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Old 03-02-2008, 07:00 PM
 
Location: DuckDuckGo view
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When looking at some properties on Oahu, there are some that mention square footage not matching tax records. What does it mean for a buyer? Does it mean that before the purchase is complete, the portion of home not in line with recorded info has to be demolished? Anyone with info much appreciated.
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Old 03-03-2008, 10:13 AM
 
Location: Kailua, Oahu, HI and San Diego, CA
1,178 posts, read 5,678,105 times
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Quote:
Originally Posted by nasu View Post
When looking at some properties on Oahu, there are some that mention square footage not matching tax records. What does it mean for a buyer? Does it mean that before the purchase is complete, the portion of home not in line with recorded info has to be demolished? Anyone with info much appreciated.
It usually means that an addition was put on the home without a permit. Usually an addition like enclosing a lanai (patio). I have never heard of having to tear down such an addition, but I have heard that sometimes an appraisal will have to ignore the addition when fixing the value for a loan.

If you find such a property that seriously interests you, ask for details from the Realtor that listed it. If not listed by a Realtor, I think a title company could help.

Hank
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Old 03-03-2008, 11:19 AM
 
Location: Kaneohe, Hawaii
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It could also mean that the tax records are wrong. I'm an Agent on Oahu and have come across many listings where the tax records just weren't updated or just had the wrong information on it. All tax records have a clause at the bottom - something to the effect of "deemed correct, but not guaranteed."
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Old 03-03-2008, 11:22 AM
 
Location: Kaneohe, Hawaii
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Oops - also forgot to mention: No, the portion that is not reflected in the tax records does not need to be demolished.

Many homes in Hawaii are like this - it's not a rare thing.

Another thing that can be done is to get a permit package (typical cost for this is under $100) and the Listing Agent may have on one file. And yet another thing that can be done is to have the home measured to get the true square footage of the home.
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Old 03-19-2008, 03:16 PM
 
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Thank you janelles and HankdfrmSD. Good to know it will not cause problems for the buyers.
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Old 03-19-2008, 05:54 PM
 
Location: Kailua, Oahu, HI and San Diego, CA
1,178 posts, read 5,678,105 times
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Originally Posted by nasu View Post
Good to know it will not cause problems for the buyers.
I wouldn't go that far. If the addition was really big, and the appraiser couldn't count the addition in the appraisal, that could (not would but could) mean too low a mortgage to make the sale work.

Talk to a Realtor. I am not a Realtor.

Hank
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Old 03-20-2008, 12:38 AM
 
Location: DuckDuckGo view
95 posts, read 237,063 times
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Ok, got it. Thanks!
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