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Some allowance should possibly be made by the seller, and quite possibly, no wrong intentions were made. In Tn. most of our listings, will state, you need to verify the sf, and if your using that as the only means to determine worth, you will probably never be content. If you feel that strongly, then ask for some allowance, and your contract should allow you to walk, without fear of losing your earnest money. But on the other hand, could you be better pleased, by backing out and starting over?
I am thinking that areas where this is a common form of valuation, the area is likely to have a substantial amount of new/newer construction.
What's your take?
I think it is more common to do it with new construction as the amenities tend to be the same, but I see people do it with older homes as well.
I think the reason I am seeing this more in the past two years is because to Trulia and Zillow. They talk about homes in $ per square foot as so I think they are introducing that as a means of determining value into the general public.
Every place where I've lived $/sf is very important, because when the appraisers are determining the value, they look at the comps and then adjust the value based on the square footage difference between the comp and home that's being appraised.
Every place where I've lived $/sf is very important, because when the appraisers are determining the value, they look at the comps and then adjust the value based on the square footage difference between the comp and home that's being appraised.
That is just one of the adjustments that they make. They adjust for condition, age of home, amenities, etc. Square footage is just one adjustment they make.
Always measure square footage yourself - realtors often don't measure - tax records are frequently wrong and as you have seen even the appaisers disagree.
When it comes to resale value - 200 sq ft more or less probably won't matter - homes usually sell in a range of price per square foot - not an exact figure.
Your first appraiser was pressured to use the low comps given by the listing agent?????? Agents don't TELL appaisers what comps to use and why would a listing agent reccomend low comps? I hope you did not pay for that first appraisal - forgot a room?
If you really want out of the sale and your earnest money back - you will probably get it eventually. In order to sell the house again the seller needs you to sign a cancellation agreement - check with an attorney to be sure.
Since i'm not a realtor but a buyer and a seller, I can only tell you that I agree with you that you were mis informed and when the listing is stating a certain sqft. it should be what is stated on the listing paper otherwise what should you believe.
This isn't a pants in a department store mis priced or mis sized....but a home with a much larger price tag.
What is listed on the property appraisers website about the sqft.?
I have a friend who's house was wrongly stated on the property appraisers website and she had it corrected so in the future is she wants to sell the correct (or at least as close as possible) sqft. is on the website. It would have been different if it was stated sqft. between .... and ...
Just curious about how this was ever resolved as I have a very similar situation. We're about to close on a house in which we did not initially visit and found over the internet, with our local agent kicking the tires for us. SQF was represented as 5400-5500; we signed the purchase contract and then a week later visited the place -- we've gone through considerable expense now for inspections. We're financing this purchase and the appraisal comes back with SQF variance of 10 precent lower than the listing price, but the house appraised at our purchase price.
We're very concerned about this as though we like the house we're renting back to the sellers for one year. And while we intend to move into the house, it's very possible this house might not be permanent residence and we might sell five years from our move into it.
Just curious about how this was ever resolved as I have a very similar situation. We're about to close on a house in which we did not initially visit and found over the internet, with our local agent kicking the tires for us. SQF was represented as 5400-5500; we signed the purchase contract and then a week later visited the place -- we've gone through considerable expense now for inspections. We're financing this purchase and the appraisal comes back with SQF variance of 10 precent lower than the listing price, but the house appraised at our purchase price.
We're very concerned about this as though we like the house we're renting back to the sellers for one year. And while we intend to move into the house, it's very possible this house might not be permanent residence and we might sell five years from our move into it.
What is your concern? You saw the rooms. Which rooms are too small now, but were not to small when you saw them on your visit? What makes you think it's the sq footage presented on the listing that's "wrong" and not the sq footage presented by the appraiser? Did you ask anyone for an explanation of how they calculated the area?
Last edited by Bill Keegan; 04-20-2013 at 11:02 AM..
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