difference.
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Old 09-24-2019, 06:19 PM
 
3,748 posts, read 5,024,110 times
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Quote:
Originally Posted by ddeemo View Post
You cant just add each room sqft which is what it sounds like what you are doing - Square foot measurement is normally enclosed space which is exterior wall to exterior wall. Normally about 10% is walls so would account for the difference.
No, im not just adding the rooms.
There's a floor plan among the listed pictures in the listing, and in theres theres a total number kisted for each floor, and a total, which states 6300....
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Old 09-24-2019, 06:34 PM
 
Location: DFW - Coppell / Las Colinas
32,703 posts, read 37,294,451 times
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What if it appraises at the contract price based on the smaller footage?

Will you be happy ?

If it does not appraise, you'll have the ability to renegotiate.
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Old 09-24-2019, 07:09 PM
 
4,559 posts, read 8,565,541 times
Reputation: 6594
Quote:
Originally Posted by Thinking-man View Post
hi everyone,
Our offer was based on the 7k sq footage of course as that's the one plastered everywhere in all the ads. but from the beginning, i kept thinking how this doesn't feel like 7k.....
Houses are not sold by the square foot, nor are they sold by the weight. They are all unique and will have an appraised value based on that.

But lets say you decided in your mind you were paying by the square foot, why didn't you measure it? Double check it? This was the most important thing to you..
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Old 09-24-2019, 07:48 PM
 
8,132 posts, read 9,968,331 times
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So you had access to the MLS listing information (7k SF) AND the pictures (showing 6,300k SF) all BEFORE you made an offer? Did your offer include a contingency for re-thinking and re-processing data you already knew about?
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Old 09-24-2019, 08:00 PM
 
Location: Bloomington IN
6,667 posts, read 8,012,305 times
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Quote:
Originally Posted by Thinking-man View Post
No, im not just adding the rooms.
There's a floor plan among the listed pictures in the listing, and in theres theres a total number kisted for each floor, and a total, which states 6300....
What is the source of the floor plan? I have two floor plans for my house--the original plan and the plan that we actually used. I suspect the picture of the floor plan was intended to show the layout of the house and does not match how the house was built. It almost sounds like it's a floor plan off a website that was as a design starting point.

If it was in the listing pictures, this is the first time you noticed it?

Pretty likely that the floor plan in the pictures is using interior space and not using the exterior measurements.
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