Sat, Jul 04, 2009
|
Author |
Inaccurate Square Footage On Previous Appraisal |
peterby
1 Posts
Member Since: 08/23/2005 Join peterby's Network
What's My Favorites Network? |
Posted: 14:27 on 07-20-2008
I purchased a house about 2.5 years ago. I am in the process of selling it. In that process, it has been discovered that the square footage of the property is about 12.5 percent less than court records indicate and what the appraiser at the time calculated (both were based on an inaccurate floor plan). I bought it thinking both the county and the appraiser couldn't be wrong.
The house is about 2500 actual square feet so the difference between the actual and the county record/previous appraisal is a little over 300 square feet.
Is it possible to file a claim against the previous appraiser's 'errors & omissions' insurance? Is this hard to do/hard to win? Is it time consuming?
Profile of peterby
 Edit/Delete Post
 Quote this Post
 Report this post
|
rglover548
450 Posts
Member Since: 06/20/2005
New Orleans, LA
Join rglover548's Network
What's My Favorites Network? |
Posted: 22:33 on 07-20-2008
i dont think u can go after the appraiser, unless he went inside and measured the living space. Using tax records is common in most cities.
Why did u research and re-document the smaller square footage? i dont think i would have done that; i will not do that with my current properties; unless i know im on the upside.
sorry but u probably cost yourself some $$. now you must disclose the lower figure, if it is indeed correct.
good luck
Profile of rglover548
Edit/Delete Post
Quote this Post
Report this post
|
cjmazur
4284 Posts
Member Since: 07/23/2003
Cupertino, CA
Join cjmazur's Network
What's My Favorites Network? |
Posted: 02:10 on 07-21-2008
What is the std. of care for the appraiser?
I would expect them to measure the property, and not cut and past from county records.
Getting the county to corecct the number is hard.
Profile of cjmazur
Edit/Delete Post
Quote this Post
Report this post
|
rehab2day
140 Posts
Member Since: 02/18/2004
Boston, MA
Join rehab2day's Network
What's My Favorites Network? |
Posted: 13:33 on 07-21-2008
Where did the plans that the assessor and appraiser used to determine living area come from? Did you purchase the house new based on those plans? Why is the house smaller than those plans? Why did you buy the house assuming it was X square feet without verifying for yourself?
Be sure that you are talking about the same thing also. Gross living area is not the same as gross building area, GLA is the important number. I'm thinking that if you really want to go after somebody you have a better chance of getting the seller and the selling broker on a hook than the appraiser and assessor. Either way though I don't think you have much to get anybody on 3 years later for 300 SF less than you thought. You'd have to prove that you overpaid based on that and the actual real value added of 300 SF ain't that much.
[ Edited by rehab2day on Date 07/21/2008 ]
Profile of rehab2day
Edit/Delete Post
Quote this Post
Report this post
|
richardo
80 Posts
Member Since: 08/09/2007
Henderson, NV
Join richardo's Network
What's My Favorites Network? |
Posted: 22:22 on 07-21-2008
I don't understand.
Was this new construction? Was the reason both the appraiser and county had the same square footage because of inacurate building plans? If that 's the case, you need to look to the architect and/or builder- not the appraiser.
Was this a full blown appraisal with both exterior and interior inspections? If that's the case, you may have a claim.
Was this a drive-by appraisal? In that case, the appraiser typically relys on the sf from the county. You still may have a claim.
Was the square footage the Real reason you bought the house? Would you have purchased the house if you had known the house was 300 sf less? That's difficult to prove, but you can always file a claim with the appraiser's E&O carrier.
Profile of richardo
Edit/Delete Post
Quote this Post
Report this post
|
|
|
|
| |
|
