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Old 09-25-2019, 08:21 AM
 
Location: Raleigh NC
10,050 posts, read 7,550,961 times
Reputation: 8652

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it's important to note that the OP has their real estate license.
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Old 09-25-2019, 08:24 AM
 
Location: Bloomington IN
6,667 posts, read 8,012,305 times
Reputation: 16404
Quote:
Originally Posted by BoBromhal View Post
it's important to note that the OP has their real estate license.
Good catch.
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Old 09-25-2019, 08:35 AM
 
Location: Cary, NC
34,045 posts, read 59,227,852 times
Reputation: 32981
Quote:
Originally Posted by BoBromhal View Post
it's important to note that the OP has their real estate license.

And Zero apparent brokerage support or supervision.


Recipe for disaster.
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Old 09-25-2019, 09:18 AM
 
30,840 posts, read 48,005,958 times
Reputation: 16628
Quote:
Originally Posted by possibleyou View Post
To get the correct and exact square footage you have to go by the public records which you can look up online by the county you are purchasing in. Everyone goes based off of the square footage on public records. A 700 square foot difference is not off by that much. It would be concerning if it was a few thousand square feet off. Also, fyi basements are not considered part of the square footage on public records but a lot of realtors just like to add in the square footage of the finished basement but appraisers do not count/include finished basements in their reports.
I don’t agree with that at all
In TX it is often common for builders to build house with space that can easily be annexed into living space (HVAC) after a house goes under contract but often before the city has taken the sq ft for tax purposes
Turning a room into a media room that requires no inspection is done fairly easily since it usually only requires running an air duct w/two outlets and some electrical...
A bathroom on the other hand is much harder to conceal since it does require inspection

Sometimes appraisers might disagree about closet space—whether large closets are “living space” since often they lack HVAC—but 700 sq ft might not account for closet/storage space on living floors...

A 700 sq ft difference is 10% of 7K—
It makes the price per sq ft probably seem in line but you are paying a 10% premium since you aren’t getting that difference in useable HVAC space
Why would you want to pay tax on MORE property than you actually have — and can sell

What realtors’ “like to do” has nothing to do with the physical footage of useable space in a home
Some realtors will call an office space turned into a guest room as a “bedroom” even w/o a closet (which is usually mandatory for classification as bedroom...)
And you can challenge public records for dimensions if you go about it the right way

We did with one house we bought in early 80s
The tax assessor came by—saw there was a room upstairs w/a balcony and just decided there was a full second floor—
Included several hundred feet of space we didn’t have
Took the floor plans of the house to the tax authority and explained the problem
Offered to have appraiser come by to see interior but they lowered sq ft to the specs w/o on-site visit...
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Old 09-25-2019, 09:21 AM
 
30,840 posts, read 48,005,958 times
Reputation: 16628
Quote:
Originally Posted by BoBromhal View Post
it's important to note that the OP has their real estate license.
Easy qualification then
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Old 09-25-2019, 10:56 AM
 
Location: Just south of Denver since 1989
10,975 posts, read 29,654,535 times
Reputation: 7204
Does anyone buy using the price per square foot method? Did the OP walk the property?

I think it doesn’t do the property any justice. It doesn’t take into account the land, the location, or the condition.
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Old 09-25-2019, 11:00 AM
 
Location: Loudon, TN
6,144 posts, read 5,061,811 times
Reputation: 21079
Have you got a long tape measure? Do you know someone who can lend you one? It's not difficult to measure and sketch out the floor plan, or take the plan you have and just measure the outside of the home and jot those measurements on the floor plan and calc the sq footage. I used to have to do it multiple times a day in my work. I think a difference of 10% is quite significant.
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Old 09-25-2019, 12:06 PM
 
Location: Moku Nui, Hawaii
9,881 posts, read 19,158,092 times
Reputation: 8866
Did you account for the wall thickness?

If you measure the exterior of the house you'll get one square footage. If you measure the interior rooms and add them all up, you'll get an entirely different number. Walls are between 6" to 12" thick depending on various construction methods.


MLS listings can be all over the place, sometimes they don't even get the room count right. You'd think counting bedrooms would be easy, but apparently not. We just bought a 3/1 which was actually a 1/1.5 Probably why it sat on the market for about nine months since everyone coming to look at it was expecting something entirely different than what they saw.
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Old 09-25-2019, 01:20 PM
 
6,050 posts, read 1,546,222 times
Reputation: 4753
Quote:
Originally Posted by loves2read View Post
I don’t agree with that at all
In TX it is often common for builders to build house with space that can easily be annexed into living space (HVAC) after a house goes under contract but often before the city has taken the sq ft for tax purposes
Turning a room into a media room that requires no inspection is done fairly easily since it usually only requires running an air duct w/two outlets and some electrical...
A bathroom on the other hand is much harder to conceal since it does require inspection

Sometimes appraisers might disagree about closet space—whether large closets are “living space” since often they lack HVAC—but 700 sq ft might not account for closet/storage space on living floors...

A 700 sq ft difference is 10% of 7K—
It makes the price per sq ft probably seem in line but you are paying a 10% premium since you aren’t getting that difference in useable HVAC space
Why would you want to pay tax on MORE property than you actually have — and can sell

What realtors’ “like to do” has nothing to do with the physical footage of useable space in a home
Some realtors will call an office space turned into a guest room as a “bedroom” even w/o a closet (which is usually mandatory for classification as bedroom...)
And you can challenge public records for dimensions if you go about it the right way

We did with one house we bought in early 80s
The tax assessor came by—saw there was a room upstairs w/a balcony and just decided there was a full second floor—
Included several hundred feet of space we didn’t have
Took the floor plans of the house to the tax authority and explained the problem
Offered to have appraiser come by to see interior but they lowered sq ft to the specs w/o on-site visit...
Often assessor's are only guessing what the second floor layout is from the outside. We had some pretty complicated layouts and figuring out the upstairs could be tricky.
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Old Today, 03:03 AM
 
837 posts, read 585,947 times
Reputation: 1050
Quote:
Originally Posted by 2bindenver View Post
Does anyone buy using the price per square foot method? Did the OP walk the property?

I think it doesn’t do the property any justice. It doesn’t take into account the land, the location, or the condition.
It’s a popular way to price an apartment in nyc.
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