When determining purchase value is the size of the house based solely on public records? What if the owner claims that it is bigger?
1,201I 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?
4 answer(s)
About 3 years ago
Size of house can be listed as reported by Seller. On Matrix, it's a simple box you would check. Options are Appraisal, Appraisal District, Seller, or Builder.
source:
Matrix and Har
Matrix and Har
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DislikeAbout 6 years ago
When you get your appraisal done, the appraiser will remeasure the square footage of the home.
About 7 years ago
Not necessarilly, the previous owner is supposed to file permit for certain improvements. When he does so, the appraisal district updates the square footage.
If it is much bigger and not updated with the appraisal district, you are at risk with the city that the modifications were done without permit.
If you still move forward buying the house, you will order your own appraisal and the appraiser will remeasure the square footage based on the local rules.
If it is much bigger and not updated with the appraisal district, you are at risk with the city that the modifications were done without permit.
If you still move forward buying the house, you will order your own appraisal and the appraiser will remeasure the square footage based on the local rules.
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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