When determining purchase value is the size of the house based solely on public records? What if the owner claims that it is bigger?
1,709I am looking at purchasing a house in Colorado. The owner is saying the house is twice as large as the public records show - that is because the basement area has been built in with doors & walls, etc. When determining the appraisal value of the house is the public record the correct size of the house?
5 answer(s)
Francois Delille
About 8 years ago
That is very common, as the owner does not want to report the extrat SF and pay more taxes. So you can simply remeasure it yourself. You can have a contractor do it if you prefer but it is really easy. Your appraiser will do it anyhow but that comes after your are under contract and you probably want to do it before you make an offer.
Like (3)
DislikeAshley Kessler
About 8 years ago
The best way to handle the would be to have an accurate sketch of the Home completed. County appraisal records aren't always correct, the appraiser typically takes sketches from the exterior without being able to walk through.
Catherine Jones
About 8 years ago
Not always. There is often a discrepancy between what the tax appraisal district has it listed at and the actual sq footage, so it is best to have a Builder's floorplan or a previous measurement made by an appraiser that actually measured the livable space and provides a drawing. If a seller has made improvements to the livable area, then add that value to what you know to be previously accurate. If you still have concerns, then many appraisers will charge about $200 to come out and measure the property.
Kimberly Scott
About 8 years ago
Public records in Texas are often incorrect. The appraiser will measure the house to determine what sq ft they use for determining value.
Cody Mier
About 8 years ago
Linda, Great question! However, Colorado Real Estate may work differently than here in Texas, so you may not find the best answer here. Speaking to the way things here in Texas: Appraisal District or Public Record is not always correct. You may often times see a quote that says "room sizes approximate, to be independently verified by buyer." Therefore, you should always have the square footage verified by a professional. In Texas this is generally done within the "option period," once the contract is written. The Option Period gives a buyer exclusive right to terminate the contract for any reason within a specified time frame. If you would like a referral for a real estate professional in Colorado, please contact me and I will find someone that can better serve you! Thanks for posting!
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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