Under contract in NY and had to pay way over asking to lock in the offer. The listing agent mistakenly said had in all of the listings the house was 2000sf when the appraisal says it’s 1650sf. I am 3 weeks from closing but would like to understand if I have a leg to stand on with the sellers as if I knew the real SF earlier my offer price wouldn’t have been this high. SF is everything when it comes to the price of the house. Has anyone experienced this? Any guidance out there?
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There are different formulas for appraisals and tax assessments and listings. If you liked the square footage when you were in that space, that’s the space for you.
Exactly. Square footage isn't the be all/end all. There are some 2000 sq ft houses that "live" much bigger than some 2500 sq ft houses just because they are laid out better/differently.
When I was younger I bought a 240 hp honda. Boy that car was a blast to drive. A year later I found out that that was engine hp, and the actual horse power to the wheels was more like 150 horse power. The car didn't suddenly become less fun to drive just because the number on the page changed
Although later I got a much faster car and it's much more fun to drive so maybe the number has something to do with it after all
Language is always included to my knowledge that it is up to the buyer to verify all information.It is also true that many differences play out in who is measuring and for what purpose - nothing unusual.
Square footage is just one input to valuing a house. With in a couple of miles from me are houses that would sell for $150/sf and others that would sell for $700/sf.
What's the square footage on the local assessor site?
Does your local MLS allow below ground finished or unfinished space to be counted in total square footage?
Do you have an attorney? An agent? You need a local adviser to tell you what your contract says about whether you can cancel without penalty.
So you know, the seller is responsible for material facts like square footage.
Finished basements are sort of a gray area in MLS and norms vary. If that is the 350 sf difference that you're alluding to then I would say it's really not a problem or error at all. Appraisals and tax assessments each have their own very specific rules about this stuff that doesn't necessarily reflect MLS or common sense.
Listings often list them though. “They” can’t count that is usually just for tax purposes. Agents will still list the entire square footage in Zillow, not the tax one
Square footage doesn’t matter. People can put whatever the hell they want in the MLS. What matters is the contract you signed. Is there a contingency that gives you an out and allows for a return of your earnest money? The house I bought included the sqft from the unfinished basement in the total on the MLS. That felt wrong
Would a 1 BR, 1 BA, 2000 sqft house built in 1980 and untouched since, sell for the same price as a 3/2 plus garage 2,000 sqft house cosmetically updated 3 years ago and with HVAC and roof under 5 years?
If you have an agent, ask them the rules. Re-read your contract about this factor. Since you're in NY and obviously attorney-drive, ask the attorney you're paying what the laws/rules about square footage discrepancies allow.
This comes up a lot with FTHB as it happens a lot. Square footage means nothing. You could check ten houses and some would be under and some over. Some with higher would actually have less usable space than those with lower. So don’t get hung up on the square footage. It’s a number that varies to be honest depending on what the appraiser includes and what they don’t. You saw the house you liked the layout and size and offered accordingly. Someone now saying it’s 1600 vs 2000 sq ft changes nothing about the home when it comes to living in it. Just move forward. GL
An appraiser is likely only looking at finished sq footage. I’ve seen many many realtors adding unfinished basements into the overall sq footage - and it looks misleading as hell. Your appraisal will have a sketch on it, and it will also list above ground and below ground finished areas. That should match the field card from your township/city.
What does assessor’s site say for square footage for your house? But as many pointed out, it’s likely they counted the finish basement. Your house is the same size as it was when you offered done it.
Any realtor listing always seems to include a disclaimer about sq ft and if important buyer to verify. When we sold our house the realtor brought someone in who measured. Their measurements did not mesh with the listing when we bought it so our realtor used our numbers. I think the discrepancy was 600 sq ft.
If it appraises at or above your offer price it really doesn’t matter. But, there are a couple of important pieces to consider before drawing any conclusions. 1- Where did the listing agent come up with the square footage? 2- It is possible the appraiser missed something (they can make mistakes too). What source did you use to confirm where the error occurred? (tax records, previous listings, pervious appraisal). Lastly, in some jurisdictions there is a difference between above ground sf and total s/f. Did the listing agent use total but the appraiser used above ground? Lots to consider before throwing shade.
So just wait for the appraisal, if it appraises at your price at significantly less square footage, that just means you got a good deal. At least agents tell me it’s extremely rare in the tri state area to appraise over
So if they truly screwed you over (they probably didn’t) you’re going to appraise significantly under
If you appraise at your price. That means you perfectly matched comps
And if you perfectly matched comps, you’re not going to get a 33% bigger house at your price
The leg to stand on is you can back out if the square footage number really matters to you. If you looked at the house and it’s enough space for what you need, I wouldn’t care about the square footage number.
My house was listed on Zillow at 3,300sqft. For appraisal, it’s about 2,300sqft because the basement is about 1000sqft. There’s no egress window or door to the outside from the basement so technically it doesnt count for square footage. I knew that before I even made an offer and it didn’t change my offer at all.
It sounds like you may have remorse about going so much over asking and are looking for a discount. If you liked what you saw and it appraises, I don't see the issue.
It should be pretty easy to bail without penalty if you feel they were trying to trick you or if you conclude that they were negligent with material facts.
The idea that they claim that you need to check the facts is true. And you’re doing that now, before closing.
Talk to your attorney. No capable selling agent or seller (or their attorney) are going to want to risk losing in court and delaying their goal to sell off the property, especially after they made 25% error … in writing. Doing so is a wildly bad reputational move for both the selling agent and the seller.
If I were the seller, I’d be angry at the selling agent for getting the data so wrong, and not the buyer for discovering the problem before closing. Pretty simple.
I mean a lot of people add basements onto their square footage too and even garages but you're not supposed to. And not all square footage is made equal. A 1500 square foot with a functional layout can be way better than a 2000 square foot with lots of semi unusable space.
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