Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Well believe it or not, I had an offer accepted and have an inspection scheduled for tomorrow evening. One HUGE problem I need resolved ASAP is the disrepancy between the Township Public Records which lists the home as being 1963 square feet and the listing which indicates 2437 square feet! I mean we are off by about 500 square feet! The listing agent states that the home is 2437 square feet and the building plans (from 1995) will be available at the inspection to be reviewed. My offer was based on the home being 2437 square feet but how do I find out for certain?
The inspector I hired states that he will "try" to help me determine the square footage of the home but this is a little too important. I am familiar with the builder of the home...should I call him? Do I have to hire an appraiser? Any help would be much appreciated.
If you have access to the builder, they should have the blueprint for the floorplan which gives detailed room sizes and true square footage. Also, if the true square footage is 2437 then your property taxes may increase accordingly once the tax office is made aware of the correct sq. ft.
Here in NC there are 2 different standards used to measure properties. The county does not have access so they only measure outside and take best guess as to whats inside. RE Agents and appraisers access properties so i would give their measurements more credibility.
Anyone that makes an offer based on sq ft also probably buys their tires by the pound ...
I would not be at all surprised if the tax records don't match -- in some jurisdictions that have MASSIVE "not counted" area. It is fairly easy over the years to re-use an area "not counted" like a carport coverted to indoor space or utility room changed to bedroom.
As long as the house meets life safety codes and their no question that you will have to undo (or tear down) something I would keep quiet about the tax man having smaller count, of course unless you want to get re-assessed and raise your own taxes...
Do yourself afavor and hire an appraiser to measure your home. Ask him/her if he/she measures by ANSI Standards because that is what you want. These standards are recognized nationally and by the courts.
By hiring an appraiser to do this you will have a certified measurement.
Recently there was a court case in Oklahoma where a buyer sued the seller as well as the realtors involved because there was a discrepancy in the square footage.
Thank you for much for all of the replies. All are very helpful. The builders plans will be available for review at the time of the inspection so we will be comparing room sizes, etc with the measurements we take. There were no additions to the home since it was built. Also, if it does turn out to be the lower square footage, I have no intention of informing to the township to adjust their records as I much prefer to pay the lower amount.
As far as the poster who said anyone who makes an offer based on square footage probably buys tires by the pound......well, obviously a lot more plays into the amount a house is worth in the eyes of the buyer, however 500 square feet of living space in hardly inconsequential and when we comped it out, square footage does play a role in the overall value of the home, otherwise why is price/sq foot a factor commonly used?
If after all it is still not resolved to my satisfaction, I will certainly hire an appraiser...but wouldn't the bank appraiser verify this as well or do I need an independent appraiser? And really, only $100 for the service?
I have really enjoyed "chatting" with all the knowledgable people who frequent this site. I have learned so much about how it feels to be a seller and have so much more respect for all that goes into selling a home. If all goes well with the inspection, I will report back with the details of the transaction. No REO, no short sale, no delusion seller...just a good old fashioned buyer had a house to sell (not forced to sell) with a realistic asking price but always negotiable. So far so good! thanks everyone!
Bank appraiser are NOT obligated to verify anything that the seller claims. If their sq ft is different the only thing that would be important is that they use the same standards to set the price of comps!
The reason I mention the "tires by the pound" thing is that the overall QUALITY of the home is far more important than any measure of sq ft.
There is nothing inherently wrong with knowing the sq ft of the property you are buying, but the process of setting the value of a property is much more like "road testing" tires and determining which are good in the rain, the snow, for a race track, for a luxury cruiser, for an offroad truck etc...
In this area, we price our homes by the square footage and by the upgrades. If a home is $120 per sq. foot, a 500 sq. ft. difference is a HUGE difference!
Agents are responsible for what they put into MLS. As for measuring, we are responsible for that, as well. We have appraisers that will measure for us and even draw a sketch for about $75.
Most lenders will require an appraisal but the buyer pays for it, at closing.
However, if the square footage IS a big deal in your area, you can hire an appraiser for about $350 (going rate in my area) to answer the question.
Do you GUARANTEE the square footage of your listing? How do you measure things like closets? What if they are walk-in? What it there is a dressing area? How about laundry rooms? What about built-in cabinets? What about the stairways? How about catwalks? How about rooms that are not full height? What about living space that is below grade?
And when it comes to upgrades are "premium locations" worth some multiplier across the board? A sliding scale? Are these premiums the same for all buyers? What if someone thinks a wooded site is a positive and other a negative? What is one buyer will pay much more for a place that has a lovely overlook, while other balk at having a lot that a large portion is unusuable?
No disrespect, but somehow I doubt the standards you may think are in effect in your neck of the woods are uniformly accepted / enforced by all offices in your area/ all builders / all taxing bodies...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
