Great Appraisal Stories, Adventuires, and Some Good Information

WHEN NOT GETTING A MEASUREMENT MEANT A HUGE LOSS FOR A SELLER (and Realtor)
May 22nd, 2018 9:18 AM
I was prepping a file for a typical purchase of a typical tract style home in, lets say...Scottsdale.  There were several red flags almost immediately

Red Flag #1 The MLS listing had a much different gross living area than the assessors.

Red Flag #2  The assessors sketch did not match the photos of the front of the properties MLS listing. (Differing building/model)

Red Flag #3  The interior photos did not match the listing as I had completed appraisals for the same floor plan, and less garage than what was stated.

The agent was going by the sellers gross living area (which was inaccurate)  instead of the assessors.  However, that also was inaccurate.  He/She should have looked at why there was a difference and if that could not be obtained, a measurement was pennies on what ended up being a large financial debacle. I asked the Realtor if they thought they may have a wrong living area and they were sure they were fine.

Here's what happened.  The home had several options available when being built.  It had a very large loft added, the 3 car tandem garage was actually a 2 car garage and had an additional den off of a living room instead.  The increase of almost 600 SF!!!  The value was much higher than the asking price.  I don't know what has happened since but I do know there was legal action by the seller.  

Having a professional measure can save your investment, or keep you out of trouble!  

Posted in:General and tagged: measurementrealtor
Posted by Frances Jeffers on May 22nd, 2018 9:18 AMPost a Comment

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