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Ok, I have a question. I've got a friend in W. Virginia who bought a house that was supposed to be 2250 sqft but turns out is only 1850 sqft. She's disabled with cancer so depended on her inspector and agent heavily. She had to put in a new heating system 2 months ago so they measured the house and that's when she found out it was some 400 sqft smaller than listed and inspected. She is furious that she paid for a 2250 sqft house and didn't get it and so overpaid by about $50k. It seems the listing agent/seller counted a converted garage as sqft space even though it was not heated or cooled, just paneled over the garage doors (no building permit nor taxed) and took nothing to return to a garage.
Is there any recourse from the inspector and/or either realtor or seller?
Thanks everyone
What does the property appraiser have listed as square footage?
All MLS listing generally have a disclaimer that they are not to be relied upon for such things and I don't remember inspectors ever measuring homes here, they were there to inspect.
Personally I don't know why people get hung up on sq ft, if you look at the house and the size overall and size of the rooms suits your needs then that is what should matter. I understand when she goes to resell there is an issue but once again, what does the property appraiser say about the size?
Also, is there a 2 car attached garage? Did she maybe look at total sq ft instead of living sq ft? 400 sq ft could be a 20X20 garage.
No appraiser as it was an all cash deal. Waiting to see the closing docs later today but I'm pretty sure it was living space. As for why it matters, you're correct when she resells it'll definitely matter just as sqft price matters when you are the buyer.
Kind of like paying for an 8 cyl and getting a six.
No appraiser as it was an all cash deal. Waiting to see the closing docs later today but I'm pretty sure it was living space. As for why it matters, you're correct when she resells it'll definitely matter just as sqft price matters when you are the buyer.
Kind of like paying for an 8 cyl and getting a six.
I was speaking about the county Property Appraiser/Assessor and what their website had the sq ft listed as.
Unless she was shopping for some specific need, the way guy buying a tow vehicle for his big trailer might NEED a truck that pulls 12,000 lbs and not merely the regular model that only pulls 7,500 your analogy is not accurate.
Your friend almost certainly was shopping for a "four door or a coupe" that was in her price range. She certainly cared that the home had enough bedrooms and baths to meet her needs, a nice kitchen, living area that felt comfortable -- SHE FOUND THOSE THINGS. Unless she is literally unable to see she would have noticed that this was "a four door or coupe" -- it takes no special expertise to see three bedrooms / two baths or whatever it was that she needed. If the place turned out to be a "two seater with a hatchback" she would have NEVER made an offer on it, let alone moved in and NOT NOTICED THE SQUARE FOOTAGE...
Fact is folks DO NOT buy homes by the sq ft anymore than the BUY TIRES BY THE POUND. If you need four tires that are good in the rain it DOES NOT MATTER if you can get three tires good for the race track for less -- buyers need what they need!
The fact is the measurement standards that HVAC companies use are almost certainly different than what assessor uses and probably different than what builder used and probably different than the GUIDELINES local MLS has.
I feel bad that you ill friend has wasted time and got upset by this but believe me the odds her having over paid by $50k on this house are vanishingly small, had she gotten an appraisal (something pretty much every buyer regardless of financing can benefit from...) she probably would have had her PRICE confirmed by a third part and would NOT be worried over nothing.
Down the road, when she or her heirs list the place, they ought not stress its SIZE but instead the QUALITY and FUNCTIONALITY of the space that is there along with the VALUE of having newer A/C and other touches that WILL add to the appeal that she probably already has done / planned on.
THOSE are the things that sell houses and NOT the raw numbers!
Quote:
Originally Posted by jimj
No appraiser as it was an all cash deal. Waiting to see the closing docs later today but I'm pretty sure it was living space. As for why it matters, you're correct when she resells it'll definitely matter just as sqft price matters when you are the buyer.
Kind of like paying for an 8 cyl and getting a six.
Who pays attention to exact square feet? Does this sort of person actually exist?
Yes, we do. I'm speaking for the NYC metro area. A square footage mistake this big (and yeah, that would be big) would make a difference in financial terms. I'm with another poster who mentioned that this house is in W. Virginia though. I don't know if it's possible that it's a $50k difference there - but it would be here - and depending on the neighborhood - substantially more. I still don't see how the buyer didn't eyeball the difference herself. Again, maybe it's me and my market, but that amount of square footage "missing" would be noticed.
But yeah, unfortunately, MeinGlanzendMotorrad, we are out there. On the flip side, wouldn't this reduce the buyer's taxes if she gets the county's records corrected? Again, I can only speak for the area I know, but in the case of my parents in Nassau County on Long Island, this would probably mean a reduction in taxes.
Does the MLS in the area where the home was purchased have a little statement at the bottom of every listing that says something to the effect of "Information deemed reliable but not guarenteed"?
It would make sense to me, that the house has all the sq ft listed in the MLS, but for HVAC purposes, the basement square footage is excluded.
Buyer's buy this house versus that house because of what they see, an examine, with their own senses. They shop via comparison. Then they ask their agent/broker/licensee for a CMA (a comparative or competitive market analysis) to best price the property for an offer. If the buyer wants to remain unrepresented, then maybe a CMA is not performed.
Then an appraisal confirms that the buyer is paying fair market value for the property. Only if the buyer is comfortable, and paying cash, can the buyer strategically eliminate the appraisal.
I am sorry if your ill friend didn't take advantage of all her options. I don't see that it's the agent's fault. If the square feet of the house was that important, she should have measured, or hired someone to measure for her.
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No, not like a V6 vs a V8...
